HealthEquity - Earnings Call - Q3 2026

Transcript

Operator (participant)

Please note this event is being recorded. I would now like to turn the conference over to Richard Putnam. Please go ahead.

Richard Putnam (Head of Investor Relations)

Thank you, Dave. Hello, everyone. Thank you for joining us this afternoon. This is HealthEquity's third quarter fiscal year 2026 earnings conference call. My name is Richard Putnam. I do investor Relations for HealthEquity. Joining me today are Scott Cutler, President and CEO, Dr. Steve Neeleman, Vice Chair and Founder of the company, and James Lucania, Executive Vice President and CFO. Before I turn the call over to Scott for prepared remarks, we note that a press release announcing our third quarter financial results was issued after the market closed this afternoon, and that it included certain non-GAAP financial measures that we will reference here today. You can find a copy of today's press release, including reconciliation of these non-GAAP measures with comparable GAAP measures, on our investor relations website, which is ir.healthequity.com.

We also note that our comments and responses to your questions today reflect management's views as of today, December 3, 2025, and will contain 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 our results. These forward-looking statements are subject to risk and uncertainties that may cause our actual results to differ materially from statements made here today. We caution 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, as detailed in our latest annual report on Form 10-K and in 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 events. With that out of the way, let's go to Scott.

Scott Cutler (CEO)

Thank you, Richard. Happy holidays, and welcome, everyone. I'll start with the key metrics that reflect our continued strong fiscal 2026 results and the progress we're making on our strategy. Steve will then speak to the regulatory environment, and Jim will walk through our third quarter financials and our raised outlook for fiscal year 2026. The team again delivered strong year-over-year growth and margin expansion across our key metrics in Q3, including revenue up 7%, net income up 806% year-over-year, a result that Jim will explain in more detail in a moment, adjusted EBITDA up 20%, driven by gross margin up 71%, and adjusted EBITDA margin of 44%. HSAs grew 6%. CDB accounts up 3%, driving total accounts up 5%, and HSA assets up 15%.

Behind these numbers is a clear strategy: helping our members better save, spend, and invest for health, and strengthening the Flywheel in each of those areas. We are operating against a real affordability challenge for American families and employers. Healthcare costs continue to rise faster than wages, and both households and enterprises are looking for more practical ways to budget for healthcare today while preparing for tomorrow. HSAs sit at the center of our solution to that challenge. They are a proven engine for consumer-directed healthcare and long-term health savings. On the better-save side of the Flywheel, we are helping more members build tax-advantaged health savings and making it easier for them to contribute. HealthEquity ended Q3 with more than 17 million total accounts, including more than 10 million HSAs.

We grew net CDB accounts by over 200,000 year-over-year, and Team Purple opened approximately 175,000 new HSAs from sales in the quarter. The average HSA balances grew 8% year-over-year, contributing to the 15% increase in HSA assets. We remain optimistic about new account growth in Q4. That optimism is grounded in the work we're doing with employers and partners on plan design to support HSA adoption, new employer clients, including those offering HSAs for the first time, and the large new opportunity to open retail HSAs for those choosing bronze plans on the ACA exchanges. To support this opportunity, we launched a new direct HSA enrollment platform with a streamlined digital experience, enabling individuals to open and fund HSAs directly through HealthEquity's mobile and web platforms. This positions us well as millions of households consider bronze plans in the months ahead.

The better-spend Flywheel is about helping members stretch their healthcare dollars further and gaining greater access to health resources. Last year, more than $40 billion was spent by Americans through HSAs on eligible medical products, programs, and services. We are pleased with the early momentum of the HealthEquity Marketplace platform, which is providing access to affordable healthcare solutions, including our first program supporting weight loss through GLP-1s. Early adoption from subscribing members has been encouraging, and the early retention data is positive. By offering GLP-1s through the HealthEquity Marketplace, members experience a coordinated journey from within the HealthEquity App and web portal to a HSA-eligible program that supports healthier outcomes and helps employers mitigate rising cost pressures. Payments made with HSAs may be tax-advantaged, providing additional savings for members. Later this month, we will be expanding our marketplace further, providing greater access to healthcare solutions for our members.

The better-and-best flywheel is about securing our members' assets and helping them grow healthcare savings for the future. Our HSA members now hold over $34 billion in HSA assets, up $4.5 billion year-over-year. The number of our HSA members who invest grew 12%, and HSA invested assets grew 29% to $17.5 billion. As more members move from saving to investing, they build long-term tax-advantaged health wealth that can support care needs well into retirement. We are entering our busy season well-prepared to welcome new members with an enhanced member-first, secure mobile experience and market-leading products and services. Our members benefit from advanced security features, including passkey technology, and from our integrated network of leading health plans and our growing marketplace, all accessible through our intuitive HealthEquity app and web experience. Our investments in security are delivering strong results for our members.

In the third quarter, fraud costs totaled approximately $0.3 million, well below our run rate target of one basis point of total HSA assets per year. We continue to invest in additional security measures and technologies to protect our members' health savings while maintaining a simple, seamless experience in our secure mobile channel. We are proving that we can deliver industry-leading security and a remarkable experience at the same time. We are committed to continually strengthening our defenses as threats evolve. We will also see significant potential in AI. We believe AI will unlock a more personalized, efficient, and empowering future for healthcare consumers, and HealthEquity is uniquely positioned to lead that transformation. Our expedited claim solution is already providing quicker and more accurate payments to members while reducing service costs.

HSA Answers and HealthEquity Assist, along with our work with CX leader Parloa, are building an integrated AI experience that supports members wherever they are through voice calls, support lines, chat, or web-based conversations. These capabilities are designed to improve service, reduce friction, and help members save, spend, and invest for health. Taken together, these experience enhancements, our mobile platform, our fraud and security investments, our marketplace, and our emerging AI capabilities are essential to HealthEquity's broader strategy and to the flywheels that drive our growth. On the legislative front, our leaders in Washington continue to focus on expanding the use of HSAs to address healthcare affordability. Steve and our government affairs team continue to do a remarkable job of educating our legislators and their staff about the benefits of HSAs and the growing demand for greater access from American families and employers.

With that, let me turn it over to Steve to walk through the policy landscape and how HSAs are being discussed in Washington.

Richard Putnam (Head of Investor Relations)

Thanks, Scott. Let me touch on the public policy environment and how HSAs are being talked about in Washington. First, as the nation's leading custodian of HSAs and one of the first companies to launch them after their enactment over 20 years ago, we are strong believers in HSAs and the role they play in empowering healthcare consumers, helping employers focus their healthcare investment and supporting a broader health system that delivers more value through lower costs and better outcomes. We are encouraged that policymakers in Washington are considering options that could make HSAs available to more Americans and to use them as a key mechanism for delivering government support to improve affordability. We support President Trump's proposal that aligns with our longstanding belief that every American should have an HSA.

At the same time, our core business is not predicting public policy or legislative outcomes, which specific bills will or won't pass, how ACA subsidies may change, or which legislative mechanisms might carry them. Our mission is to save and improve lives by empowering healthcare consumers. We stand ready to assist policymakers who are considering ways to expand the ability of more Americans to benefit from HSAs. As we shared during our last earnings call, we were encouraged for the first time in roughly 20 years there was meaningful expansion of HSA eligibility this summer. We view that change as a sign of growing recognition that HSAs are a powerful tool to help Americans prepare for current and future healthcare needs. There is a real affordability challenge affecting many American families, employers, and the healthcare system overall.

In a recent third-party study with some of our largest employers, representing nearly one million employees, those employers with higher HSA adoption experience significantly lower per-employee healthcare costs than those with lower adoption in HSAs, while their employees save more premiums and taxes while growing their HSA balances. That is what consumer empowerment looks like in practice. Our position is straightforward: expand access to HSAs and strengthen consumer control. Our focus has been and will continue to be on helping policymakers understand how HSAs work in the real world, why they are a practical, consumer-focused tool, and how HealthEquity as a leader in this space can help more Americans use HSAs to better save, spend, and invest for health under a variety of policy scenarios. We are encouraged by the elevation of HSAs into the national healthcare discussion and view this as a very positive development.

In whatever form future legislation takes, our job does not change. I'll pass it over to Jim now to discuss our financials. Jim.

James Lucania (EVP and CFO)

Thanks, Steve. I'll review our third quarter fiscal 2026 GAAP and non-GAAP financial results. As always, we provide a reconciliation of GAAP measures to non-GAAP measures in the press release. Third quarter revenue increased 7% year-over-year. Service revenue increased 1% year-over-year to $120.3 million. Custodial revenue grew 13% to $159.1 million in the third quarter. The annualized yield on HSA cash was 3.53% for the quarter as a result of higher placement rates and continued increase in balances and the number of accounts participating in enhanced rates. Interchange revenue grew 6% to $42.8 million, again ahead of our 5% total account growth. Gross profit of $228.1 million resulted in 71% gross margin in the third quarter, up from 66% in the third quarter last year.

Service costs declined $10 million year-over-year in the quarter, even more than the $8 million in elevated service costs that impacted the third quarter last year. The third quarter this year included approximately $0.3 million of fraud reimbursements to members, and as Scott mentioned, we were ahead of our goal to achieve a run rate of one basis point of total assets in fraud costs per year. Our investments in fraud prevention and detection capabilities, AI service technologies, and our member-first secure mobile experience are delivering greater member functionality and satisfaction while improving margins at the same time. The actions we're taking are expected to drive efficiency in our operations not only this year but into fiscal 2027 and beyond. Net income for the third quarter was $51.7 million, or $0.59 per share.

As Scott mentioned earlier, net income is up 806% compared to the third quarter last year, which included a $30 million one-time legal settlement. The settlement was backed out of last year's non-GAAP measures, so non-GAAP net income increased 26% to $87.7 million, and non-GAAP net income per share grew 29% to $1.01. Adjusted EBITDA for the quarter was $141.8 million, up 20% compared to Q3 last year, and adjusted EBITDA as a percentage of revenue was 44%, up 460 basis points compared to 39% in the third quarter last year. Turning to the balance sheet as of October 31, 2025, cash on hand was $309 million, as we generated $339 million of cash flows from operations in the first nine months of fiscal 26.

We ended the quarter with approximately $982 million of debt outstanding, net of issuance costs, after paying down $25 million on the revolver during the quarter. We also repurchased approximately $94 million of our outstanding shares during the quarter, and we have approximately $259 million remaining on our previously announced share purchase authorization. For the first nine months of fiscal 2026, revenue was $978.8 million, up 10% compared to the first nine months of last year. GAAP net income was $165.5 million, or $1.88 per diluted share. Non-GAAP net income was $268.1 million, or $3.05 per diluted share, and adjusted EBITDA was $433.1 million, up 19% from the prior year, resulting in 44% adjusted EBITDA margin for the first nine months of this year. Before I detail our raised guidance and assumptions, let me briefly update you on the interest rate forward contracts we've discussed on prior calls.

As a reminder, we expect these contracts to have little to no impact on our FY26 income statement, and we expect they will further de-risk potential interest rate volatility on future HSA cash deposit contracts. To date, we've entered into U.S. Treasury bond forward contracts with a notional amount of approximately $2.3 billion, tied to basic rate contract maturities between January 2026 and August 2027, and a blended rate lock of 3.94%, not including the negotiated premium that we receive above the five-year Treasury benchmark on our enhanced rates placement. We expect to execute additional interest rate hedges depending on market conditions. We expect the average yield on HSA cash will be approximately 3.54% for fiscal 26. As a reminder, our custodial yield assumptions are based on projected HSA cash deployments and rollovers, which are detailed in today's release.

We also consider a range of forward-looking market indicators, including the secured overnight financing rate and mid-duration Treasury forward curves. These indicators are, of course, subject to change and are not perfect predictors of future market conditions, but they provide a consistent framework for how we set our outlook. Our fiscal 2026 guidance reflects the expected carry forward of current trajectories for revenue and margins over the remaining of this year, along with continued investment in technology and security as we enhance our member-first secure mobile experience and deliver innovative products across the platform. We expect to continue closing fraud attack vectors and to support our members in securing their assets while investing in sales and marketing to drive HSA adoption on the ACA exchanges. For fiscal 2026, we now expect revenue in a range between $1.302 and $1.312 billion.

GAAP net income in a range of $197 to $205 million, or $2.24 to $2.33 per share. We expect non-GAAP net income to be between $341 and $348 million, or $3.87 and $3.95 per share, based upon an estimated 88 million shares outstanding for the year. Finally, we expect Adjusted EBITDA to be between $555 and $565 million. We're pleased with how we exited the third quarter and expect to make additional progress as we finish fiscal 2026. Our guidance also assumes continued capital return and a strong balance sheet. We expect to make additional share purchases under the remaining $259 million repurchase authorization and may reduce borrowings on our revolver during the fiscal year. With continued strong cash flows and available revolver capacity, we will maintain ample flexibility for portfolio acquisitions should attractive opportunities arise.

We assume a GAAP and a non-GAAP income tax rate of approximately 25% and diluted share count of 88 million, including common share equivalents. As in prior periods, our fiscal 2026 guidance includes a reconciliation of GAAP to the non-GAAP metrics, and a definition of all the non-GAAP metrics can be found in today's earnings release. While we exclude the amortization of acquired intangible assets from non-GAAP net income, the revenue generated from those acquired intangible assets is included. We'll provide our initial outlook of fiscal 2027 at the J.P. Morgan HealthCare Conference in January. Now, let's go to the Q&A operator.

Operator (participant)

We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. Our first question comes from Stan Berenstein with Wells Fargo. Please go ahead.

Stan Berenstain (Analyst)

Yes, hi. Thanks for taking my questions. On the direct HSA enrollment platform being set up for qualified ACA members, what are your marketing plans there, and how should we think about the progression of your sales and marketing expenses over the coming quarters pertaining to that? And maybe just a quick follow-up. Regarding your forward contracts, do you plan to de-risk any longer-duration assets beyond August 2027? Thank you.

Scott Cutler (CEO)

Great, Stan. Thank you. I'll take the first two, and I'll let Jim talk about the forward contract strategy, so first, as it relates to the direct HSA enrollment, we call it the new retail enrollment flow, obviously to take advantage of the expansion provided by legislative activity over the summer. As we look at how we're going to compete for those new eligible HSA accounts, we want to make sure that, number one, the enrollment experience is seamless, frictionless, and easy, and so we rolled out a new experience to make sure that we make it as easy and frictionless as it can be, so we're really pleased with that new experience flow. We also know that the new experience flow will roll into the core business as we go into the open enrollment season here.

We believe that we've got the most competitive offer in the industry with a $25 match for a new account, and so that's one of the marketing features we're using. We're going to market with integrated plan partners, and so we think with the power of our distribution platform that going to market with integrated plan partners helps to enhance the value proposition, and then last, as we look at the marketing expenditures, we've been leaning in on brand marketing, sort of upper funnel awareness and consideration, as well as what I would call growth marketing initiatives from paid search to key terms, as well as the appearance and education of HSAs in social channels to be able to drive awareness around this new opportunity. As we look at the opportunity overall, consistent with what we've talked about, we believe that this is a marathon, not a sprint.

We think that these new enrollees are going to come in over time. When we look to our plan partners, they're still early in terms of having integrated marketing plans and integrated technology to be able to bring in these new enrollees, and so we're taking a longer-term look at it. I'd say the early results on some aspects are encouraging. When I look at contribution levels as one example, the average contribution level of these new retail enrollees is about $1,550 versus industry-wide, your average contribution to an HSA would be about $1,800. So I think we're pleased with the quality of the retail members that are signing up, and again, we're going to be continuing to work with our plan partners to expand that.

As it relates to the progression of the expenses, again, as we've looked at how to make sure we're going after that efficiency, as we had communicated before, in terms of quarterizing the sales and marketing expenditures, we're ramping that spend here in the fourth quarter to be able to go after coincident with open enrollment. And we'll continue to lean into our branded marketing activities and go-to-market rhythms to attract these new members. Maybe Jim, you can talk about the forward contract strategy.

James Lucania (EVP and CFO)

Yeah, yeah, sure. So obviously, as you can see, we reached out a little bit further into the future here. In the previous quarter, we had hedged maturities out. The farthest out was January of 2027. Obviously, during the last quarter, we stretched a bit into the summer of 2027, and those deposits were like we had a little mid-year bolus because of further migrations that came over. So there are some basis rates maturities in the middle of fiscal 2028 for us. And then, yeah, I think you can sort of expect we'll sort of reach out into the future a little bit to chip away. But as you can see, the updated maturity schedule, it's materially less that's maturing in fiscal 2028 and fiscal 2029. So the heavy concentration of what we've done had been on the front end.

Stan Berenstain (Analyst)

Appreciate the caller. Thank you.

Operator (participant)

The next question comes from Alan Lutz with Bank of America. Please go ahead.

Allen Lutz (Senior Equity Research Analyst)

Good afternoon, and thanks for taking the questions. I want to follow up to Stan's question around the Bronze exchange plans. Scott, you talked a little bit about going to market with integrated plan partners. Can you talk about the split between how much contribution you would expect from those plan partners? And would there be a material contribution from sort of standalone HealthEquity going direct, or is the vast majority or all of the growth going to come from where HealthEquity sits with those integrated plan partners?Thanks.

Scott Cutler (CEO)

Yeah, thanks, Alan. I think when we look at the core business, as you know, we have a very efficient distribution channel, and we receive a majority of our business through a partner. And that could be through an integrated plan partner or a relationship that we might have with brokers.

We're going to continue to leverage that distribution channel. I wouldn't say I know exactly what that's going to look like for the retail channel because, again, many of these are coming individually to the market, one-to-one, and not coming with an associated file with an employer, as an example, which is what the core new member acquisition looks like on our platform. That's why we had made such a significant investment in the retail experience to make sure that we're actually going to market with an attractive marketing message, that we're educating the market around eligibility of Bronze participants. I don't know as if all Bronze participants know that the new legislation enables them to have access to an HSA. And so there's awareness around what the product is, their eligibility.

Again, as we're focused on our market activities, we're focused on targeting those places and those regions where we believe is the largest concentration of those potential members. Again, I think as we look at it, we want to make sure that we have a really strong integrated offering. When I say integrated, it might be an offer that's got a click-through screen in that plan partners as well as our own and links directly to a sign-up on our own retail flow, as well as showing up as a retail offering out to a general member.

As we think about how that's going to progress, that's another reason why we think this is going to be a market that, yes, it's expanded, but it's going to grow over time as both awareness and consideration and then enrollment evolve for, again, what I would call a retail member.

Allen Lutz (Senior Equity Research Analyst)

Really helpful. For my follow-up, either for Scott or for Jim, the average cash per account has been pretty consistent around $1,700 per account. As you think about all the inflation we've seen over the past 10 years or so, it seems like the minimum threshold before investing hasn't really changed much either for HealthEquity or at the industry level. As we think about all the inflation that's taken that's gone through the market over that time period, is there an opportunity to increase that minimum threshold before HSA consumers can invest? Is that something where the market's moving? Is there an opportunity? Is that something you think about? Any color would be helpful. Thank you.

Scott Cutler (CEO)

Yeah. So if I understand you correctly, I mean, the minimum threshold typically is set by our enterprise client. We want to make sure that people are taking advantage of the save, spend, and invest aspect of the product of the HSA. But I think as we look at and take a step back and look at the industry overall, we still have a small percentage of members that are contributing at the max that they could allow. And so there's a big opportunity to effectively drive engagement in the actual HSA product, as an example. Then if you look across the industry, only about 9% of HSA account holders are investors. That's irrespective of what a minimum threshold would be.

That number hasn't moved significantly over the years, and so on both of those things, we have strategies to drive how we can effectively try and move that. Number one, we really need to be able to educate the market as the market leader around what are the advantages of having these accounts. I think given the healthcare affordability crisis that all are experiencing today, we think that value proposition is very strong. In our conversations with our clients, given that the affordability is also hitting the enterprise and that the enterprise can save on their annual increases in healthcare costs by driving greater adoption, we think we can have great partnership with our clients in driving that education awareness of, one, sign up for a high-deductible health plan, and number two, contribute so that you have more power and ownership over your dollar.

The other thing as we think about bringing people along that progression of the flywheel from save to spend, which I'm sure we'll talk about later, to invest, we recognize that an investor actually contributes significantly more than a non-investor. We're actually looking at our own experience flow in the app to make sure that the setup for investing is easy, is seamless, that you know how to do that, that the investment choices and the lineup is attractive because we know a lot of people, if they could be made aware at the time of setting up an account, that also to think about how that account can be used can really drive that outcome over time. I guess, Alan, I would just say is it's on us to be able to drive those numbers.

I think for the industry overall, raising awareness of the product, but also driving enrollment engagement, what we think is through a great digital experience is the way that we can bend that curve over time.

Allen Lutz (Senior Equity Research Analyst)

Thanks, Cutler. Thank you.

Operator (participant)

The next question comes from George Hill with Deutsche Bank. Please go ahead.

George Hill (Managing Director and Equity Research Analyst)

Yeah. I have two quick, well, one quick one and one not so quick one. So I guess number one, on the last earnings call, you guys had talked about seeing a slowdown in the HSA market at a high level. I guess number one, could you kind of provide some more like an updated version of what you're seeing? I'd be interested if you could comment on your conversations with employer sponsors around, are we seeing a shift, like an acceleration benefit buy-down in the commercial space? Are you seeing a greater shift towards HSAs in 2026 versus 2025, kind of like the greater rate? My second question is kind of like, Scott, it's like given some of the macro news that we've seen, there would seem to be other large custodial opportunities that have the opportunity to present themselves going forward as new markets develop.

Is that anything that you guys would look at or consider? I'm kind of talking about like the Dell stuff and what we see, more stuff that looks like the Dell stuff. Thank you.

Scott Cutler (CEO)

The what? The what stuff? Sorry. The Dell stuff. You're talking about.

George Hill (Managing Director and Equity Research Analyst)

Yeah. More opportunities to find 25 million children's accounts. Are there going to be more of these opportunities to kind of create new markets for you guys? How are you thinking about that?

Scott Cutler (CEO)

Okay. On your first part of your question, because you had a two-part on the first part, you said something about seeing something, but you broke up. I just wanted to make sure. I've got your employer sponsors.

George Hill (Managing Director and Equity Research Analyst)

Yeah. Are you seeing? I'll distill my question. Are you seeing employer sponsors move people towards HSAs at an accelerating rate for 2026, given that we're seeing, because utilization is so high, we're seeing benefit buy-down at a higher rate than we've seen kind of in the last decade? Is that driving an acceleration of moving beneficiaries towards HSAs and just kind of what are you seeing in the commercial market?

Scott Cutler (CEO)

Okay. Yeah. I think I've got it. On the commercial side, or we call the client side, right now, what we're really driving towards is just the realization across the entire industry that healthcare costs are rising significantly for the enterprise, as well as the consumer. Those healthcare costs are rising significantly more and multiples faster than wages are. As any enterprise, and this is a CEO and a CFO-level conversation, when you look at those healthcare costs, which is one of the most significant input costs for your organization, you have to start to think about what are the strategies that we can address that.

When we're talking affordability with our clients, we've been going with our analyzer product, which actually helps an enterprise to be able to compare, for example, their enrollment rates, their contribution levels, what percentage of their employees are investors, what are the balances that they hold, and compare those to their industry average, as well as what best-in-class would look like. What best-in-class looks like for our large enterprise clients are clients that are driving high-deductible adoption or only providing that as an adoption north of 75%-80%. In fact, we have been working with the industry where we've done studies that have actually shown that employers that drive a strategy like that can save in a thousands of dollars per employee per year by driving that type of strategy. The affordability strategy right now, we think, is resonating.

In terms of it showing an accelerating rate, I think we're going to see that this year because we're having a lot of conversations with our clients around this.I think we're hoping that we will see greater adoption this year over last year. We'll see that in open enrollment, which is happening right now. In terms of the macro news around Trump accounts or Michael Dell's contributions just the other day, I think, again, what we're seeing is that when you look at the triple tax advantage nature of an HSA account and the massive needs that Americans have to handle their future healthcare needs, as well as the fact that 40% of Americans can't even afford a $400 unexpected medical cost, that the need for an HSA for all Americans is quite significan

This is actually why we're so active in Washington, why this topic of healthcare affordability is on the desk of the president, as well as Senate and Congress, in terms of driving solutions to address the affordability crisis. We really do think that HSAs, in terms of empowering healthcare consumption and preparing more Americans for their future healthcare needs, is one of those solutions that's actually getting a lot of focus and attention in DC. I don't know, Steve, would you add anything more to that?

Steve Neeleman (Founder and Vice Chairman)

I think you're right on. I mean, we just, as I mentioned in my comments, we just keep seeing the same.