HealthEquity Reports Second Quarter Ended July 31, 2021 Financial Results

Highlights of the second quarter include:

  • Revenue of $189.1 million, an increase of 7% compared to $176.0 million in Q2 FY21.
  • Net loss of $3.8 million, compared to net loss of $0.1 million in Q2 FY21, with non-GAAP net income of $33.4 million, compared to $30.1 million in Q2 FY21.
  • Net loss per diluted share of $0.05, compared to net loss per diluted share of less than one half of one cent in Q2 FY21, with non-GAAP net income per diluted share of $0.40, compared to $0.42 in Q2 FY21.
  • Adjusted EBITDA of $65.5 million, an increase of 9% compared to $60.0 million in Q2 FY21.
  • 6.0 million HSAs, an increase of 11% compared to Q2 FY21.
  • $15.5 billion Total HSA Assets, an increase of 27% compared to Q2 FY21.
  • 13.1 million Total Accounts, including both HSAs and complementary CDB accounts, an increase of 5% compared to Q2 FY21.

DRAPER, Utah, Sept. 08, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") non-bank custodian, today announced financial results for its second quarter ended July 31, 2021.

"HealthEquity is built for growth as the team showed in the second fiscal quarter, delivering a record 180,000 new HSAs and 27% year-over-year HSA Asset growth,” said Jon Kessler, President and CEO of HealthEquity. “With our organic momentum and the Further and Fifth-Third HSA portfolio acquisitions planned to close later this fiscal year, Team Purple is positioned to gain market share in FY22 and exit the year with strong momentum."

Second quarter financial results

Revenue for the second quarter ended July 31, 2021 of $189.1 million increased 7% compared to $176.0 million for the second quarter ended July 31, 2020. Revenue this quarter included: service revenue of $109.2 million, custodial revenue of $48.8 million, and interchange revenue of $31.1 million.

HealthEquity reported a net loss of $3.8 million, or $0.05 per diluted share, and non-GAAP net income of $33.4 million, or $0.40 per diluted share, for the second quarter ended July 31, 2021. The Company reported a net loss of $0.1 million, or less than one half of one cent per diluted share, and non-GAAP net income of $30.1 million, or $0.42 per diluted share, for the second quarter ended July 31, 2020.

Adjusted EBITDA was $65.5 million for the second quarter ended July 31, 2021, an increase of 9% compared to $60.0 million for the second quarter ended July 31, 2020. Adjusted EBITDA was 35% of revenue compared to 34% for the second quarter ended July 31, 2020.

Account and asset metrics

HealthEquity reported sales of 180,000 new HSAs in the second quarter ended July 31, 2021, compared to 108,000 in the second quarter ended July 31, 2020. HSAs as of July 31, 2021 were approximately 6.0 million, an increase of 11% year over year, including 402,000 HSAs with investments, an increase of 42% year over year. Total Accounts as of July 31, 2021 were 13.1 million, including 7.2 million other consumer-directed benefits ("CDBs").

Total HSA Assets as of July 31, 2021 were $15.5 billion, an increase of 27% year over year. Total HSA Assets included $10.0 billion of HSA cash and $5.4 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 July 31, 2021.

WageWorks integration

HealthEquity completed its acquisition of WageWorks on August 30, 2019. As of July 31, 2021, we have achieved approximately $70 million of the approximately $80 million in annualized ongoing net synergies we expect to achieve by the end of fiscal year 2022.

Business outlook

For the fiscal year ending January 31, 2022, management expects revenues of $755 million to $765 million. Its outlook for net loss is between $17 million and $13 million, resulting in net loss of $0.20 to $0.15 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $122 million and $126 million, resulting in non-GAAP net income per diluted share of $1.45 to $1.50 (based on an estimated 84 million diluted weighted-average shares outstanding). Management expects Adjusted EBITDA of $241 million to $247 million. This outlook includes the potential impact from the acquisition of the Fifth Third Bank HSA portfolio, which is expected to close by the end of the Company's fiscal third quarter. This outlook does not include any potential impact from the Further acquisition, except for associated merger integration expenses incurred through July 31, 2021.

The Company has entered into two agreements to acquire Further: (1) an agreement to acquire all cash balances and investment assets included in any voluntary employee beneficiary association (“VEBA”) account that is funding a health reimbursement arrangement (either Section 501(c)(9) or Section 115 trusts) and all contracts related exclusively thereto, which is anticipated to close on January 31, 2022, and (2) an amended agreement to acquire the remainder of the Further business, with a target closing date on November 1, 2021. Accordingly, the Company's financial results are expected to include a portion of Further's operating results from the closing date through the end of fiscal year 2022. In addition to the outlook for the HealthEquity standalone business above, management expects Further revenue for that period to be between $10 million and $12 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, September 8, 2021 to discuss the second quarter 2022 financial results. The conference call will be accessible by dialing 844-791-6252, or 661-378-9636 for international callers, and referencing conference ID 1425679. A live audio webcast of the call will also 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 adjusted 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, and other certain non-operating items.
  • Non-GAAP net income is calculated by adding back to GAAP net income (loss) before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, and gains and losses on equity securities, 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 our more than 13 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. 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:

  • the impact of the ongoing COVID-19 pandemic on the Company, its operations and its financial results;
  • our ability to realize the anticipated financial and other benefits from combining the operations of WageWorks with our business in an efficient and effective manner;
  • our ability to close the acquisition of Further and integrate the Further business successfully;
  • 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 health savings accounts and other consumer-directed benefits;
  • 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;
  • recent and potential future 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 and communications systems and successfully manage our growth;
  • our ability to protect our brand and other intellectual property rights; 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, 2021 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
801-727-1209
rputnam@healthequity.com

HealthEquity, Inc. and its subsidiaries
Condensed consolidated balance sheets

(in thousands, except par value)July 31, 2021 January 31, 2021
 (unaudited)  
Assets   
Current assets   
Cash and cash equivalents$753,754   $328,803  
Accounts receivable, net of allowance for doubtful accounts of $5,824 and $4,239 as of July 31, 2021 and January 31, 2021, respectively74,223   72,767  
Other current assets32,637   58,607  
Total current assets860,614   460,177  
Property and equipment, net27,382   29,106  
Operating lease right-of-use assets83,768   89,508  
Intangible assets, net770,329   767,003  
Goodwill1,363,568   1,327,193  
Other assets42,973   37,420  
Total assets$3,148,634   $2,710,407  
Liabilities and stockholders’ equity   
Current liabilities   
Accounts payable$4,696   $1,614  
Accrued compensation40,154   50,670  
Accrued liabilities49,098   75,880  
Current portion of long-term debt78,125   62,500  
Operating lease liabilities13,051   14,037  
Total current liabilities185,124   204,701  
Long-term liabilities   
Long-term debt, net of issuance costs895,449   924,217  
Operating lease liabilities, non-current69,998   74,224  
Other long-term liabilities20,091   8,808  
Deferred tax liability115,306   119,729  
Total long-term liabilities1,100,844   1,126,978  
Total liabilities1,285,968   1,331,679  
Commitments and contingencies   
Stockholders’ equity   
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of July 31, 2021 and January 31, 2021, respectively—   —  
Common stock, $0.0001 par value, 900,000 shares authorized, 83,608 and 77,168 shares issued and outstanding as of July 31, 2021 and January 31, 2021, respectively   
Additional paid-in capital1,648,743   1,158,372  
Accumulated earnings213,915   220,348  
Total stockholders’ equity1,862,666   1,378,728  
Total liabilities and stockholders’ equity$3,148,634   $2,710,407  

HealthEquity, Inc. and its subsidiaries
Condensed consolidated statements of operations and comprehensive income (loss) (unaudited)

 Three months ended July 31, Six months ended July 31,
(in thousands, except per share data)2021 2020 2021 2020
Revenue       
Service revenue$109,182    $103,805    $211,716    $215,076   
Custodial revenue48,776    46,909    95,754    93,808   
Interchange revenue31,145    25,325    65,835    57,166   
Total revenue189,103    176,039    373,305    366,050   
Cost of revenue       
Service costs67,334    65,246    137,966    136,259   
Custodial costs4,824    4,998    9,833    10,043   
Interchange costs4,974    4,011    10,419    9,890   
Total cost of revenue77,132    74,255    158,218    156,192   
Gross profit111,971    101,784    215,087    209,858   
Operating expenses       
Sales and marketing15,476    12,167    29,562    23,622   
Technology and development37,898    30,654    73,367    61,732   
General and administrative22,812    20,493    43,499    39,491   
Amortization of acquired intangible assets20,289    19,077    40,103    37,779   
Merger integration16,371    10,365    25,178    23,135   
Total operating expenses112,846    92,756    211,709    185,759   
Income (loss) from operations(875)  9,028    3,378    24,099   
Other expense       
Interest expense(7,254)  (8,895)  (13,943)  (21,158) 
Other income (expense), net344    (824)  (3,286)  (1,588) 
Total other expense(6,910)  (9,719)  (17,229)  (22,746) 
Income (loss) before income taxes(7,785)  (691)  (13,851)  1,353   
Income tax benefit(3,967)  (543)  (7,418)  (325) 
Net income (loss) and comprehensive income (loss)$(3,818)  $(148)  $(6,433)  $1,678   
Net income (loss) per share:       
Basic$(0.05)  $0.00    $(0.08)  $0.02   
Diluted$(0.05)  $0.00    $(0.08)  $0.02   
Weighted-average number of shares used in computing net income (loss) per share:       
Basic83,481    72,343    82,628    71,669   
Diluted83,481    72,343    82,628    72,971   

HealthEquity, Inc. and its subsidiaries
Condensed consolidated statements of cash flows (unaudited)

 Six months ended July 31,
(in thousands)2021 2020
Cash flows from operating activities:   
Net income (loss)$(6,433)  $1,678  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
Depreciation and amortization64,819   56,106  
Stock-based compensation28,416   18,834  
Amortization of debt issuance costs2,482   2,533  
Change in fair value of contingent consideration1,011     
Other non-cash items(752)  1,145  
Deferred taxes(4,051)  (568) 
Changes in operating assets and liabilities:   
Accounts receivable, net(230)  628  
Other assets20,636   (3,187) 
Operating lease right-of-use assets6,060   5,563  
Accrued compensation(10,639)  (13,854) 
Accounts payable, accrued liabilities, and other current liabilities(30,213)  30  
Operating lease liabilities, non-current(4,556)  (5,723) 
Other long-term liabilities1,616   5,477  
Net cash provided by operating activities68,166   68,662  
Cash flows from investing activities:   
Acquisitions, net of cash acquired(49,533)    
Purchases of software and capitalized software development costs(32,097)  (21,787) 
Purchases of property and equipment(6,352)  (8,987) 
Acquisition of intangible member assets(2,653)  (24,922) 
Proceeds from sale of equity securities2,367     
Net cash used in investing activities(88,268)  (55,696) 
Cash flows from financing activities:   
Proceeds from follow-on equity offering, net of payments for offering costs456,642   287,318  
Principal payments on long-term debt(15,625)  (215,625) 
Settlement of client-held funds obligation, net(2,636)  (10,292) 
Proceeds from exercise of common stock options6,672   2,817  
Net cash provided by financing activities445,053   64,218  
Increase in cash and cash equivalents424,951   77,184  
Beginning cash and cash equivalents328,803   191,726  
Ending cash and cash equivalents$753,754   $268,910  

HealthEquity, Inc. and its subsidiaries
Condensed consolidated statements of cash flows (unaudited) (continued)

 Six months ended July 31,
(in thousands)2021 2020
Supplemental cash flow data:   
Interest expense paid in cash$9,838    $17,659  
Income tax payments (refunds), net(5,545)  798  
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 compensation4,077    1,262  
Purchases of property and equipment included in accounts payable or accrued liabilities357    1,104  
Contingent consideration recognized at acquisition8,147    —  
Exercise of common stock options receivable119    66  
Purchases of intangible member assets—    58  
Additions to goodwill due to measurement period adjustments—    1,177  
Follow-on equity offering costs accrued during the period—    540  

Stock-based compensation expense (unaudited)

Total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income (loss) is as follows:

 Three months ended July 31, Six months ended July 31,
(in thousands)2021 2020 2021 2020
Cost of revenue$3,068   $2,065   $5,471   $3,528  
Sales and marketing2,660   1,818   4,848   2,776  
Technology and development3,693   2,493   6,706   5,410  
General and administrative6,196   5,062   11,391   7,120  
Other expense (1)—   —   342   —  
Total stock-based compensation expense$15,617   $11,438   $28,758   $18,834  

(1)   Equity-based awards exchanged for cash in connection with the Luum acquisition.

Total Accounts (unaudited)

(in thousands, except percentages)July 31, 2021 July 31, 2020 % Change January 31, 2021
HSAs5,972   5,384   11 % 5,782  
New HSAs from sales - Quarter-to-date180   108   67 % 370  
New HSAs from sales - Year-to-date295   213   38 % 687  
New HSAs from acquisitions - Year-to-date—   —   n/a  —  
HSAs with investments402   284   42 % 333  
CDBs7,171   7,090   % 7,028  
Total Accounts13,143   12,474   % 12,810  
Average Total Accounts - Quarter-to-date13,358   12,416   % 12,659  
Average Total Accounts - Year-to-date13,114   12,602   % 12,604  

HSA Assets (unaudited)

(in millions, except percentages)July 31, 2021 July 31, 2020 % Change January 31, 2021
HSA cash with yield (1)$9,938   $8,626   15  % $9,875  
HSA cash without yield (2)90   344   (74)% 244  
Total HSA cash10,028   8,970   12  % 10,119  
HSA investments with yield (1)5,351   3,046   76  % 4,078  
HSA investments without yield (2)92   195   (53)% 138  
Total HSA investments5,443   3,241   68  % 4,216  
Total HSA Assets15,471   12,211   27  % 14,335  
Average daily HSA cash with yield - Year-to-date9,838   8,332   18  % 8,599  
Average daily HSA cash with yield - Quarter-to-date$9,850   $8,380   18  % $9,060  

(1)   HSA Assets that generate custodial revenue.

(2)   HSA Assets that do not generate custodial revenue.

Client-held funds (unaudited)

(in millions, except percentages)July 31, 2021 July 31, 2020 % Change January 31, 2021
Client-held funds (1)$810   $840   (4)% $986  
Average daily Client-held funds - Year-to-date (1)876   861    % 847  
Average daily Client-held funds - Quarter-to-date (1)853   891   (4)% 848  

(1)   Client-held funds that generate custodial revenue.

Net income (loss) reconciliation to Adjusted EBITDA (unaudited)

 Three months ended July 31, Six months ended July 31,
(in thousands)2021 2020 2021 2020
Net income (loss)$(3,818)  $(148)  $(6,433)  $1,678  
Interest income(533)  (76)  (941)  (676) 
Interest expense7,254   8,895   13,943   21,158  
Income tax benefit(3,967)  (543)  (7,418)  (325) 
Depreciation and amortization12,762   9,522   24,716   18,327  
Amortization of acquired intangible assets20,289   19,077   40,103   37,779  
Stock-based compensation expense15,617   11,438   28,416   18,834  
Merger integration expenses16,371   10,365   25,178   23,135  
Acquisition costs (gains) (1)1,665   (28)  7,604   66  
Gain on equity securities(1,677)     (1,677)    
Other (2)1,552   1,500   999   3,034  
Adjusted EBITDA$65,515   $60,002   $124,490   $123,010  

(1)   For the six months ended July 31, 2021, acquisition costs included $0.3 million of stock-based compensation expense.

(2)   For the three months ended July 31, 2021 and 2020, other consisted of amortization of incremental costs to obtain a contract of $1.4 million and $0.6 million, respectively, and other costs, net, of $0.2 million and $0.9 million, respectively. For the six months ended July 31, 2021 and 2020, other consisted of amortization of incremental costs to obtain a contract of $2.6 million and $0.8 million, respectively, and other income of $1.6 million and other costs of $2.2 million, respectively.

Reconciliation of net loss outlook to Adjusted EBITDA outlook (unaudited)

 Outlook for the year ending
(in millions)January 31, 2022
Net loss$(17) - (13) 
Interest income(2)
Interest expense26 
Income tax benefit(7) - (5) 
Depreciation and amortization52 
Amortization of acquired intangible assets82 
Stock-based compensation expense58 
Merger integration expenses36 
Other expense13 
Adjusted EBITDA$241 - 247 

Reconciliation of net income (loss) to non-GAAP net income (unaudited)

 Three months ended July 31, Six months ended July 31, Outlook for the year ending
(in millions, except per share data)2021 2020 2021 2020 January 31, 2022
Net income (loss)$(4)  $—    $(6)  $   $(17) - (13) 
Income tax provision (benefit)(4)  (1)  (8)  (1)  (7) - (5) 
Income (loss) before income taxes - GAAP(8)  (1)  (14)     (24) - (18) 
Non-GAAP adjustments:         
Amortization of acquired intangible assets20    19    40    38    82 
Stock-based compensation expense16    12    29    19    58 
Merger integration expenses16    10    25    23    36 
Acquisition costs   —       —    11 
Gain on equity securities(2)  —    (2)  —    (1)
Total adjustments to income (loss) before income taxes - GAAP52    41    100    80    186 
Income before income taxes - Non-GAAP44    40    86    81    162 - 168 
Income tax provision - Non-GAAP (1)11    10    22    20    40 - 42 
Non-GAAP net income33    30    64    61    122 - 126 
          
Diluted weighted-average shares83    72    83    73    84 
Non-GAAP net income per diluted share (2)$0.40    $0.42    $0.78    $0.83    $1.45 - 1.50 

(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)   Non-GAAP net income per diluted share may not calculate due to rounding of non-GAAP net income and diluted weighted-average shares.

Certain terms

TermDefinition
HSAA financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis.
CDBConsumer-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 memberConsumers with HSAs that we serve.
Total HSA AssetsHSA members' deposits with our federally insured custodial depository partners and custodial cash placed in annuity contracts with our insurance company partners. Total HSA Assets also includes HSA members' investments in mutual funds through our custodial investment fund partner.
ClientOur employer clients.
Total AccountsThe sum of HSAs and CDBs on our platforms.
Client-held fundsDeposits held on behalf of our Clients to facilitate administration of our CDBs.
Network PartnerOur health plan partners, benefits administrators, and retirement plan recordkeepers.
Adjusted EBITDAAdjusted 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, and other certain non-operating items.
Non-GAAP net incomeCalculated by adding back to GAAP net income (loss) before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, and gains and losses on equity securities, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.
Non-GAAP net income per diluted shareCalculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.


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