Operator

Good afternoon, and welcome to the HealthEquity Fourth Quarter and Full Year 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Richard Putnam. Please go ahead.

Richard Putnam
Vice President of Investor Relations

Thank you, Gary. Hello, everyone. Thank you for joining us this afternoon. This is HealthEquity’s Fourth Quarter Fiscal 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 our prepared remarks, we note that the press release announcing our fourth quarter financial results was issued after the market closed this afternoon and that it includes certain non-GAAP financial measures that we will reference here today. You can find a copy of today’s press release, including reconciliations of these non-GAAP measures with comparable GAAP measures on our Investor Relations website, which is ir.healthequity.com.

Our comments and responses to your questions reflect management’s view as of today, March 17, 2026 and they will contain forward-looking statements as defined

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Thousands of Xfinity customers across the San Francisco Bay Area experienced widespread internet disruptions Monday morning, March 16, 2026, as reports of outages surged shortly after 9 a.m. local time. The incident, which peaked with more than 7,000 user complaints on outage tracking sites, affected residential and business users in San Francisco, Oakland, the South Bay, Marin County, Napa and other regions, highlighting recurring connectivity challenges in one of the nation’s most tech-reliant areas.

Downdetector, a real-time outage monitoring platform, recorded a sharp spike in reports beginning around 9 a.m. PDT, with the peak hitting at 9:14 a.m. The heat map concentrated heavily in the Bay Area, showing clusters in Oakland, San Jose, Napa, Marin and the Peninsula. Users primarily reported issues with internet access, though some mentioned problems with TV services, voice lines and the Xfinity app itself becoming inaccessible during the height of the disruption.

Local media outlets quickly picked up on the complaints. SFGATE reported that the outage cut internet for many at the start of the workweek, describing it as widespread across the region. KRON4 noted that reports spiked after 9 a.m., with no immediate explanation from Comcast, the parent company of Xfinity. The San Francisco Chronicle added that brief outages hit Xfinity customers across San Francisco, the East Bay, North Bay, Peninsula and South Bay, with most issues appearing to resolve by 10 a.m.

A Comcast spokesperson told the Chronicle that the disruption stemmed from a network update being performed by the company. The statement suggested the maintenance, intended to improve service, inadvertently caused the temporary outage. No estimated restoration time was initially provided, though some user reports on social media and forums indicated partial recovery within an hour for many affected areas.

The Xfinity outage map, accessible via the company’s support site, showed scattered spots of ongoing issues across the Bay Area as of mid-morning Monday. By late afternoon and into Tuesday, March 17, user reports on Downdetector had dropped significantly, with the platform indicating no major current problems nationwide as of early Tuesday evening KST (corresponding to morning PDT). However, isolated complaints persisted in pockets of the region, and some Reddit threads in r/bayarea discussed lingering effects or unrelated scheduled maintenance starting overnight into March 17.

Social media platforms lit up with frustrated customers sharing experiences. On Reddit, users in Livermore and other East Bay spots reported the outage rendering even the Xfinity app and status page unusable while on cellular data. Threads on X (formerly Twitter) and Facebook echoed similar sentiments, with some drawing comparisons to a near-anniversary outage from March 2025 that similarly impacted San Francisco.

The incident underscores broader concerns about internet reliability in the Bay Area, where high-speed connectivity is essential for remote work, education and the tech economy. Xfinity, as the dominant cable broadband provider in much of the region, frequently faces scrutiny during such events. Monday’s disruption affected not only individual users but potentially businesses relying on stable connections for operations, video calls and cloud services.

Some reports suggested spillover effects to other providers, including brief mentions of AT&T and AWS-related issues, though Xfinity remained the primary focus. The Chronicle noted complaints from both Xfinity and AT&T customers, but details remained limited on whether the events were linked.

Customers were advised to check the official Xfinity outage map by entering their full service address for personalized status updates. The company also recommends texting “Out” to 266278 for outage information or using the Xfinity app when accessible. Troubleshooting steps include restarting modems and routers, though during widespread events, these often prove ineffective until network restoration.

As of Tuesday, March 17, 2026, the bulk of reports indicate service has returned for most Bay Area users impacted Monday. Downdetector’s 24-hour map shows resolved concentration in the region, and no new surge has emerged. Comcast has not issued a formal follow-up statement detailing the full scope or preventive measures post-update.

The event serves as a reminder of infrastructure vulnerabilities amid increasing dependence on broadband. Bay Area residents, many working hybrid or fully remote schedules, expressed annoyance at the timing — hitting during peak morning productivity hours. Some speculated about underlying causes beyond the admitted network update, including potential equipment failures or external factors, though no evidence supported those theories.

For ongoing monitoring, users can visit downdetector.com/status/xfinity or xfinity.com/support/statusmap. Comcast encourages signing up for text alerts for future incidents.

While brief, Monday’s outage disrupted daily routines for thousands in the tech-forward Bay Area. As service stabilizes, attention turns to Comcast’s network reliability efforts ahead of any future planned maintenance or unexpected events.