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    Stephanie Davis Demko

    former Managing Director and Senior Research Analyst at Barclays

    Stephanie Davis Demko is a former Managing Director and Senior Research Analyst at Barclays, specializing in healthcare technology and distribution with coverage spanning companies such as Healthequity Inc. and Spirit AeroSystems Holdings. She is recognized for her strong industry insights and has been acknowledged for producing informed investment opinions, including price target adjustments—for example, maintaining an overweight rating with a 44% performance metric on Spirit AeroSystems. Davis Demko's career includes prior leadership at SVB Securities and Citibank, with earlier experience at J.P. Morgan and Sonenshine Partners, and she has been honored as a runner-up on Institutional Investor’s All America Research Team and named a Business Insider “Rising Star of Equity Research.” She has held FINRA registration (CRD#: 5368257) during her tenure at Barclays and is licensed for securities analysis and investment banking.

    Stephanie Davis Demko's questions to HEALTHEQUITY (HQY) leadership

    Stephanie Davis Demko's questions to HEALTHEQUITY (HQY) leadership • Q2 2025

    Question

    Stephanie Davis Demko of Barclays pressed on the full-year guidance, questioning why the implied second-half margin shows a significant step-down from Q2 levels, even after accounting for yield curve shifts, and asked if large investments or conservatism were the cause.

    Answer

    EVP and CFO James Lucania acknowledged the margin step-down, attributing it to several factors: the back-end weighted impact of lower interest rates, an expected increase in seasonal service costs, and a planned ramp-up in technology and development spending in the second half of the year to fill open positions and accelerate high-return projects. President and CEO Jon Kessler added that these three factors roughly account for the delta.

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