HealthEquity, Inc. (NASDAQ:HQY) Q2 2020 Earnings Conference Call - Final Transcript
Sep 08, 2020 • 04:30 pm ET
Good afternoon, and welcome to HealthEquity's Second Quarter of Fiscal Year 2020 Earnings Conference Call. My name is Richard Putnam, I do Investor Relations for HealthEquity. And joining me today is Jon Kessler, President and CEO; Dr. Steve Neeleman, Vice Chair and Founder of the Company; Darcy Mott, the Company's Executive Vice President and CFO; Tyson Murdoch, Executive Vice President and Deputy CFO and Ted Bloomberg, our Chief Operating Officer.
Before I turn the call over to Jon, I have three important reminders to provide. First, we reported our second quarter earnings after the market closed this afternoon. A copy of that today's press release and the recording of this webcast can be found on our Investor Relations website, which is ir.healthequity.com.
Second, our comments and responses to your questions today reflect management's view as of today, September 8, 2020, and will include forward-looking statements as defined by the SEC, which include predictions, expectations, estimates and other information that might be considered forward-looking. 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 the statements made here today. As a result, we caution you 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 our market price of our stock that are detailed in our annual report on Form 10-K and in 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.
Third, during this call, we will reference non-GAAP financial measures that are defined in our press release. There you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. At the conclusion of our prepared remarks, we will turn the call over to the operator to provide instructions and to host our Q&A.
With that, I'll turn the call over to our CEO, Jon Kessler.
Thank you, Richard. Nicely done. Hello everyone, and thanks first off to a really great effort by our teammates. We're able to deliver -- thanks to their effort, we're able to deliver to you a bit of sort of purple normalcy today; Q2 financial results exceeding our expectations, faster progress on integration and profit margins and further indications of recovering activity and a strong selling season despite the ongoing pandemic.
I will discuss Q2 performance versus key metrics. Ted will update on WageWorks integration. And Tyson -- Tyson, who will be making his premiere on these calls, will detail financial results and Darcy will cover our renewed full-year guidance. Steve is here to join in the Q&A.
So turning to key metrics. Revenue of $176 million is 103% up year-over-year, reflecting organic growth and of course the addition of WageWorks, but tempered by lower custodial