Strong Financial Performance in Q2
Revenue of $659.6 million was at the top end of guidance, and adjusted EPS exceeded guidance with $3.95 per diluted share, an increase of 1% year-over-year.
Notable Customer Wins
Secured significant customer wins including BP in Mobility, United Auto Workers Trust in Benefits, and a large fintech customer in Corporate Payments.
Growth in Benefits Segment
Benefits segment revenue increased by 8.5% year-over-year, with HSA accounts growing by 7% and SaaS account growth of 6%.
Positive Legislative Developments
New legislation will increase the number of people eligible for HSAs, potentially expanding the market by over 7 million people.
Expansion in Corporate Payments
Direct AP volume grew more than 25% compared to last year, and new customer pipeline is strong.