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    Thomas Kelliher • RBC Capital Markets

    Thomas Kelliher's questions to Healthequity Inc (HQY) leadership

    Thomas Kelliher's questions to Healthequity Inc (HQY) leadership • Q3 2025

    Question

    Thomas Kelliher, on for Sean Dodge at RBC Capital Markets, requested an update on the commuter benefits business, its performance relative to pre-pandemic levels, and its outlook for fiscal 2026.

    Answer

    CEO Jon Kessler reported that the commuter business has stabilized at approximately 60-65% of its pre-pandemic revenue. He characterized it as a good business with solid service margins but noted it is not a significant growth driver and is not expected to be a material factor in the company's overall results for fiscal 2026.

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    Thomas Kelliher's questions to Privia Health Group Inc (PRVA) leadership

    Thomas Kelliher's questions to Privia Health Group Inc (PRVA) leadership • Q3 2024

    Question

    Thomas Kelliher from RBC Capital Markets asked about the margins of Privia's capitated book of business and any observable utilization trends heading into the fourth quarter.

    Answer

    CEO Parth Mehrotra reported that the small book of business retained under capitation had a positive margin, which was better than expected. He confirmed that industry headwinds like utilization trends, Star Scores, and V28 changes persist, but the company is managing them carefully and hopes to end the year with a positive contribution from these contracts.

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