HealthEquity Q1 2026 Earnings Call Transcript

Quartr
Provided by Quartr
June 3, 2025

Key Takeaways

  • HealthEquity delivered Q1 growth across key metrics—revenue +15% YoY, HSA assets +15%, and total accounts up 7% to over 17 million
  • Fraud reimbursements dropped from $11 million in Q4 to $3 million in Q1 as enhanced security measures and mobile adoption cut direct fraud costs
  • Expanded AI-driven solutions—including expedited claims adjudication and AI chat/agent support—now serve over 7 000 clients, boosting member satisfaction and reducing processing costs
  • New HSA openings of 150 000 in Q1 were down from last year’s record 194 000, reflecting softer macroeconomic conditions and a tough comparison
  • Proposed budget bill provisions could expand HSA eligibility and contribution limits—potentially unlocking HSAs for ~20 million more American families
AI Generated. May Contain Errors.
Earnings Conference Call
HealthEquity Q1 2026
00:00 / 00:00

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Operator

Day, and welcome to the Health Equity First Quarter twenty twenty six Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.

Richard Putnam
Richard Putnam
Investor Relations at HealthEquity

Thanks, Ashiya. This is Richard Putnam. Hello, everyone. Welcome to our first quarter fiscal year twenty twenty six earnings call. With me today, I have Scott Cutler, President and CEO Doctor.

Richard Putnam
Richard Putnam
Investor Relations at HealthEquity

Steve Neeleman, Vice Chair and Founder of the company James Lucania, Executive Vice President and CFO. Before I turn the call over to Scott, we note that a press release announcing the financial results of our first quarter of fiscal twenty twenty six was issued after the market closed this afternoon. These financial results include contributions from our wholly owned subsidiaries and accounts they administer as well as certain non GAAP financial measures that we will reference here today. You can find a copy of today's press release on our Investor Relations website, which is ir.healthequity.com, and it will include reconciliations of these non GAAP measures with comparable GAAP measures. We also note that our comments and responses to your questions today reflect management's view as of today, 06/03/2025, and will contain forward looking statements as defined by the SEC, including predictions, expectations, estimates or other information that might be considered forward looking.

Richard Putnam
Richard Putnam
Investor Relations at HealthEquity

There are many important factors relating to our business, which could affect the forward looking statements made today. These forward looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from statements made here today. We caution against placing undue reliance on these forward looking statements, and we also encourage you to review the discussion of these factors and other risks that may affect our future results or the market price of our stock as detailed in our latest annual report on Form 10 ks and subsequent periodic reports filed with the SEC. We assume no obligation to revise or update these forward looking statements in light of new information or future events. Now over to Scott.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Richard. Welcome, everyone. We're off to a great start for fiscal twenty twenty six.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

I will discuss the key metrics reflecting that great start. Steve will then give a brief update on HSA expanding provisions included in the proposed budget bill passed by the House a couple of weeks ago. And Jim and I will detail Q1 financial results and our raised outlook for fiscal year twenty twenty six. The team again delivered strong year over year growth across our key metrics in Q1, including revenue up 15%, adjusted EBITDA up 19%, HSAs grew 9%, CDB accounts grew 4%, driving total accounts up 7% and HSA assets up 15%. HealthEquity ended Q1 with over 17,000,000 total accounts, including net CDB account growth of 260,000 year over year, 9,900,000 HSAs holding over $31,000,000,000 in HSA assets.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

HSA assets increased $4,000,000,000 year over year. The number of our HSA Members who invest grew by 16% year over year, helping to drive invested assets up 24% to 14,200,000,000 HSA cash reached $17,100,000,000 The average balances of our HSA members grew by 6% this year. Team Purple opened 150,000 new HSAs from sales in the quarter, down from Q1 of our record setting last year, reflecting softer macroeconomic conditions. While we are still early in this year's selling season, we continue to see a strong enterprise pipeline build and more SMB companies adopting HSA qualified health plans. We are driving an enrollment and contribution strategy to grow from our existing client base, especially during uncertain times, which have historically brought stronger selling seasons.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

We are helping employers reduce health care costs, while empowering employees to build real health security. As employers are seeking solutions to manage healthcare costs that are growing faster than wages, we believe our message to optimize plan design and employee engagement can drive growth from our existing and new client base. The '20 '20 '4 year end Devenir report continues to reflect this market growth and HSA expansion with HealthEquity again taking market share as we now serve nearly a quarter of all HSAs in The USA. Team Purple also made great progress expanding our Member First secure mobile experience during the first quarter. We are leveraging investments in mobility and AI by expanding our award winning expedited claims, which uses AI technology to automate claims adjudication.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

With this AI technology, we now serve more than 7,000 clients and we are processing millions of dollars in reimbursements, while also driving member satisfaction scores up and reducing processing costs. Our AI chat and AI agent support are accelerating service delivery to our members and accurately addressing their needs and questions while reducing call wait time and volume. We are building on the recently updated stacked chip card, which we rolled out last year to deliver on our promise of expanding into a digital wallet in the future. Custom brokerage investing in your HSA was also launched on the mobile app this quarter. These technologies are transforming the way Team Purple improves our members' experiences while reducing our cost to serve them.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

We are very pleased with our team's efforts to drive down successful fraud attacks on our HSA members. The launch of a number of added security measures and greater adoption of our Member First secure mobile experience has reduced direct fraud service costs from about $11,000,000 in Q4 to about $3,000,000 in Q1. This is still too high. However, under the direction of Sunil, our CSO, and his dedicated security and fraud team, we have reprioritized our investments in advanced security and fraud detection and prevention technologies to drive the fraud run rate exiting this quarter towards our goal of one basis point of total HSA asset per year. We have seen each month this year lower sequential fraud as our controls take hold and more of our members move to a secure mobile experience.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

We also are driving more of our HSA members to our newly re launched app. We are modernizing our multifactor authentication across our member logins through the mobile experience and are committed to continually updating our defenses as threats evolve. We are optimistic of the actions taken thus far and the continued strengthening and implementation of controls. A number of our Purple teammates joined Steve and me in Washington, D. C.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Last month to speak with national leaders as they consider measures that will expand access to and provide greater flexibility of HSAs for millions of American families. It was serendipitous the House released their draft of the budget bill while we were there. We are excited to see these HSA market expanding provisions move forward. Steve, can you briefly walk us through what we've seen so far and what to expect as they work through the budget bill process?

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Sure. Thanks, Scott. It was an exciting time to have so many from Team Purple show up in Washington that week. This work that we've been engaged with to expand HSAs is important as there have not been any substantive legislative changes to the HSA rules and regs since 02/2006. As many of you have seen in the budget bill passed by the House, there are a number of provisions that if they became law would expand the use of HSAs.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

The largest proposed change is granting our working seniors eligible for Medicare Part A the ability to make contributions to an HSA while they remain on their employer's HSA qualified health plan. According to the US Census Bureau, this population represents about 20% of the current workforce and it is expected to be the fastest growing population in the workforce over the next several years. In fact, the next five years, over 20,000,000 Americans will become Medicare eligible, and many of these people are currently funding HSAs, and they can and they can continue to do so while working with the new legislation. Other provisions in the proposed HSA section of the bill include an expanded use of HSAs on exchanges. All bronze and catastrophic plans would become HSA eligible, allowing HSAs to be used in conjunction with employer on-site medical clinics and with direct primary care arrangements without jeopardizing HSA eligibility.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Expanding the use of HSAs to pay for gym membership and fitness programs, allowing unspent money in workers FSAs and HRAs to fund HSAs, allowing taxpayers that are 55 years and older to have catch up contributions by both spouses, to be deposited into the same HSA and allowing members, earning under 75,000 per year individually or $150,000 per year per family to increase their maximum contribution up to double the current prescribed amount into their HSAs. These contributions would phase out as taxpayers make 100,000 individually and 200,000 as a family per year. Our industry believes that these provisions could allow up to 20,000,000 more American families to have access to the remarkable benefits provided by HSAs, and that would be the largest expansion of the regulatory framework in the last twenty years for HSAs. We believe many of these provisions will make it easier for employers to offer and to promote HSAs, that would be great. And if they become law, these provisions are a good down payment on our commitment to help all Americans have personally owned healthcare accounts.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

We'll of course watch this closely as the Senate unveils their version of the tax bill and of course the bills will then need to be combined in reconciliation. And our goal is to see, all of these HSA provisions and other similar accounts, remain in the bill and wanna make sure that we're following how they're impacted in the bill before they can send it on to the president for signature. We will continue to work hard to educate legislators and regulators on the benefits of HSAs and continue to press for other ways to expand these accounts to new populations. We of course remain confident that HSAs and other tax advantage health accounts are popular on both sides of the political aisle and will continue to advocate for all Americans to have the opportunity to have access to them. I'll now turn the time over to Jim and he'll go over the financials. Jim?

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Thanks, Steve. I'll briefly highlight our first quarter of twenty twenty six fiscal year GAAP and non GAAP financial results. As always, we provide a reconciliation of GAAP measures to non GAAP measures in today's press release. First quarter service first quarter revenue increased 15% year over year. Service revenue was a record $119,800,000 up 1% year over year.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Custodial revenue grew 29% to a record $156,500,000 in the first quarter. The annualized yield on HSA cash was 3.5% for the quarter as a result of higher replacement rates and continued increase in the number of accounts participating in enhanced rates. Interchange revenue grew 14% to $54,600,000 notably faster than the 7% account growth as members increased both contributions and distributions and conducted more payments on platform versus requesting reimbursement for payments made off platform. Gross profit of $224,300,000 was 68% of revenue in the first quarter, up from 65% in the first quarter last year. Service costs incurred in the first quarter included, as Scott mentioned, approximately $3,000,000 of fraud reimbursements to members, down from about $11,000,000 in the fourth quarter last year, reflecting our improved capabilities in identifying and preventing sophisticated fraud activity our members experienced in the prior two quarters.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

We continue to invest in fraud prevention and detection capabilities and drive higher adoption of our secure mobile experience, and we believe these efforts will normalize service costs in the second half of fiscal year twenty twenty six. Net income for the first quarter was $53,900,000 or $0.61 per share on a GAAP basis. Non GAAP net income was $85,800,000 or $0.97 per share. Adjusted EBITDA for the quarter was $140,200,000 up 19% compared to Q1 last year and adjusted EBITDA as a percentage of revenue was 42 compared to 41% in the first quarter last year. Turning to the balance sheet.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

As of 04/30/2025, cash on hand was $288,000,000 We generated $65,000,000 of cash flow from operations in the first quarter of FY twenty twenty six. The company ended the quarter with approximately $1,100,000,000 of debt outstanding net of issuance costs. The company repurchased approximately $60,000,000 of its outstanding shares during the quarter and has approximately $118,000,000 remaining on our previously announced $300,000,000 share repurchase authorization. Before I detail our raised guidance and assumptions, a word on our HSA cash maturity schedule that was updated and included in today's earnings release. As we have indicated in previous earnings calls and our Investor Day last year, enhanced rates while providing higher yields are more about reducing the volatility of our yield on HSA cash.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

To further reduce volatility and rate exposure, in the fourth quarter last year, we amended and extended maturities on some of the $3,200,000,000 of depository custodial contracts maturing in FY '20 '20 '6, in essence, pulling forward those maturities into what we believe is a better rate environment. The remaining $1,700,000,000 of maturing contracts this fiscal year are largely scheduled to be replaced into new contracts at the end of this year. We also have $4,000,000,000 of HSA cash and contracts maturing next year, FY 2027. In order to further derisk expected interest rate volatility on the combined remaining $5,700,000,000 maturing over the next twenty months, we have entered into some forward treasury contracts during Q2 that essentially locked in five year treasury base rates at approximately 4% net of hedging costs on $500,000,000 of these maturities. We anticipate further derisking transactions over the remainder of FY 2026.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

We expect the average yield on HSA cash will be approximately 3.5% during fiscal twenty twenty six. As a reminder, we base custodial yield assumptions embedded in guidance on projected HSA cash deployments and rollovers, schedule of which is contained in today's release as well as an analysis of forward looking market indicators such as the secured overnight financing rate and mid duration treasury forward curves. These are, of course, subject to change and not perfect predictors of future market conditions. Our fiscal twenty twenty six guidance reflects the expected carryforward of the trajectories for revenue and margins for the remainder of this year, including technology and security investments to reduce fraud and drive operational efficiencies as well as relatively stable forward interest rate curves. We expect revenue in a range between 1,285,000,000.000 and $1,305,000,000 GAAP net income in a range of $173,000,000 to $188,000,000 or $1.96 to $2.13 per share.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

We expect non GAAP net income to be between $320,000,000 and $335,000,000 or $3.61 and $3.78 per share based upon an estimated 88,500,000.0 shares outstanding for the year. Finally, we expect adjusted EBITDA to be between $530,000,000 and $550,000,000 We continue to invest in protecting our members' assets and data while providing them with a remarkable experience. We're pleased with how we exited Q1 and look to make additional progress in Q2 towards normalizing fraud costs to our target of one basis point on total assets per annum. Our guidance includes additional expected share repurchases under the $300,000,000 repurchase authorization and potential reductions in revolver borrowings during the fiscal year. With continued strong cash flows and available borrowings on our revolver, we will maintain ample capacity for portfolio acquisitions should they become available.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

We assume a GAAP and a non GAAP income tax rate of approximately 25% and diluted share count of 88,500,000 including common share equivalents. As we've done in previous reporting periods, our fiscal twenty twenty six guidance includes a reconciliation of GAAP to the non GAAP metrics provided in the earnings release and a definition of all such items is included at the end of the earnings release. In addition, while the amortization of acquired intangible assets is being excluded from non GAAP net income, the revenue generated from those acquired intangible assets is included. With that, let's go to the operator for your questions.

Operator

Thank you. We will now begin the question and answer session. The first question comes from George Hill with Deutsche Bank. Please go ahead.

George Hill
George Hill
Managing Director & Equity Research Analyst at Deutsche Bank

Hey, guys. I appreciate the time, and thanks for taking the questions. I guess, Scott, I'd probably start off with the slowdown in the HSA selling conditions. Are you just thinking that this is a tough comp or is there something macro that you're attributing this to and kind of would love any kind of forward visibility on how you're thinking about the environment?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. Thanks, George. So $150,000 in new HSA sales, a little bit lighter than last year at $194,000 but again, recognizing that it's substantially higher than the $134,000 in Q1 of fiscal year twenty twenty four. So we're actually we actually feel pretty good. I think when we look at the pipeline of what we see currently, we are optimistic about that pipeline in enterprises, as I said in my comments.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And I think in other economic downturns, we've actually seen the opportunity to lean into the message. And what we're driving in terms of our value proposition with employers is that with effective plan design and greater adoption, we can help drive down their health care costs that are growing faster than wages. So I guess what I would say is that there's really nothing to see here relative to our either short or longer term view of the market. We're optimistic about the selling season. We feel like we've got a good enterprise pipeline.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

But if anything, we're cautious about the macro impact overall for job creation, slower GDP growth as that relates to new account sales.

George Hill
George Hill
Managing Director & Equity Research Analyst at Deutsche Bank

That's helpful. And Jim, if I could sneak in a real quick follow-up. You talked about locking in the 4% rates net of hedging cost. I might have missed this. Did you say what the duration on that was?

George Hill
George Hill
Managing Director & Equity Research Analyst at Deutsche Bank

Like what's is that the typical two three year holding period or is that longer?

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Yes. So what we've done is we have entered into forward treasury contracts for five year treasury. So effectively locking in the base rate for a basic rate to enhance rate migration. So yes, it's locking in the T portion of those maturities that are happening in Q4 of this year and Q4 of next year.

George Hill
George Hill
Managing Director & Equity Research Analyst at Deutsche Bank

Okay. I appreciate that. I'll hop back in the queue. Thanks, guys.

Richard Putnam
Richard Putnam
Investor Relations at HealthEquity

Thanks, George.

Operator

The next question comes from Alan Lutz with Bank of America. Please go ahead.

Allen Lutz
Allen Lutz
Senior Equity Research Analyst at Bank of America Merrill Lynch

Hey, good afternoon and thanks for taking the questions. Jim, the fraud costs were about $9,000,000 better than we expected, but the EBITDA raise was only about $5,000,000 Can you talk about how much of the fraud costs above that one basis point are still included in the guide? Or I guess if I put it another way, if 2Q goes back to that one basis point of fraud cost run rate for the full year, how much upside to the current guide is there? Thanks.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Yes. Let me try unpack that. So yes, so while we may have been ahead of your expectation, we're pretty much like right on where we expected to be at this point in the year on our outlook. So we are trying to get to a one basis point exit rate, which we think we can get to in the back half of this year. We're not signing up for being there right now, obviously not there right now with $3,000,000 of expense in the quarter.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

So I'm not going to try to do the if we got there math. But we haven't really changed our outlook from on a fraud perspective from the last guide because this quarter happened exactly as we thought it would happen.

Allen Lutz
Allen Lutz
Senior Equity Research Analyst at Bank of America Merrill Lynch

Okay. Thanks. That makes sense. And a follow-up for Steve around the, I guess, the size of the increase of addressable market here. A clarification question here.

Allen Lutz
Allen Lutz
Senior Equity Research Analyst at Bank of America Merrill Lynch

I think you said that if the legislation goes through, million more families through Medicare Part A could continue to contribute, which would expand the market by 20,000,000. But then you also say that the overall expansion could be $20,000,000 Is that $40,000,000 total? Because I guess the way that I'm thinking about it is, will those $20,000,000 would just sort of age out, I guess, of HSAs? Just trying to understand if this is a net $20,000,000 or a net 40,000,000 increase in the addressable market. Thanks.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Well, yeah, yeah, no problem Alan. So it's really a net 20 and it's combination of Medicare Part A people that when they turn 65 would typically drop out of the workforce or at least out of workforce HSAs. Plus you've got these folks on the exchanges that are allowed to do it. So it's a net 20 not net 40. And that's the way we see that's the way the industry has been promoting it is 20,000,000 net.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Thank you.

Operator

The next question comes from Anne Samuel with JPMorgan. Please go ahead.

Anne Samuel
Anne Samuel
Executive Director at J.P. Morgan

Hi. Thanks for the question and great to hear some positive movement on HSAs. I was hoping maybe you could just give a little bit of an update on how you're tracking towards your goal of getting current members to download the app and kind of how you're thinking about that around kind of security and kind of fraud expenses as you move towards the next onboarding season? Thanks.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes, thanks, Ann. So again, just a reminder that the priority for us over the course of this year that certainly I came into at the beginning of the year has been, number one, fraud on the platform number two, it's just been stabilization of the platform given the experiences in Q4. And the way we're getting after that is with this mobile orientation around member first secure mobile experience. In combination with the efforts that we're making with fraud, in addition to the mobile download, we know that it's going to drive better engagement with members. And we know the outcome is a more secure access or authentication into our platforms.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

What we expect over the course of this year on the mobile side is that, call it by the fall, any member accessing or authenticating our platforms will be authenticating through a passwordless passkey authentication method through the mobile experience. And we know that experience is secure. And we're also driving a strategy towards driving greater engagement with our members, which I think we also see the benefit of driving mobile adoption is putting us in a better position to helping our members save, invest and spend in an integrated app experience overall. So the mobile strategy is certainly tied to the security posture, but the end of it is a real benefit in terms of the member experience. We have seen an increase in app downloads.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

We highlighted about 1,200,000 app downloads at the end of Q1. We're going to be driving more app download adoption. Although I think the metric that we look at for success on the security side is not necessarily just app downloads, but it's actually have we secured the perimeter, meaning, you're going to be required to download the app to interact with our platforms.

Anne Samuel
Anne Samuel
Executive Director at J.P. Morgan

Really helpful. Thank you.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Ann.

Operator

The next question comes from Greg Peters with Raymond James. Please go ahead.

C. Gregory Peters
C. Gregory Peters
Managing Director - Insurance at Raymond James

Good afternoon, everyone. I wanted to go back to the comments on the selling season and integrate that with the fraud situation. Just curious from an enterprise level, if you've seen any fallout from the elevated levels of fraud in your HSAs. And I'm curious if you could give us a sense on how the retention of your enterprise customers is proceeding in the context of the elevated fraud levels for to help us map out what's going on there.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. Thanks, Greg. So in direct answer to your question, we have seen no fallout from fraud on the platform. Our retention rates actually to date this year are higher than they've been in years past, so high 90s percent in terms of retention. I think when it comes down to selling this in the enterprises is certainly with Sunil on board and we've built out an incredible leadership team around Sunil in application security and in fraud.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

We're also communicating very directly with our enterprise clients the why of what we're doing around all of the measures that we're taking. And so I certainly look at any incident of fraud erodes trust. And at the same time, as we're able to deploy the prevention measures and as we're driving towards this mobile first experience, I believe enterprises are going to be looking at that as a positive change for HealthEquity, positive change to increase security in all of our interaction with our enterprise clients effectively suggest that. And so again, I think it's really important that we emphasize the importance and the priority of security, clear that we're making the investments around security and it's being integrated seamlessly into the experience itself to build trust.

C. Gregory Peters
C. Gregory Peters
Managing Director - Insurance at Raymond James

Thanks for the detail and answer.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Craig.

Operator

The next question comes from Scott Schonhaus with KeyBanc. Please go ahead.

Scott Schoenhaus
Scott Schoenhaus
Managing Director at KeyBanc Capital Markets

Hey, team. Thanks for taking my question. My first one is just a housekeeping question. You cited the $3,000,000 in reimbursements for the quarter, which came down a lot. But what was the sort of the reimbursements from the insurance?

Scott Schoenhaus
Scott Schoenhaus
Managing Director at KeyBanc Capital Markets

And then what was the overall costs as you try to invest in the quarter, if you could break all those other buckets down?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. So we had what we talked about in terms of what we experienced is $3,000,000 in direct fraud versus $11,000,000 in Q4. That's not a reimbursement number. Yes, us reimbursing members for fraud. Yes.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

So and we have no update on the insurance recovery.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Yes, nor is any reflected in our outlook.

Scott Schoenhaus
Scott Schoenhaus
Managing Director at KeyBanc Capital Markets

Oh, wow. Okay. And then I guess, what are you seeing what did you see in April in your the resources now that you're using you've deployed or invested in for sort of detection? Walk us through how cases where you've seen elevated activity or able to prevent activity in the recent months with these new investments? Thanks.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. So what we've been able to do is deploy resources into our Importantly, it has not impacted our percentage of T and D spend relative to revenue, which we had mentioned on our last call. And so the resources that we've deployed, again, have been driving a sequential reduction in the fraud rates month to month over the course of this year, which we feel really good about. The main fraud vectors that we've been attacking have been general account takeovers, which we've been able to make great progress against.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And also preventing if an account was taken over from funds moving to or an unassociated bank account, which we've also been able to stop. The other area, given that we've got millions of cards out in circulation, is actually stopping and preventing fraudulent transaction largely from card not present transactions across our network. And there, again, deploying fraud detection tools to be able to effectively not authorize transactions that we know are fraudulent is the way that we've been attacking fraud that's coming through the card network. The last piece, we really think of it as top of the funnel, has really been around protecting access to the platform through our mobile security efforts. And again, we're beginning our journey there as we drive more adoption to the mobile app and as we require access to our platforms through that.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And that's going to happen in the later part of the year. And so those are the things that we're doing to prioritize it. I'm very optimistic about the progress that we've made against those. And again, with the sequential fraud rates coming down month to month and certainly encouraged by that progress that we've made since the beginning of the year.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Great. Thank you so much.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Scott.

Operator

The next question comes from Steven Lavikat with Mizuho Securities. Please go ahead.

Steven Valiquette
MD & Senior Equity Research Analyst - Covering Health Care Technology & Distribution at Mizuho Securities

Thanks. Good afternoon. Let me offer my congrats on the results. I guess just for us, just coming back to your comments regarding all the positive HSA proposals in the House version of the budget bill, I just want to drill in a little bit deeper on the doubling of the maximum annual contributions for individuals earning under 75,000 to $100,000 a year and families under making under 150,000 to $200,000 I guess I was just curious if you guys had any numbers around that, just the number of people in existing accounts that fall into those income thresholds. Because I sort of view it as a multiplier on the HSA assets could almost be more important to your earnings than the number of eligible people that can open accounts. So just wanted get a little more color around that if you have any estimates. Thanks.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. Couple of maybe Steve, maybe I'll say a couple of things then you can add to it. I think when think about it, one thing that we remind everybody is that when you look at HSA contributions, only about 4% of members contribute at the MAX. And so one of the key things we're trying to do is drive awareness that you should be contributing to the MAX. Obviously, here in the expansion, the increase of health savings account contribution limits for individuals middle to lower incomes, I think from a score perspective, that's been scored at a cost of $8,000,000,000 over ten years.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

But we do think it's modestly impactful in terms of the messaging of the power of having an HSA account as well as contributing to the to the max. Steve, I don't know if you'd have more to add to that.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Just a couple of things. Look, I think I think it's a good question. The last time we looked at the median household income of our account holders, it's around $72,000. So the vast majority would actually fit into this, rubric. Now the question is is what Scott's pointing out is how do you contribute more?

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

And I really think it comes back to a plan design issue. One of the things that gets us most excited about these provisions is is we could, we could actually come to, employers and we're doing that right now. I mean, this is part of our recession proof part of our businesses to talk to employers during these economic downturns and say, this is a way for you to save money and say, really there's an opportunity here for you to, change the way you make contributions to HSAs to help, maybe lower income people get into these accounts and so the employers can fund and you can do variable funding. We have employers that will give more money to lower income people than they do for higher income people, which we think is a good strategy to drive higher adoption. That way people aren't afraid of the of the higher deductible that comes with the HSA.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

And so, look, short answer is is a lot of our account holders would fall into this. The longer answer is is do people really have the money put into these accounts? And I think the answer is if they start looking at the tax advantages of the HSAs compared to even the four zero one k because it is a lot stronger from that perspective that we can start to tell that story. But the biggest thing we can do is to get employers and health plans to start driving to higher adoption in these accounts, more full replace solutions for employers because that's where they're gonna not only provide, we think the richest benefit for their folks and also drive down their cost. But I think it just opens the door, Steven, for a lot a lot more innovation when it comes to plan design.

Steven Valiquette
MD & Senior Equity Research Analyst - Covering Health Care Technology & Distribution at Mizuho Securities

Okay. Yep. That's very helpful. Thank you.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Steven.

Operator

The next question comes from David Roman with Goldman Sachs. Please go ahead.

Jamie Perse
Jamie Perse
Equity Research Analyst at Goldman Sachs

Hey, thank you. You've got Jaime on for David this afternoon. I wanted to see if you could unpack just the growth between custodial cash and HSA investment cash. The latter is growing a lot quicker. If you can just help us think through the unit economics as the investment side grows quicker than the custodial cash.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Yes. No problem. So obviously, the custodial cash, we're making the yields on HSA cash, which we disclosed to you guys, and sort of think of the investment cash as something more like high 20s basis points on average, right? We have some clients who have reached the max fee who are paying less, but in a typical dollars coming in at 30 or so basis points. So it moves up and down, high 20s basis points on investors.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

But I think the spirit of the question is like that we don't these are not sort of transferable buckets and we tend to think of our account holders as in one or two different cohorts, right? You are either a saverspender, you're an investor and a spender or you're just an investor and those groups behave very, very differently. So to the member that is growing their cash balance, helping us grow our custodial cash balance is a different member than the member that is contributing the 8,000 plus family per year into the investment balance. We take care of all of those populations, and each one of those populations is growing.

Jamie Perse
Jamie Perse
Equity Research Analyst at Goldman Sachs

Okay, great. And then, I just wanted to focus on the Medicare Type A seniors for a minute. And obviously, given the life cycle stage of those, that population, how would you have us think about the propensity of those types of patients to save in HSAs? Is there a benchmark or similar population that you'd compare it to in terms of propensity of those of that population to invest in HSAs?

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

You want me to address that?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yeah. Go ahead. Yeah. Go ahead, Steve.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Look, I think a general rule is is people, have a longer tenure with health equity. I can't speak for, the other companies in our space, but I know with HealthEquity, the longer tenure they have with us and that a little bit older they get, the more income they have to put in their HSAs. And so we love folks that are in their fiftieth fifth, sixth decade of life that have been in HSAs for four or five years because they are really pounding the money in because they know. And, and you know, kinda makes sense. Right?

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

At that point, probably don't have a lot of lot of dependence at home. They don't have those types of things. They're probably a little bit healthier than they will be later in their life. And so they're putting as much money into these accounts as possible. By the time they've been with us for four or five years, they're starting to understand that, you know, if they've got an extra dollar, they should put in their HSA.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

And so we do think there's a real opportunity here now. You know, the reality is is that not everyone that is 65 is still in a employer sponsored plan or a high deductible plan, but there's a lot that are, there's a lot that are. And, one of the things that happens is is that they tend to, kind of they get the notices from the government and says you better sign up for Medicare or if they enroll in Social Security they get auto enrolled in Medicare Part A and all of a sudden they they reach out to us and say, I got a problem here. I just met with my accountant and I've been sending my account for the last six months and I can't I gotta get the money out of it because I can't do it because I've been disqualified by being in part a and again, they get auto enrolled when they start with social security and things like that. So I mean, there's a lot of opportunity, a lot of educational that we can do. One of my favorite stories is about somebody that was turned 55 and put $47 in his HSA. He sent me a note when he turned 65 and he said, you know, I now have over a hundred thousand dollars in my HSA and he was saying to work for another five years because I wanna get this thing up as high as I possibly can so that when I really do truly, go into active retirement, I I have the money I need to take care of my health care expenses. So it's a great question. We're gonna keep chopping away that tree, this just gives us a little bit of a sharper access to do so.

Jamie Perse
Jamie Perse
Equity Research Analyst at Goldman Sachs

Great, thank you.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks Jamie.

Operator

The next question comes from Stan Bernstein with Wells Fargo. Please go ahead.

Stan Berenshteyn
Stan Berenshteyn
Senior Equity Research Analyst, Digital Health - Healthcare IT at Wells Fargo

Yes. Hi. Thanks for taking my questions. First, on the forward contracts, I'm just curious, do you still get upside of rates on fire from here?

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Well, we will get upside and then we will pay that upside to our counterparty on hedge that we entered. So effectively, we've locked in treasury rate forward treasury rates on $500,000,000 of maturing bank contracts. And the rationale there is, right, we've got $5,700,000,000 of point in time risk on reinvestment or replacement of those maturing basic rate contracts. And we're not making a sort of speculative trading decision. What we're doing is trying to derisk that point in time risk a bit and locking in a treasury rate that we believe is significantly above what we view as neutral.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

So it's locking in a good HSA yield. Could it be maximizing HSA yield? Perhaps. Could it be under maximizing HSA yield? Perhaps.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

But we're locking in a lot effectively locking in the forward curve today to reduce that maturity wall.

Stan Berenshteyn
Stan Berenshteyn
Senior Equity Research Analyst, Digital Health - Healthcare IT at Wells Fargo

Got it. Got it. Okay. And then another one here on the legislation. Past couple of years, the market has added about 2,000,000 new HSAs per year.

Stan Berenshteyn
Stan Berenshteyn
Senior Equity Research Analyst, Digital Health - Healthcare IT at Wells Fargo

So if this legislation passes, how accretive do you expect the current pace of growth to become? Any thoughts on that? Thanks.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Yeah. We don't know. One of the things that and again, we've focused a lot on the Medicare Part A stuff. We talked a little bit about the exchanges. But there's other provisions in this legislation which I think are equally as exciting.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

And everyone knows that follows health equity that we have over a hundred thousand employers and and, you know, they really do drive a lot of our growth. But to be able to go to an employer, again, if all these provisions stay in there and say things like, hey, did you know that the money that people are putting into their HSAs can now be used to, both pay for direct primary care, up to a certain amount per month as in the legislation. And the very existence of them being in a direct primary care arrangement does not exclude them from having an HSA. Same thing with using HSA dollars for gym passes and things like that. Or, you know, that we've had a lot of employers that have come to us and said it's really frustrating for us that we want to offer an on-site medical clinic.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

Actually a good colleague of, Scott and mine that we both have known for years and has on-site medical clinics to a bunch of the tech companies throughout Silicon Valley and it's frustrating for them because they wanna provide this upfront medical care, sometimes free of charge for people that are working and you can imagine the same situation factories and things like that. And yet that could disqualify them from having an HSA unless they charge a market rate at their own medical clinic, which just adds a level of complexity. So I don't know to get to your base question, we obviously keep our eye very closely on that number of new HSAs created and as much as we like to always capture market share like we've been doing, we wanna still capture market share with the bar to be bigger, dog on it. And that's what this is all about. And so I don't know how we can drive up that number, but I just wanna try to convey to you it's not just about the Med Part A people.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

It's not just about the exchanges. It's about going to employers with a different value proposition saying have your on-site medical clinics, do direct primary care arrangements. Again, if these provisions stay in there and let's still have HSAs and and let's really go after this and let's just go full replace. That's the easiest thing. Now go full replace, everyone's in, create a nice benefit for your folks.

Stephen D. Neeleman
Stephen D. Neeleman
Founder & Vice Chairman at HealthEquity

You're gonna save probably a few million bucks a year depending on the size of the employer, and your your people are gonna now have a better benefit. So that's what I think it's all about. But I don't know if that addresses your question, Stan, but that's the way I see it.

Stan Berenshteyn
Stan Berenshteyn
Senior Equity Research Analyst, Digital Health - Healthcare IT at Wells Fargo

Directionally it does. Appreciate the comments. Thanks so much.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks Stan.

Operator

The next question comes from Matthew Ingles with RBC. Please go ahead.

Matthew Inglis
Matthew Inglis
Equity Research Senior Associate at RBC Capital Markets

Hey, guys. Thanks for taking my question. Love to see the service cost come in, really strong. I was wondering, is the AI chat, and agent support as well as the AI claims, already meaningful to that service cost strength? And if so, can you maybe size that for us and give us a sense around impactful that could be this year as you expand it?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. We don't break out the exact costs associated with the AI deployment. What I would say is, obviously, we're trying to bend the curve on service costs over time, automate as many of the interactions that drive value to the member experience as possible. I love the fact that we had an award winning product in AI around claims. When you think about that claims process, that claims process itself would be filling out a form, having somebody look at a form.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

It might take a week or two weeks to adjudicate that form, and then it might take a day or two to receive the reimbursement. And we've collapsed all of that to be real time, instantaneous through that process on the phone, in a mobile device, not touching a human. So we think that's a great experience for our members and obviously at a lower cost. And then when we look at the application of AI in the rest of our service efforts, we have a service modernization strategy, which is looking at how we're actually serving those customers and looking at how we actually drive value to what the customer expectations are. And when we think about the customer today, 70% of the workforce in the next couple of years is going to be millennial and Gen Z.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Their expectation is digital first, certainly mobile, don't really want to interact on the phone, want to be able to use AI, generative AI in their interactions. And today, the reality is most of our contexts are phone based. And so we're going to be looking at how we use AI to actually have more self-service opportunities, more opportunities in e mail and in chat, in generative chat to be able to get answers quickly where our members want those answers. And again, over time, we would expect that to drive down our service costs. And so that really is our strategy that starts with the value proposition that we have to our members to provide a remarkable experience.

Matthew Inglis
Matthew Inglis
Equity Research Senior Associate at RBC Capital Markets

Awesome. Thank you so much.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, Matt.

Operator

The next question comes from David Larson with BTIG. Please go ahead.

David Larsen
Managing Director at BTIG

Hi, is the CHIP enabled stacked card fully live? And then can you also talk a little bit about Navigator and Analyzer and Momentum? Are those all GA? And if not, when will they be? Thanks a lot.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. So the chip card, actually Q3, Q4 last year, that's been rolled out for new members that are signing up. They're getting that new Stackcard experience. Again, the road map associated with that is over time moving to a digital wallet. It's already integrated, for example, with Apple Pay.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And so we're really making that seamless opportunity to spend dollars in ways that consumers already do today. I that's one of the drivers for the strength that we're seeing on the interchange side. And so that's a key part of our strategy overall. And then just quickly, we announced last quarter the Assist portfolio and maybe building on some comments that I made around HSAs and Steve built in. We're really trying to draw a very strong value proposition to our enterprise clients around the opportunity with optimal plan design, around how an employer can save their costs.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And this is really important, particularly in this environment today. And so Analyzer today is rolled out. It's generally available to all of our clients that have 50 HSAs or more. And it's essentially using data and insights, benchmarking best in class to show with data to that enterprise, here's how you compare from a plan design perspective to best in class. Here's what your investment percentages, contribution percentages, enrollment percentages look like.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And then ultimately, how much money you could save and what is the benefit that you could provide to your employees if you drive more greater adoption. That's a really strong message that we're driving through our enterprise sales conversations this year. So analyzers out there, we love the uptake of that product. Navigator, again, sort of a tool that we've highlighted is focused on the member experience and making more like transparent decisions around health care outcomes. Again, that's available to our members.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And that's also driven by transparency mandates as well. So we're early in the ASSIST portfolio overall, but I really like this is now introducing products we're providing to our members and to our enterprises that ultimately drive greater adoption, enrollment and participation in our products.

David Larsen
Managing Director at BTIG

I think it's great. I think this is why Congress supports what you're doing and why all these expansions are in the bill here. And then just quickly, your 9,900,000 HSA members, what I'm hearing is by the end of the fall, everybody gonna have to be using the app to, and there'll be dual factor authentication through the app by the end of the fall, which will completely sort of solve your fraud problem here. Did I hear that correctly? And how many people have the app now, those 9,800,000 lives?

David Larsen
Managing Director at BTIG

I heard numbers around like 1,000,000 or 2,000,000, which sounds a little bit low if everybody's gonna have to use the app by the end of the fall for authentication purposes?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yeah, so again, really important point here. Number one, I think we are going to be driving app downloads. It's going to be really important. What we going be looking at is any active member. So this would be a member that is accessing the platform.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Maybe they are checking their balance or they want to change some of their information. In order to do any of those actions or engagement on the platform, you're required to authenticate through the mobile app. And so access will only come through the mobile app. I caution though to necessarily look at app downloads as a reflection of the security because effectively, once access to platform goes through that experience, it's obviously a lot more secure. And so that's what we're looking at in terms of like how do we secure the perimeter.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

But you're right in terms of the overall HSA accounts, as an example, 10,000,000, we have 1,200,000 downloads today. And again, one other comment, we have a lot of members, for example, that could be investors and they set it and forget it and don't actually access the platform. But again, access is going to be coming through that mobile authentication before the end of the year.

David Larsen
Managing Director at BTIG

Congrats on a great quarter.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Thanks, David. Thank you.

Operator

The next question comes from Constantine Davides with Citi. Go ahead. Thanks.

Constantine Davides
Managing Director at Citizens JMP Securities, LLC

Maybe just changing gears a little bit towards the CDB side. You've now delivered three quarters in a row of pretty good sequential account increases. Can you just talk about where you're seeing growth opportunities right now within those products and any differences in terms of how you're going to market with CDB? And then do you sort of expect this growth to be sustainable across the balance of the year?

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. So again, as we reported out the growth that we're seeing in our other product areas, again, just a reminder that we sell this as bundled product. And so as we look at how we're selling that to the enterprise, we're driving that. You have the actual breakout of the account growth.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

Yes. Yes. This is Ron. I think it might not be up yet, but the investor presentation that Richard puts on the IR site will have the detailed breakdown of the other accounts. But pretty similar story.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

It's been the core bundle, right, the RA products. HRA has been strong for some time now and it continues to be strong. But notably, we're growing the FSA accounts, again, which had been a drag really since the WageWorks acquisition on that FSA line. So it's good to see the core CDH bundle growing. Now I think on the other accounts on the COBRA side, we've talked about for some time, like we've been sort of running off a bit of that business, some of the less profitable books of that business.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

So that's a bit of a drag on service revenue because it's a high unit service unit service revenue product, but less profitable at the bottom line. So call that the unregretted churn there. And then commuter, I think, obviously saw a lot of growth over the last few years with return to office. But I think that story is largely complete at this point. And so while if the company XYZ in New York goes from three to four days in the office, that person is already buying their monthly MetroCard.

James Lucania
James Lucania
CFO & Executive VP at HealthEquity

So it's just not that much of a lift anymore. The benefit was when it went from zero to one and from one to three. So I think that extra growth from Commuter, which drove it in the past couple of years is now being driven by the core products.

Constantine Davides
Managing Director at Citizens JMP Securities, LLC

Got it. And then if I can just sneak one last one in here. Just following up on the earlier question around some of the newer assist solutions that you've launched this year. Can you also give us an update on the HPA initiatives that you launched last year and just how that's being received in the market? Thank you.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Yes. So again, I think this is a great product that goes to the enterprise. Again, as we think about what we're trying to accomplish here is to drive enrollment and adoption of a high deductible health plan. And one of the historical barriers to that has obviously been the high deductible nature of that plan. And so, HPAP as a product is meant to effectively eliminate that as a barrier.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

And we're going to the market there through partnership with patient. The uptake that we say that we see with some of our large enterprise clients is very high in terms of, again, a new value proposition that we're selling to the enterprise. So we like the uptake of that as a product. And again, I think if we're successful in this value proposition, I think the outcome hopefully for employees as they go through the open enrollment process is actually be better educated about the difference between effectively a low deductible plan and a high deductible plan that when you take into account the premiums, the contributions, that effectively the out of pocket cost can be net neutral. And then therefore having an HSA which prepares you for a future medical event and you've been able to overcome any concern you might have in the first year with contribution levels, then you can drive greater adoption.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

So that strategically is how all of it fits together for us. And so we like the value proposition. Thanks, Constantine.

Operator

This concludes the question and answer session. I would like to turn the conference back over to Scott Cutler for any closing remarks. Please go ahead.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

Well, you, everybody. That was a very engaging conversation. We appreciate your support. I particularly want to thank our team, Team Purple, for the remarkable results this quarter. I'm really pleased about the progress.

Scott Cutler
Scott Cutler
President, CEO & Director at HealthEquity

As I personally look back on the last five months, I'm more confident that as we've now strengthened and built our team, increased our operational strength and rigor, execute on our strategy, we can make meaningful progress against our mission of saving and improving lives by empowering healthcare consumers. So thank you everybody.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Executives
    • Richard Putnam
      Richard Putnam
      Investor Relations
    • Scott Cutler
      Scott Cutler
      President, CEO & Director
    • Stephen D. Neeleman
      Stephen D. Neeleman
      Founder & Vice Chairman
    • James Lucania
      James Lucania
      CFO & Executive VP
Analysts
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