HealthEquity (HQY) 10-Q 10 Sep 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2015	Aug. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	HEALTHEQUITY INC
Entity Central Index Key	1,428,336
Current Fiscal Year End Date	--01-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		57,222,296

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2015	Jan. 31, 2015
Current assets
Cash and cash equivalents	$ 108,851	$ 111,005
Marketable securities, at fair value	40,083	0
Total cash, cash equivalents and marketable securities	148,934	111,005
Accounts receivable, net of allowance for doubtful accounts of $34 as of July 31, 2015 and $40 as of January 31, 2015	10,855	9,054
Inventories	590	625
Deferred tax asset	1,968	1,764
Other current assets	5,634	2,271
Total current assets	167,981	124,719
Property and equipment, net	3,157	2,577
Intangible assets, net	26,598	26,541
Goodwill	4,651	4,651
Other assets	529	281
Total assets	202,916	158,769
Current liabilities
Accounts payable	1,032	1,303
Accrued compensation	3,312	5,301
Accrued liabilities	2,861	2,227
Total current liabilities	7,205	8,831
Long-term liabilities
Other long-term liability	145	488
Deferred tax liability	4,405	5,355
Total long-term liabilities	4,550	5,843
Total liabilities	$ 11,755	$ 14,674
Commitments and contingencies (see note 5)
Total stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of July 31, 2015 and January 31, 2015, respectively	$ 0	$ 0
Common stock, $0.0001 par value, 900,000 shares authorized, 57,162 and 54,802 shares issued and outstanding as of July 31, 2015 and January 31, 2015, respectively	6	5
Additional paid-in capital	194,794	157,094
Accumulated other comprehensive loss	(33)	0
Accumulated deficit	(3,606)	(13,004)
Total stockholders’ equity	191,161	144,095
Total liabilities and stockholders’ equity	$ 202,916	$ 158,769

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2015	Jan. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 34	$ 40
Preferred Stock, Par Value (usd per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (usd per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	900,000,000	900,000,000
Common Stock, Shares, Issued	57,162,000	54,802,000
Common Stock, Shares, Outstanding	57,162,000	54,802,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations And Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Revenue:
Account fee revenue	$ 14,604	$ 10,548	$ 29,001	$ 20,936
Custodial fee revenue	9,031	5,934	17,450	11,361
Card fee revenue	6,771	4,233	13,588	8,531
Other revenue	88	176	305	294
Total revenue	30,494	20,891	60,344	41,122
Cost of services:
Account costs	8,316	6,703	16,705	13,131
Custodial costs	1,512	1,006	2,935	1,944
Card costs	2,049	1,412	4,151	2,817
Other costs	32	1	62	2
Total cost of services	11,909	9,122	23,853	17,894
Gross profit	18,585	11,769	36,491	23,228
Operating expenses:
Sales and marketing	2,737	2,321	5,570	4,554
Technology and development	3,998	2,302	7,522	4,488
General and administrative	3,943	1,666	7,101	2,809
Amortization of acquired intangible assets	409	409	818	818
Total operating expenses	11,087	6,698	21,011	12,669
Income from operations	7,498	5,071	15,480	10,559
Other expense:
Loss on revaluation of redeemable convertible preferred stock derivative	0	0	0	(735)
Other expense, net	(542)	(39)	(647)	(131)
Total other expense	(542)	(39)	(647)	(866)
Income before income taxes	6,956	5,032	14,833	9,693
Income tax provision	2,535	2,004	5,435	3,947
Net income	4,421	3,028	9,398	5,746
Net income attributable to common stockholders:
Basic (in dollars)	4,421	1,565	9,398	5,457
Diluted (in dollars)	$ 4,421	$ 2,591	$ 9,398	$ 6,481
Net income per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.08	$ 0.19	$ 0.17	$ 0.70
Diluted (in dollars per share)	$ 0.08	$ 0.06	$ 0.16	$ 0.14
Weighted-average number of shares used in computing net income per share attributable to common stockholders
Basic (in shares)	56,730	8,135	55,909	7,757
Diluted (in shares)	58,932	41,680	58,318	45,847
Comprehensive income:
Net income	$ 4,421	$ 3,028	$ 9,398	$ 5,746
Other comprehensive loss:
Unrealized loss on available-for-sale marketable securities, net of tax	(11)	0	(33)	0
Comprehensive income	$ 4,410	$ 3,028	$ 9,365	$ 5,746

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Cash flows from operating activities:
Net income	$ 9,398	$ 5,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,665	2,643
Loss on revaluation of redeemable convertible preferred stock derivative	0	735
Deferred taxes	(1,133)	1,847
Stock-based compensation	2,771	468
Changes in operating assets and liabilities:
Accounts receivable	(1,801)	(582)
Inventories	35	22
Other assets	(3,611)	(2,396)
Accounts payable	(277)	(1,905)
Accrued compensation	(1,989)	(1,128)
Accrued liabilities	577	(172)
Other long-term liability	(343)	42
Net cash provided by operating activities	7,292	5,320
Cash flows from investing activities:
Purchases of marketable securities	(40,137)	0
Purchase of property and equipment	(1,257)	(1,047)
Purchase of software and capitalized software development costs	(2,982)	(3,516)
Net cash used in investing activities	(44,376)	(4,563)
Cash flows from financing activities:
Proceeds from follow-on offering, net of payments for offering costs	23,492	0
Proceeds from exercise of common stock options	1,153	2,383
Proceeds from exercise of common stock warrants	0	2,343
Tax benefit from exercise of common stock options	10,285	2,886
Deferred offering costs	0	(1,400)
Net cash provided by financing activities	34,930	6,212
(Decrease) increase in cash and cash equivalents	(2,154)	6,969
Beginning cash and cash equivalents	111,005	13,917
Ending cash and cash equivalents	108,851	20,886
Supplemental disclosures of non-cash investing and financing activities:
Common stock warrants exercised	0	2,313
Series D-3 redeemable convertible preferred stock dividend	$ 0	$ 344

Summary of business and signifi

Summary of business and significant accounting policies	6 Months Ended
	Jul. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of business and significant accounting policies	HealthEquity, Inc. was incorporated in the state of Delaware on September 18, 2002, and was organized to offer a full range of innovative solutions for managing health care accounts (Health Savings Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts) for health plans, insurance companies, and third-party administrators. Principles of consolidation —The condensed consolidated financial statements include the accounts of HealthEquity, Inc. and its wholly owned subsidiaries, HEQ Insurance Services, Inc., and HealthEquity Advisors, LLC (collectively referred to as the "Company"). During the year ended January 31, 2015, the Company and an unrelated company formed a limited partnership for investment in and the management of early stage companies in the healthcare industry. The Company has a 22% ownership interest in such partnership accounted for using the equity method of accounting. The investment was approximately $281,000 as of July 31, 2015 and is included in other assets on the accompanying condensed consolidated balance sheet. All significant intercompany balances and transactions have been eliminated. Basis of presentation —The accompanying condensed consolidated financial statements as of July 31, 2015 and for the three and six months ended July 31, 2015 and 2014 are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. In the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended January 31, 2015. The fiscal year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Follow-on offering —On May 11, 2015, the Company closed its follow-on public offering and sold 972,500 shares of common stock at a public offering price of $25.90 per share, less the underwriters' discount. Certain selling stockholders sold 3,455,000 shares of common stock in the offering, including 380,000 shares of common stock which were issued upon the exercise of outstanding options. The Company received net proceeds of approximately $23.5 million after deducting underwriting discounts and commissions of approximately $1.0 million and other offering expenses payable by the Company of approximately $688,000 . The Company did not receive any proceeds from the sale of shares by the selling stockholders other than $222,000 representing the exercise price of the options that were exercised in connection with the offering. Marketable securities —Marketable securities consist primarily of mutual funds invested in corporate bonds, U.S. government agency securities, U.S. treasury bills, commercial paper, certificates of deposit, municipal notes, and bonds with original maturities beyond three months at the time of purchase. Marketable securities are classified as available-for-sale, held-to-maturity, or trading at the date of purchase. As of July 31, 2015 , all marketable securities have been classified as available-for-sale. The Company may sell these securities at any time for use in current operations or for other purposes even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. All marketable securities are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive income. The Company evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely it will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other expense, net in the condensed consolidated statements of operations and comprehensive income. Recent accounting pronouncements —On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB voted to defer the effective date to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption beginning for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of the standard on the ongoing financial reporting. Business combinations —Acquisition-related expenses are recognized in earnings in the period in which they are incurred. During the three and six months ended July 31, 2015, the Company incurred $ 571,000 and $661,000 , respectively, of acquisition-related expenses which is included in other expense, net on the condensed consolidated statement of operations. There were no business combinations during the three and six months ended July 31, 2015. Revision of previously issued financial statements —During the three months ended October 31, 2014, the Company identified an error that originated in the three months ended July 31, 2014 . This error was caused by using an incorrect fair value amount in calculating the windfall tax benefit for a portion of the vested options exercised during the period. The adjustment increased other current assets and additional paid-in capital by approximately $1.0 million . The error also decreased cash provided by operating activities by $1.0 million and increased cash provided by financing activities by the same amount. The error had no impact to the condensed consolidated statement of operations and comprehensive income. The Company determined this error did not materially impact the July 31, 2014 financial statements nor the October 31, 2014 financial statements; however, in order to correctly present the financial statements, the condensed consolidated statement of cash flows for the six months ended July 31, 2014 has been revised to reflect this correction.

Net income per share attributab

Net income per share attributable to common stockholders	6 Months Ended
	Jul. 31, 2015
Earnings Per Share [Abstract]
Net income per share attributable to common stockholders	The Company computed net income per share of common stock in conformity with the two-class method required for participating securities for the three and six months ended July 31, 2014 . Prior to their conversion to common stock, the Company considered its series D-3 redeemable convertible preferred stock to be participating securities as the holders of the preferred stock were entitled to receive a dividend in the event that a dividend was paid on common stock. The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders: (in thousands, except per share data) Three months ended July 31, Six months ended July 31, 2015 2014 2015 2014 Numerator (basic and diluted): Net income $ 4,421 $ 3,028 $ 9,398 $ 5,746 Add back: accretion of redeemable convertible preferred stock — — — 4,021 Less: dividend on redeemable convertible preferred stock and dividend on convertible preferred stock — (632 ) — (1,270 ) Less: undistributed income attributed to redeemable convertible preferred stockholders — (831 ) — (3,040 ) Net income attributable to common stockholders for basic earnings per share $ 4,421 $ 1,565 $ 9,398 $ 5,457 Add back: dividend of redeemable convertible preferred stock — 463 — 1,270 Less: accretion on redeemable convertible preferred stock and dividend on convertible preferred stock — — — (4,021 ) Add back: series D-3 derivative liability revaluations — — — 735 Add back: adjustment to undistributed income attributed to redeemable convertible preferred stockholders — 563 — 3,040 Net income attributable to common stockholders for diluted earnings per share $ 4,421 $ 2,591 $ 9,398 $ 6,481 Denominator (basic): Weighted-average common shares outstanding 56,730 8,135 55,909 7,757 Denominator (diluted): Weighted-average common shares outstanding 56,730 8,135 55,909 7,757 Effect of potential dilutive securities: Weighted-average dilutive effect of stock options 2,202 3,050 2,409 3,207 Weighted-average dilutive effect of common shares from stock warrants — 2,350 — 2,415 Dilutive effect from preferred stock assuming conversion — 28,145 — 32,468 Weighted-average common shares outstanding 58,932 41,680 58,318 45,847 Net income per share attributable to common stockholders: Basic $ 0.08 $ 0.19 $ 0.17 $ 0.70 Diluted $ 0.08 $ 0.06 $ 0.16 $ 0.14 For the three months ended July 31, 2015 and 2014 , approximately 648,000 and 4.3 million shares, respectively, attributable to stock options were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. For the six months ended July 31, 2015 and 2014 , approximately 637,000 and 2,000 shares, respectively, attributable to stock options were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive.

Property and equipment

Property and equipment	6 Months Ended
	Jul. 31, 2015
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment consisted of the following as of July 31, 2015 and January 31, 2015 : (in thousands) July 31, 2015 January 31, 2015 Leasehold improvements $ 703 $ 506 Furniture and fixtures 1,548 1,317 Computer equipment 4,842 4,013 Property and equipment, gross 7,093 5,836 Accumulated depreciation (3,936 ) (3,259 ) Property and equipment, net $ 3,157 $ 2,577 Depreciation expense for the three and six months ended July 31, 2015 was $354,000 and $677,000 , respectively, and $251,000 and $485,000 for the three and six months ended July 31, 2014 , respectively.

Intangible assets and goodwill

Intangible assets and goodwill	6 Months Ended
	Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and goodwill	During the three and six months ended July 31, 2015 , the Company capitalized software development costs of $1.2 million and $2.4 million , respectively, and $1.3 million and $2.4 million for the three and six months ended July 31, 2014 , respectively, related to significant enhancements and upgrades to its proprietary system. The gross carrying amount and associated accumulated amortization of intangible assets were as follows as of July 31, 2015 and January 31, 2015 : (in thousands) July 31, 2015 January 31, 2015 Amortized intangible assets: Capitalized software development costs $ 12,907 $ 10,468 Software 5,301 4,695 Acquired intangible member assets 24,563 24,563 Intangible assets, gross 42,771 39,726 Accumulated amortization (16,173 ) (13,185 ) Intangible assets, net $ 26,598 $ 26,541 During the three and six months ended July 31, 2015 , the Company incurred and expensed a total of $1.8 million and $3.5 million , respectively, and $976,000 and $1.8 million for the three and six months ended July 31, 2014 , respectively, in software development costs primarily related to the post-implementation and operation stages of its proprietary software. Amortization expense for the three and six months ended July 31, 2015 was $1.6 million and $3.0 million , respectively, and $1.1 million and $2.2 million for the three and six months ended July 31, 2014 , respectively. There were no changes to the goodwill carrying value during the three and six months ended July 31, 2015 and 2014 .

Commitment and contingencies

Commitment and contingencies	6 Months Ended
	Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	The Company’s principal commitments and contingencies consist of a processing services agreement with a vendor, and obligations for office space, data storage facilities, equipment and certain maintenance agreements under long-term, non-cancelable operating leases. These commitments as of January 31, 2015 are disclosed in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended January 31, 2015, and did not change materially during the three and six months ended July 31, 2015 , except for the following: On May 15, 2015, the Company entered into a lease agreement to expand its headquarters in Draper, Utah. The lease provides for a new landlord to construct a building at its cost and to use reasonable efforts to substantially complete the building by July 2016. The Company has no risk of loss during the construction period. The lease will commence upon the substantial completion and delivery of the building to the Company and has an initial term of 129 months thereafter, with a Company option to extend the lease for two additional five year periods. The Company will be responsible for payment of taxes and operating expenses for its portion of the building, in addition to an annual base rent in the initial amount of approximately $1.0 million , with 2.5% annual increases. In conjunction with the aforementioned lease, the Company entered into an amended and restated lease agreement for its existing office space at its headquarters in Draper, Utah. The lease commenced on July 1, 2015 and has an initial term of 129 months thereafter, with a Company option to extend the lease for two additional five year periods. The Company will be responsible for payment of taxes and operating expenses for its portion of the building, in addition to an annual base rent in the initial amount of approximately $1.6 million , with 2.5% annual increases. As a result of the foregoing transaction, the deferred rent balance of approximately $470,000 was reversed during the three and six months ended July 31, 2015 . Lease expense for office space for the three and six months ended July 31, 2015 was $510,000 and $983,000 , respectively, and $293,000 and $570,000 for the three and six months ended July 31, 2014 , respectively. Expense for other lease agreements for the three and six months ended July 31, 2015 was $57,000 and $116,000 , respectively, and $47,000 and $99,000 for the three and six months ended July 31, 2014 , respectively.

Income taxes

Income taxes	6 Months Ended
	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	The Company follows FASB Accounting Standards Codification 740-270, Income Taxes - Interim Reporting , for the computation and presentation of its interim period tax provision. Accordingly, management estimated the effective annual tax rate and applied this rate to the year-to-date pre-tax book income to determine the interim provision for income taxes. For the three and six months ended July 31, 2015 , the Company recorded a provision for income taxes of $2.5 million and $5.4 million , respectively. The resulting effective tax rate was 36.4% and 36.6% , compared with an effective tax rate of 39.8% and 40.7% for the three and six months ended July 31, 2014 . For the three and six months ended July 31, 2015 , discrete tax items were not significant. For the three and six months ended July 31, 2014 , the net impact of discrete tax items caused a 1.3% and 0.5% decrease, respectively, to the effective tax rate primarily due to the tax benefit on book stock compensation expense on stock options vesting upon the Company's initial public offering offset by changes in tax rates on the Company's deferred tax assets and liabilities. The decrease in the effective tax rate from the same period last year is primarily due to a decrease in unfavorable permanent tax items in relation to income before income taxes, a decrease in state taxes, and an increase in state research and development tax credits. The federal research and development tax credit expired as of December 31, 2014. As of July 31, 2015 and January 31, 2015 , the Company’s total gross unrecognized tax benefit was $318,000 and $300,000 , respectively. As a result of Accounting Standards Update No. 2013-11, certain unrecognized tax benefits have been netted against their related deferred tax assets. As a result, the unrecognized tax benefit recorded as of July 31, 2015 and January 31, 2015 remains unchanged at $20,000 . If recognized, $241,000 of the total gross unrecognized tax benefits would affect the Company's effective tax rate as of July 31, 2015 . The Company anticipates a decrease of $20,000 in total gross unrecognized tax benefits within 12 months of the reporting date related to uncertain tax positions on research and development credits claimed and the untimely filing of certain elections for which a lapse of the applicable statute of limitations is expected. The Company files income tax returns with U.S. federal and state taxing jurisdictions and is not currently under examination with any jurisdiction. The Company remains subject to examination by federal and various state taxing jurisdictions for tax years after 2003.

Stock options

Stock options	6 Months Ended
	Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options	Stock option activity under the Company's equity incentive plans is as follows: Outstanding stock options (in thousands, except for exercise prices and term) Number of Range of Weighted- Weighted- Aggregate Outstanding as of January 31, 2015 6,457 $0.10 - 25.45 $ 5.27 6.88 $ 100,290 Granted 647 $25.39 - 26.66 $ 25.52 Exercised (1,388 ) $0.10 - 14.00 $ 0.83 Forfeited (110 ) $0.80 - 25.45 $ 17.11 Outstanding as of July 31, 2015 5,606 $0.10 - 26.66 $ 8.47 7.13 $ 141,217 Vested and expected to vest as of July 31, 2015 5,389 $ 8.16 7.05 $ 137,406 Exercisable as of July 31, 2015 2,900 $ 1.97 5.39 $ 91,915 The aggregate intrinsic value in the table above represents the difference between the estimated fair value of common stock and the exercise price of outstanding, in-the-money stock options. The key input assumptions that were utilized in the valuation of the stock options granted during the periods presented: Three months ended July 31, Six months ended July 31, 2015 2014 2015 2014 Expected dividend yield — % — % — % —% Expected stock price volatility 38.5 % 32.9 % 38.5% - 40.3% 32.9% Risk-free interest rate 1.72 % 2.24 % 1.47% - 1.72% 2.24% Expected life of options 6.25 years 6.25 years 5.43 - 6.25 years 6.25 years The determination of the fair value of stock options on the date of grant using an option pricing model is affected by the Company's stock price as well as assumptions regarding a number of complex and subjective variables. Expected volatility is determined using weighted average volatility of publicly traded peer companies. The Company expects that it will begin using its own historical volatility in addition to the volatility of publicly traded peer companies, as its share price history grows over time. The risk-free interest rate is determined by using published zero coupon rates on treasury notes for each grant date given the expected term on the options. The dividend yield of zero is based on the fact that the Company expects to invest cash in operations. The Company uses the "simplified" method to estimate expected term as determined under Staff Accounting Bulletin No. 110 due to the lack of sufficient option exercise history as a public company. As of July 31, 2015 , the weighted-average vesting period of non-vested awards expected to vest approximates 2.7 years ; the amount of compensation expense the Company expects to recognize for stock options vesting in future periods approximates $12.8 million . The following table shows a summary of stock-based compensation in the Company's condensed consolidated statements of operations and comprehensive income during the periods presented: Three months ended July 31, Six months ended July 31, (in thousands) 2015 2014 2015 2014 Cost of services $ 208 $ 52 $ 436 $ 70 Sales and marketing 259 138 487 141 Technology and development 237 53 387 85 General and administrative 973 160 1,461 172 Total stock-based compensation expense $ 1,677 $ 403 $ 2,771 $ 468

Cash, cash equivalents and mark

Cash, cash equivalents and marketable securities	6 Months Ended
	Jul. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Cash, cash equivalents and marketable securities	Cash, cash equivalents and marketable securities as of July 31, 2015 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 108,851 $ — $ — $ 108,851 Marketable securities: Mutual funds 40,137 25 (79 ) 40,083 Total cash, cash equivalents and marketable securities $ 148,988 $ 25 $ (79 ) $ 148,934 Cash, cash equivalents and marketable securities as of January 31, 2015 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 111,005 $ — $ — $ 111,005 Marketable securities: Mutual funds — — — — Total cash, cash equivalents and marketable securities $ 111,005 $ — $ — $ 111,005 The following table summarizes the cost basis and fair value of the marketable securities by contractual maturity as of July 31, 2015 : (in thousands) Cost basis Fair value One year or less $ 25,061 $ 25,040 Over one year and less than five years 15,076 15,043 Total $ 40,137 $ 40,083 As of July 31, 2015 , there were no marketable securities that were other-than-temporarily impaired or in an unrealized loss position for more than twelve consecutive months.

Fair value

Fair value	6 Months Ended
	Jul. 31, 2015
Fair Value Disclosures [Abstract]
Fair value	Fair value measurements—Fair value measurements are made at a specific point in time, based on relevant market information. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1—quoted prices in active markets for identical assets or liabilities; • Level 2—inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3—unobservable inputs based on the Company’s own assumptions. Level 1 instruments are valued based on publicly available daily net asset values. Level 1 instruments consist primarily of highly liquid mutual funds. The following table summarizes the assets measured at fair value on a recurring basis and indicates the level within the fair value hierarchy reflecting the valuation techniques utilized to determine fair value: July 31, 2015 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,083 $ — $ — A derivative liability was recorded related to the Company’s series D-3 redeemable convertible preferred stock due to stated features allowing for redemption equal to the greater of the fair value per share of series D-3 redeemable convertible preferred stock, or the liquidation preference per share of series D-3 redeemable convertible preferred stock. The derivative instrument was recorded at its fair value, using an option pricing model, and was adjusted to fair value as of the end of each reporting period. Changes in the fair value of derivative instruments are recognized currently in the condensed consolidated financial statements. The Company had classified this derivative financial instrument as Level 3 in the fair value hierarchy. The Company continued to record adjustments to the fair value of the derivative liability until March 31, 2014, at which time the Company modified the terms of the series D-3 redeemable convertible preferred stock. As a result of the modifications, the Company reclassified the aggregate fair value of the liability to additional paid-in capital. The following table includes a roll forward of the amounts for the three and six months ended July 31, 2015 and 2014 for instruments classified within Level 3. The classification within Level 3 is based upon significance of the unobservable inputs to the overall fair value measurement. Three months ended July 31, Six months ended July 31, (in thousands) 2015 2014 2015 2014 Balance at beginning of period $ — $ — $ — $ 6,182 Loss on revaluation — — — 735 Elimination of liability due to removal of FMV provision — — — (6,917 ) Balance at end of period $ — $ — $ — $ —

Related party transactions

Related party transactions	6 Months Ended
	Jul. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	The Company had entered into a consulting agreement with a company owned by the President and Chief Executive Officer of the Company. In connection with the consummation of the Company's IPO in July 2014, this consulting agreement was terminated and as such no amounts were paid to this company for the three and six months ended July 31, 2015 . The amount paid to this company under the terms of the consulting agreement for the three and six months ended July 31, 2014 was $81,000 and $162,000 , respectively.

Summary of business and signi16

Summary of business and significant accounting policies (Policies)	6 Months Ended
	Jul. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of consolidation	Principles of consolidation —The condensed consolidated financial statements include the accounts of HealthEquity, Inc. and its wholly owned subsidiaries, HEQ Insurance Services, Inc., and HealthEquity Advisors, LLC (collectively referred to as the "Company"). During the year ended January 31, 2015, the Company and an unrelated company formed a limited partnership for investment in and the management of early stage companies in the healthcare industry. The Company has a 22% ownership interest in such partnership accounted for using the equity method of accounting. The investment was approximately $281,000 as of July 31, 2015 and is included in other assets on the accompanying condensed consolidated balance sheet. All significant intercompany balances and transactions have been eliminated.
Marketable securities	Marketable securities —Marketable securities consist primarily of mutual funds invested in corporate bonds, U.S. government agency securities, U.S. treasury bills, commercial paper, certificates of deposit, municipal notes, and bonds with original maturities beyond three months at the time of purchase. Marketable securities are classified as available-for-sale, held-to-maturity, or trading at the date of purchase. As of July 31, 2015 , all marketable securities have been classified as available-for-sale. The Company may sell these securities at any time for use in current operations or for other purposes even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. All marketable securities are recorded at their estimated fair value. Unrealized gains and losses for available-for-sale securities are recorded in other comprehensive income. The Company evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely it will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other expense, net in the condensed consolidated statements of operations and comprehensive income.
Recent accounting pronouncements	Recent accounting pronouncements —On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. In July 2015, the FASB voted to defer the effective date to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption beginning for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures

Net income per share attribut17

Net income per share attributable to common stockholders (Tables)	6 Months Ended
	Jul. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders: (in thousands, except per share data) Three months ended July 31, Six months ended July 31, 2015 2014 2015 2014 Numerator (basic and diluted): Net income $ 4,421 $ 3,028 $ 9,398 $ 5,746 Add back: accretion of redeemable convertible preferred stock — — — 4,021 Less: dividend on redeemable convertible preferred stock and dividend on convertible preferred stock — (632 ) — (1,270 ) Less: undistributed income attributed to redeemable convertible preferred stockholders — (831 ) — (3,040 ) Net income attributable to common stockholders for basic earnings per share $ 4,421 $ 1,565 $ 9,398 $ 5,457 Add back: dividend of redeemable convertible preferred stock — 463 — 1,270 Less: accretion on redeemable convertible preferred stock and dividend on convertible preferred stock — — — (4,021 ) Add back: series D-3 derivative liability revaluations — — — 735 Add back: adjustment to undistributed income attributed to redeemable convertible preferred stockholders — 563 — 3,040 Net income attributable to common stockholders for diluted earnings per share $ 4,421 $ 2,591 $ 9,398 $ 6,481 Denominator (basic): Weighted-average common shares outstanding 56,730 8,135 55,909 7,757 Denominator (diluted): Weighted-average common shares outstanding 56,730 8,135 55,909 7,757 Effect of potential dilutive securities: Weighted-average dilutive effect of stock options 2,202 3,050 2,409 3,207 Weighted-average dilutive effect of common shares from stock warrants — 2,350 — 2,415 Dilutive effect from preferred stock assuming conversion — 28,145 — 32,468 Weighted-average common shares outstanding 58,932 41,680 58,318 45,847 Net income per share attributable to common stockholders: Basic $ 0.08 $ 0.19 $ 0.17 $ 0.70 Diluted $ 0.08 $ 0.06 $ 0.16 $ 0.14

Property and equipment (Tables)

Property and equipment (Tables)	6 Months Ended
	Jul. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following as of July 31, 2015 and January 31, 2015 : (in thousands) July 31, 2015 January 31, 2015 Leasehold improvements $ 703 $ 506 Furniture and fixtures 1,548 1,317 Computer equipment 4,842 4,013 Property and equipment, gross 7,093 5,836 Accumulated depreciation (3,936 ) (3,259 ) Property and equipment, net $ 3,157 $ 2,577

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	6 Months Ended
	Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and associated accumulated amortization of intangible assets were as follows as of July 31, 2015 and January 31, 2015 : (in thousands) July 31, 2015 January 31, 2015 Amortized intangible assets: Capitalized software development costs $ 12,907 $ 10,468 Software 5,301 4,695 Acquired intangible member assets 24,563 24,563 Intangible assets, gross 42,771 39,726 Accumulated amortization (16,173 ) (13,185 ) Intangible assets, net $ 26,598 $ 26,541

Stock options (Tables)

Stock options (Tables)	6 Months Ended
	Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock options	Stock option activity under the Company's equity incentive plans is as follows: Outstanding stock options (in thousands, except for exercise prices and term) Number of Range of Weighted- Weighted- Aggregate Outstanding as of January 31, 2015 6,457 $0.10 - 25.45 $ 5.27 6.88 $ 100,290 Granted 647 $25.39 - 26.66 $ 25.52 Exercised (1,388 ) $0.10 - 14.00 $ 0.83 Forfeited (110 ) $0.80 - 25.45 $ 17.11 Outstanding as of July 31, 2015 5,606 $0.10 - 26.66 $ 8.47 7.13 $ 141,217 Vested and expected to vest as of July 31, 2015 5,389 $ 8.16 7.05 $ 137,406 Exercisable as of July 31, 2015 2,900 $ 1.97 5.39 $ 91,915
Summary of Assumptions	The key input assumptions that were utilized in the valuation of the stock options granted during the periods presented: Three months ended July 31, Six months ended July 31, 2015 2014 2015 2014 Expected dividend yield — % — % — % —% Expected stock price volatility 38.5 % 32.9 % 38.5% - 40.3% 32.9% Risk-free interest rate 1.72 % 2.24 % 1.47% - 1.72% 2.24% Expected life of options 6.25 years 6.25 years 5.43 - 6.25 years 6.25 years
Summary of share based compensation recognized	The following table shows a summary of stock-based compensation in the Company's condensed consolidated statements of operations and comprehensive income during the periods presented: Three months ended July 31, Six months ended July 31, (in thousands) 2015 2014 2015 2014 Cost of services $ 208 $ 52 $ 436 $ 70 Sales and marketing 259 138 487 141 Technology and development 237 53 387 85 General and administrative 973 160 1,461 172 Total stock-based compensation expense $ 1,677 $ 403 $ 2,771 $ 468

Cash, cash equivalents and ma21

Cash, cash equivalents and marketable securities (Tables)	6 Months Ended
	Jul. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	Cash, cash equivalents and marketable securities as of July 31, 2015 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 108,851 $ — $ — $ 108,851 Marketable securities: Mutual funds 40,137 25 (79 ) 40,083 Total cash, cash equivalents and marketable securities $ 148,988 $ 25 $ (79 ) $ 148,934 Cash, cash equivalents and marketable securities as of January 31, 2015 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 111,005 $ — $ — $ 111,005 Marketable securities: Mutual funds — — — — Total cash, cash equivalents and marketable securities $ 111,005 $ — $ — $ 111,005
Investments Classified by Contractual Maturity Date	The following table summarizes the cost basis and fair value of the marketable securities by contractual maturity as of July 31, 2015 : (in thousands) Cost basis Fair value One year or less $ 25,061 $ 25,040 Over one year and less than five years 15,076 15,043 Total $ 40,137 $ 40,083

Fair value (Tables)

Fair value (Tables)	6 Months Ended
	Jul. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring	The following table summarizes the assets measured at fair value on a recurring basis and indicates the level within the fair value hierarchy reflecting the valuation techniques utilized to determine fair value: July 31, 2015 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,083 $ — $ —
Schedule of Roll-forward of the amounts for instruments classified with Level 3	The following table includes a roll forward of the amounts for the three and six months ended July 31, 2015 and 2014 for instruments classified within Level 3. The classification within Level 3 is based upon significance of the unobservable inputs to the overall fair value measurement. Three months ended July 31, Six months ended July 31, (in thousands) 2015 2014 2015 2014 Balance at beginning of period $ — $ — $ — $ 6,182 Loss on revaluation — — — 735 Elimination of liability due to removal of FMV provision — — — (6,917 ) Balance at end of period $ — $ — $ — $ —

Summary of business and signi23

Summary of business and significant accounting policies (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 11, 2015	Jul. 31, 2015	Oct. 31, 2014	Jul. 31, 2015	Jan. 31, 2015
Class of Stock [Line Items]
Shares issued	972,500	57,162,000		57,162,000	54,802,000
Public offering price (usd per share)	$ 25.90
Stock sold by shareholders (shares)	3,455,000
Shares of common stock which were issued upon the exercise of outstanding options (shares)				1,388,000
Proceeds from issuance of stock	$ 23,500
Underwriters discount and commission	1,000
Other offering expenses payable	688
Stock issued during the period, exercises	$ 222
Schedule of Equity Method Investments [Line Items]
Ownership percentage					22.00%
Equity method investments		$ 281		$ 281
Error in Calculation of Tax Benefits [Member] | Increase in Prepaid Expenses and Additional Paid-in Capital [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment for error caused by using incorrect fair value for calculation Tax benefit			$ 1,000
Other Expense [Member]
Schedule of Equity Method Investments [Line Items]
Acquisition costs		$ 571		$ 661
Common Stock [Member]
Class of Stock [Line Items]
Shares of common stock which were issued upon the exercise of outstanding options (shares)	380,000

Net income per share attribut24

Net income per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 4,421	$ 3,028	$ 9,398	$ 5,746
Add back: accretion of redeemable convertible preferred stock	0	0	0	4,021
Less: dividend on redeemable convertible preferred stock and dividend on convertible preferred stock	0	(632)	0	(1,270)
Less: undistributed income attributed to redeemable convertible preferred stockholders	0	(831)	0	(3,040)
Net income attributable to common stockholders for basic earnings per share	4,421	1,565	9,398	5,457
Add back: dividend of redeemable convertible preferred stock	0	463	0	1,270
Less: accretion on redeemable convertible preferred stock and dividend on convertible preferred stock	0	0	0	(4,021)
Add back: series D-3 derivative liability revaluations	0	0	0	735
Add back: adjustment to undistributed income attributed to redeemable convertible preferred stockholders	0	563	0	3,040
Net income attributable to common stockholders for diluted earnings per share	$ 4,421	$ 2,591	$ 9,398	$ 6,481
Weighted-average common shares outstanding (in shares)	56,730	8,135	55,909	7,757
Weighted-average dilutive effect of stock options (in shares)	2,202	3,050	2,409	3,207
Weighted-average dilutive effect of common shares from stock warrants (in shares)	0	2,350	0	2,415
Dilutive effect from preferred stock assuming conversion (in shares)	0	28,145	0	32,468
Weighted-average common shares outstanding (in shares)	58,932	41,680	58,318	45,847
Basic (in dollars per share)	$ 0.08	$ 0.19	$ 0.17	$ 0.70
Diluted (in dollars per share)	$ 0.08	$ 0.06	$ 0.16	$ 0.14

Net income per share attribut25

Net income per share attributable to common stockholders (Anti-dilutive securities) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	648	4,300	637	2

Property and equipment (Schedul

Property and equipment (Schedule of property and equipment) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jan. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,093	$ 5,836
Accumulated depreciation	(3,936)	(3,259)
Property and equipment, net	3,157	2,577
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	703	506
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,548	1,317
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,842	$ 4,013

Property and equipment (Narrati

Property and equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 354	$ 251	$ 677	$ 485

Intangible assets and goodwil28

Intangible assets and goodwill (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software development costs	$ 1,200,000	$ 1,300,000	$ 2,400,000	$ 2,400,000
Software development costs incurred and expensed	1,800,000	976,000	3,500,000	1,800,000
Amortization expense	1,600,000	1,100,000	3,000,000	2,200,000
Change in goodwill	$ 0	$ 0	$ 0	$ 0

Intangible assets and goodwil29

Intangible assets and goodwill (Schedule of finite-lived intangible assets) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jan. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 42,771	$ 39,726
Accumulated amortization	(16,173)	(13,185)
Intangible assets, net	26,598	26,541
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	12,907	10,468
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	5,301	4,695
Acquired intangible member assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 24,563	$ 24,563

Commitment and contingencies (D

Commitment and contingencies (Details) $ in Thousands	Jul. 01, 2015USD ($)lease_renewal	May. 15, 2015USD ($)lease_renewal	Jul. 31, 2015USD ($)	Jul. 31, 2014USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2014USD ($)
Operating Leased Assets [Line Items]
Term of contract		129 months
Number of renewals | lease_renewal		2
Renewal term		5 years
Annual initial rent		$ 1,000
Annual increase in rent, percentage		2.50%
Lease expense for office space			$ 510	$ 293	$ 983	$ 570
Expenses for other agreements			57	$ 47	116	$ 99
Amended Lease Agreement [Member]
Operating Leased Assets [Line Items]
Term of contract	129 months
Number of renewals | lease_renewal	2
Renewal term	5 years
Annual initial rent	$ 1,600
Annual increase in rent, percentage	2.50%
Lease Agreement Signed on May Fifteen Twenty Fifteen [Member]
Operating Leased Assets [Line Items]
Lease expense for office space			$ 470		$ 470

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Income tax provision	$ 2,535	$ 2,004	$ 5,435	$ 3,947
Effective tax rate	36.40%	39.80%	36.60%	40.70%
Net impact of discrete tax items on effective tax rate		1.30%		0.50%
Unrecognized tax benefits	$ 318		$ 318		$ 300
Net unrecognized tax benefits	20		20		$ 20
Unrecognized tax benefits that would impact effective tax rate	241		241
Anticipated decrease in total gross unrecognized tax benefits within 12 months	$ 20		$ 20

Stock options (Details)

Stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2015	Jan. 31, 2015
Number of options
Opening balance (shares)	6,457
Granted (shares)	647
Exercised (shares)	(1,388)
Forfeited (shares)	(110)
Ending balance (shares)	5,606	6,457
Range of exercise prices (usd per share)
Beginning balance, minimum (usd per share)	$ 0.10
Beginning balance, maximum (usd per share)	25.45
Granted, minimum (usd per share)	25.39
Granted, maximum (usd per share)	26.66
Exercised, minimum (usd per share)	0.10
Exercised, maximum (usd per share)	14
Forfeited, minimum (usd per share)	0.80
Forfeited, maximum (usd per share)	25.45
Ending balance, minimum (usd per share)	0.10	$ 0.10
Ending balance, maximum (usd per share)	26.66	25.45
Weighted- average exercise price (usd per share)
Opening balance (usd per share)	5.27
Granted (usd per share)	25.52
Exercised (usd per share)	0.83
Forfeited (usd per share)	17.11
Ending balance (usd per share)	$ 8.47	$ 5.27
Weighted- average contractual term (in years)	7 years 1 month 18 days	6 years 10 months 17 days
Aggregate intrinsic value	$ 141,217	$ 100,290
Vested and expected to vest, number of options (shares)	5,389
Vested and expected to vest, Weighted- average exercise price (usd per share)	$ 8.16
Vested and expected to vest, Weighted- average contractual term (in years)	7 years 20 days
Vested and expected to vest, Aggregate intrinsic value	$ 137,406
Exercisable, number of options	2,900
Exercisable, Weighted average exercise price (usd per share)	$ 1.97
Exercisable, Weighted average contractual term (in years)	5 years 4 months 20 days
Aggregate intrinsic value	$ 91,915

Stock options (Assumptions) (De

Stock options (Assumptions) (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	0.00%	0.00%	0.00%	0.00%
Expected stock price volatility (percentage)	38.50%	32.90%		32.90%
Risk-free interest rate (percentage)	1.72%	2.24%		2.24%
Expected life of options (in years)	6 years 3 months	6 years 3 months		6 years 3 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility (percentage)			38.50%
Risk-free interest rate (percentage)			1.47%
Expected life of options (in years)			5 years 5 months 5 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility (percentage)			40.30%
Risk-free interest rate (percentage)			1.72%
Expected life of options (in years)			6 years 3 months

Stock options (Narrative) (Deta

Stock options (Narrative) (Details) - Jul. 31, 2015 - USD ($) $ in Millions	Total
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average vesting period of non-vested awards expected to vest	2 years 8 months
Unrecognized stock compensation expense to be recognized in future	$ 12.8

Stock options (Stock-based comp

Stock options (Stock-based compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,677	$ 403	$ 2,771	$ 468
Cost of services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	208	52	436	70
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	259	138	487	141
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	237	53	387	85
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 973	$ 160	$ 1,461	$ 172

Cash, cash equivalents and ma36

Cash, cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Jan. 31, 2015	Jul. 31, 2014	Jan. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, cost basis	$ 108,851	$ 111,005	$ 20,886	$ 13,917
Total cash, cash equivalents and marketable securities, cost basis	148,988	111,005
Marketable securities, cost basis		0
Marketable securities, gross unrealized gains	25	0
Marketable securities, gross unrealized losses	(79)	0
Cash and cash equivalents, fair value	108,851	111,005
Marketable securities, fair value	40,083	0
Total cash, cash equivalents and marketable securities, fair value	148,934	$ 111,005
Mutual funds
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, cost basis	40,137
Marketable securities, gross unrealized gains	25
Marketable securities, gross unrealized losses	(79)
Marketable securities, fair value	$ 40,083

Cash, cash equivalents and ma37

Cash, cash equivalents and marketable securities (Contract Maturity) (Details) $ in Thousands	Jul. 31, 2015USD ($)
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 25,061
Over one year and less than five years	15,076
Total	40,137
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract]
One year or less	25,040
Over one year and less than five years	15,043
Total	$ 40,083

Fair value (Details)

Fair value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ 0	$ 6,182
Loss on revaluation	0	0	0	735
Elimination of liability due to removal of FMV provision	0	0	0	(6,917)
Balance at the end of period	0	$ 0	0	$ 0
Mutual funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	40,083		40,083
Mutual funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0		0
Mutual funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 0		$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Company owned by President and Chief Executive Officer
Related Party Transaction [Line Items]
Amounts paid under consulting agreement	$ 0	$ 81,000	$ 0	$ 162,000