HealthEquity Announces James Lucania as CFO

DRAPER, Utah, June 14, 2023 (GLOBE NEWSWIRE) — HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the nation’s largest health savings account (“HSA”) custodian, announced today that James M. Lucania has been announced as the Company’s Executive Vice President and Chief Financial Officer with his term to begin following the filing of the Company’s Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the fiscal second quarter in September, succeeding Tyson Murdock, who will remain our CFO until then to assist with a smooth and orderly transition.

Mr. Lucania brings a wealth of experience and financial expertise with substantial fintech experience building systems to help American families save of for what matters most. Most recently, Mr. Lucania served on the leadership team of Ascensus Holdings, as Chief Financial Officer since 2016. Prior to that, Mr. Lucania was at CheckPoint Systems, ultimately serving as Chief Financial Officer. Mr. Lucania also served in various positions at Miller Buckfire & Co. and Levine Leichtman Capital Partners. Mr. Lucania holds a B.S. in economics and a B.A. in music from the University of Pennsylvania, and an M.B.A. from the UCLA Anderson School of Management.

“We welcome Jim and believe his depth of experience and financial acumen will be a strong addition to Team Purple,” said Jon Kessler, President and CEO of HealthEquity. “We are grateful for Tyson’s contribution to HealthEquity’s evolution over the past five years and appreciate his continue support in facilitating a seamless transition.”

About HealthEquity

HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for our 15 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:

• our dependence on the continued availability and benefits of tax-advantaged HSAs and other consumer-directed benefits (“CDBs”);
• our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
• the impact from a decline in interest rate levels on our financial results;
• our ability to realize the anticipated financial and other benefits from combining the operations of recent and future acquisitions with our business successfully;
• our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
• 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;
• the impact of societal and economic changes arising out of the COVID-19 pandemic on the Company, our operations and our financial results;
• our reliance on the availability and performance of our technology and communications systems;
• 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
• 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, 2023 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
801-231-0697
rputnam@healthequity.com