HealthEquity, Inc.

Thank you for standing by. I'd now like to turn the call over to Mr. Richard Putnam.

Thank you, Valerie. Good afternoon, and welcome to HealthEquity's fiscal year 2022 earnings conference call. My name is Richard Putnam, investor relations for HealthEquity, and joining me today is John Kessler, president and CEO, Dr. Steve Nealeman, vice chair and founder of the company, Tyson Murdoch, Executive Vice President and CFO, and Ted Bloomberg, Executive Vice President and Chief Operating Officer. Before I turn the call over to John, I have two important reminders. First, a press release announcing our financial results for fiscal year 2022 was issued after the market closed this afternoon. The financial results reported in the press release include the contributions from our wholly-owned subsidiary, WageWorks, and accounts it administers. The press release also includes definition of certain non-GAAP financial measures that we will reference today, including recent definitional changes to those measures. A copy of today's press release, including reconciliations of these non-GAAP measures to comparable GAAP measures, and a 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, March 22nd, 2022. And we will talk about forward-looking statements as defined by the SEC, including predictions, expectations, estimates, or 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 risk and uncertainties that may cause our future results to differ materially from statements made here today. 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 the market price of our stock, detailed in our latest annual report, on Form 10-K 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 results. At the conclusion of our prepared remarks, we will turn the call over to Valerie to provide some instructions, and she will also host our Q&A. With that, I'll turn the mic over to our CEO, John Kessler.

It's better every time, Richard. Hello, everyone, and thank you for joining us all together in person, the whole crew here for the first time in a long time, which is really cool. Today we're announcing results for health equities fiscal fourth quarter and for fiscal 2022, ended January 31st, and we're providing guidance for fiscal 23. I will discuss the FY22 results with Ted reporting on Q4 operational milestones and Tyson will provide financial details of fiscal 22 and provide our fiscal 23 guidance based on the results we're reporting today. And then Steve will join us for Q&A. Starting as we always do with our five key metrics. Fiscal 22 revenue of $757 million is up 3% year over year, tempered by rate headwinds and the effects of the pandemic. Adjusted EBITDA of $236 million and adjusted EBITDA margin of 31%, both down slightly from fiscal 21. reflecting the pandemic's impact on high-margin custodial, commuter, and interchange revenues during the year. Record HSA sales and portfolio acquisitions helped HSA members grow to $7.2 million. HSA members ended fiscal 22 with $19.6 billion in HSA assets, and we ended fiscal 22 with $14.4 million total accounts. Beyond the key metrics, allow me to speak for a moment on FY22 highlights and opportunities for us to improve. Leading the highlights is the growth of the HSA core. Continued double-digit balance growth. HSA members up 25%. Custodial assets up 37%. HSAs with investments up 37%. Invested custodial assets up 58%. Member-driven growth, client-driven growth, partner-driven growth, portfolio-driven growth. This is delivery on the team's mission to connect health and wealth. And it's progress towards our vision of HSAs being as ubiquitous as retirement accounts. And we also believe it is a significant, durable contribution to the value of our enterprise. However, ancillary consumer-directed benefits delivered uneven performance in fiscal 22. CDBs, as you know, are services within our total solution for employers, including FSA, COBRA, and Commuter Benefits Administration. As Ted will discuss, the total solution bundle drove record HSA opportunities in FY22, but pandemic macro and regulatory factors and platform migration weighed on our CDB results and net growth. Now, many of these challenges are behind us. Fast HSA growth is reducing our exposure to standalone CDB performance, and we're exploring ways to accelerate that process. As a final note, the team launched innovations that we believe over the longer term are game-changers in fiscal 22. Enhanced rates are raising custodial yields on HSA cash, customer-facing APIs deepening product integration with network partners, and Prospect Boost, part of our Engage360 platform, spurring new HSA adoption among our clients' employees. We've added technology leadership, including our new CTO, Ellie Rossner, arrived this week, to drive these future innovations. I will now turn the call over to Ted to talk about Q4 operational milestones. Mr. Bloomberg.