HealthEquity (HQY) 10-Q 9 Jun 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2016	May. 31, 2016
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	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		58,087,307

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Current assets
Cash and cash equivalents	$ 92,766	$ 83,641
Marketable securities, at fair value	40,159	40,134
Total cash, cash equivalents and marketable securities	132,925	123,775
Accounts receivable, net of allowance for doubtful accounts of $36 as of April 30, 2016 and $40 as of January 31, 2016	15,706	14,308
Inventories	598	620
Current deferred tax asset	0	2,642
Other current assets	6,300	1,703
Total current assets	155,529	143,048
Property and equipment, net	3,388	3,506
Intangible assets, net	66,454	66,840
Goodwill	4,651	4,651
Deferred tax asset	345	0
Other assets	1,874	1,750
Total assets	232,241	219,795
Current liabilities
Accounts payable	1,226	2,431
Accrued compensation	2,603	7,776
Accrued liabilities	3,146	1,899
Total current liabilities	6,975	12,106
Long-term liabilities
Other long-term liability	819	236
Deferred tax liability	1,711	3,996
Total long-term liabilities	2,530	4,232
Total liabilities	$ 9,505	$ 16,338
Commitments and contingencies (see note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of April 30, 2016 and January 31, 2016, respectively	$ 0	$ 0
Common stock, $0.0001 par value, 900,000 shares authorized, 57,945 and 57,726 shares issued and outstanding as of April 30, 2016 and January 31, 2016, respectively	6	6
Additional paid-in capital	211,185	199,940
Accumulated other comprehensive loss	(137)	(98)
Accumulated earnings	11,682	3,609
Total stockholders’ equity	222,736	203,457
Total liabilities and stockholders’ equity	$ 232,241	$ 219,795

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $36 as of April 30, 2016 and $40 as of January 31, 2016	$ 36	$ 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	57,945,000	57,726,000
Common Stock, Shares, Outstanding	57,945,000	57,726,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations And Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Revenue:
Service revenue	$ 18,994	$ 14,614
Custodial revenue	13,811	8,419
Interchange revenue	11,208	6,817
Total revenue	44,013	29,850
Cost of revenue:
Service costs	11,257	8,419
Custodial costs	2,356	1,423
Interchange costs	2,719	2,102
Total cost of revenue	16,332	11,944
Gross profit	27,681	17,906
Operating expenses:
Sales and marketing	4,183	2,833
Technology and development	4,625	3,524
General and administrative	4,574	3,158
Amortization of acquired intangible assets	1,049	409
Total operating expenses	14,431	9,924
Income from operations	13,250	7,982
Other expense:
Other expense, net	(641)	(105)
Total other expense	(641)	(105)
Income before income taxes	12,609	7,877
Income tax provision	4,536	2,900
Net income	$ 8,073	$ 4,977
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.09
Diluted (in dollars per share)	$ 0.14	$ 0.09
Weighted-average number of shares used in computing net income per share:
Basic (in shares)	57,820	55,063
Diluted (in shares)	59,399	57,770
Comprehensive income:
Net income	$ 8,073	$ 4,977
Other comprehensive loss:
Unrealized loss on available-for-sale marketable securities, net of tax	(39)	(22)
Comprehensive income	$ 8,034	$ 4,955

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Cash flows from operating activities:
Net income	$ 8,073	$ 4,977
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,947	1,750
Amortization of deferred financing costs	18	0
Deferred taxes	34	(2)
Stock-based compensation	1,822	1,094
Changes in operating assets and liabilities:
Accounts receivable	(1,398)	(1,425)
Inventories	22	(42)
Other assets	(4,739)	(871)
Accounts payable	(1,241)	(340)
Accrued compensation	(5,173)	(3,260)
Accrued liabilities	1,164	(99)
Other long-term liability	583	(11)
Net cash provided by operating activities	2,112	1,771
Cash flows from investing activities:
Purchases of marketable securities	(86)	(40,062)
Purchase of property and equipment	(321)	(826)
Purchase of software and capitalized software development costs	(2,003)	(1,451)
Net cash used in investing activities	(2,410)	(42,339)
Cash flows from financing activities:
Proceeds from exercise of common stock options	145	493
Tax benefit from exercise of common stock options	9,278	3,931
Net cash provided by financing activities	9,423	4,424
Increase (decrease) in cash and cash equivalents	9,125	(36,144)
Beginning cash and cash equivalents	83,641	111,005
Ending cash and cash equivalents	92,766	74,861
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable or accrued liabilities at period end	8	$ 0
Purchases of software and capitalized software development costs included in accounts payable or accrued liabilities at period end	$ 111

Summary of business and signifi

Summary of business and significant accounting policies	3 Months Ended
	Apr. 30, 2016
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. The Company offers 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 April 30, 2016 and is included in other assets on the accompanying condensed consolidated balance sheet. During the year ended January 31, 2016 , the Company purchased an approximate 2% ownership interest in a limited partnership that engages in the development of technology-based financial healthcare products. The Company determined there was no significant influence and therefore the investment was accounted for using the cost method of accounting. The investment was $500,000 as of April 30, 2016 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 April 30, 2016 and for the three months ended April 30, 2016 and 2015 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, 2016. The fiscal year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. As of January 31, 2016 , the Company has revised the names of certain financial statement line items to more accurately describe the Company's operations. Amounts previously referred to as account fee revenue are now referred to as service revenue. Amounts previously referred to as custodial fee revenue are now referred to as custodial revenue. Amounts previously referred to as card fee revenue are now referred to as Interchange revenue. Amounts previously referred to as account costs are now referred to as service costs. Amounts previously referred to as card costs are now referred to as interchange costs. Amounts previously referred to as other revenue are now included in the service revenue financial statement line item. Amounts previously referred to as other costs are now included in the service costs financial statement line item. The Company has reclassified certain financial statement line items to conform with the newly revised financial statement line items. Other expense —During the three months ended April 30, 2016 , the Company incurred $585,000 of acquisition-related expenses. These expenses are included in other expense, net on the accompanying 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. This 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. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing , which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients which provides clarification on assessing the collectability criterion , presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. The foregoing amendments are effective for annual reporting periods beginning after December 15, 2017 and for interim reporting periods within such annual periods.The Company has not yet selected a transition method and is evaluating the effect that these recent pronouncements will have on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which simplifies the presentation of debt issuance costs by requiring that such costs be presented as a deduction from the corresponding debt liability. In August 2015, the FASB issued ASU 2015-15, Interest - Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that entities may continue to defer and present debt issuance costs associated with a line-of-credit as an asset and subsequently amortize the deferred costs ratably over the term of the arrangement. This ASU is effective for financial statements issued for reporting periods beginning after December 15, 2015 and interim periods within the reporting periods and requires retrospective presentation; earlier adoption is permitted. The Company adopted this ASU with no impact on the accompanying condensed consolidated financial statements as no amounts had been drawn under the Credit Agreement (See Note 7). In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies balance sheet classifications of deferred taxes by requiring all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Effective April 30, 2016 , the Company early adopted ASU No. 2015-17 on a prospective basis, which resulted in the reclassification of the Company's current deferred tax asset between both non-current deferred tax asset and non-current deferred tax liability on its consolidated balance sheet. No prior periods were retrospectively adjusted. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The amendments in this ASU revise an entity's accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. This ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for the presentation of certain fair value changes for financial liabilities measured at fair value. The Company is currently evaluating the timing of adoption and the potential effect of this ASU on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure for both parties to a contract (i.e. lessees and lessors). ASC 842 supersedes the previous leases standard, ASC 840 leases. This ASU is effective for financial statements issued for reporting periods beginning after December 15, 2018 and requires a modified retrospective transition, and provides for certain practical expedients; early adoption is permitted. The Company is currently evaluating the timing of adoption and the potential impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, I mprovements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation . This ASU simplifies several aspects of the accounting for share-based payment award transactions, including; the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the timing of adoption and the potential effect of this ASU on the consolidated financial statements.

Net income per share attributab

Net income per share attributable to common stockholders	3 Months Ended
	Apr. 30, 2016
Earnings Per Share [Abstract]
Net income per share	The following table sets forth the computation of basic and diluted net income per share: (in thousands, except per share data) Three months ended April 30, 2016 2015 Numerator (basic and diluted): Net income $ 8,073 $ 4,977 Denominator (basic): Weighted-average common shares outstanding 57,820 55,063 Denominator (diluted): Weighted-average common shares outstanding 57,820 55,063 Weighted-average dilutive effect of stock options 1,579 2,707 Diluted weighted-average common shares outstanding 59,399 57,770 Net income per share: Basic $ 0.14 $ 0.09 Diluted $ 0.14 $ 0.09 For the three months ended April 30, 2016 and 2015 , approximately 1.6 million and 679,000 shares, respectively, attributable to stock options were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive.

Cash, cash equivalents and mark

Cash, cash equivalents and marketable securities	3 Months Ended
	Apr. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Cash, cash equivalents and marketable securities	Cash, cash equivalents and marketable securities as of April 30, 2016 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 92,766 $ — $ — $ 92,766 Marketable securities: Mutual funds 40,378 104 (323 ) 40,159 Total cash, cash equivalents and marketable securities $ 133,144 $ 104 $ (323 ) $ 132,925 Cash, cash equivalents and marketable securities as of January 31, 2016 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 83,641 $ — $ — $ 83,641 Marketable securities: Mutual funds 40,292 78 (236 ) 40,134 Total cash, cash equivalents and marketable securities $ 123,933 $ 78 $ (236 ) $ 123,775 The following table summarizes the cost basis and fair value of the marketable securities by contractual maturity as of April 30, 2016 : (in thousands) Cost basis Fair value One year or less $ 25,179 $ 25,159 Over one year and less than five years 15,199 15,000 Total $ 40,378 $ 40,159 As of April 30, 2016 , there were no marketable securities that were other-than-temporarily impaired or in an unrealized loss position for more than twelve consecutive months.

Property and equipment

Property and equipment	3 Months Ended
	Apr. 30, 2016
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment consisted of the following as of April 30, 2016 and January 31, 2016 : (in thousands) April 30, 2016 January 31, 2016 Leasehold improvements $ 732 $ 700 Furniture and fixtures 1,632 1,592 Computer equipment 6,082 5,825 Property and equipment, gross 8,446 8,117 Accumulated depreciation (5,058 ) (4,611 ) Property and equipment, net $ 3,388 $ 3,506 Depreciation expense for the three months ended April 30, 2016 and 2015 was $447,000 and $324,000 , respectively.

Intangible assets and goodwill

Intangible assets and goodwill	3 Months Ended
	Apr. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and goodwill	During the three months ended April 30, 2016 and 2015 , the Company capitalized software development costs of $1.9 million and $1.2 million , 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 April 30, 2016 and January 31, 2016 : (in thousands) April 30, 2016 January 31, 2016 Amortized intangible assets: Capitalized software development costs $ 18,008 $ 16,104 Software 6,189 5,994 Acquired intangible member assets 64,963 64,948 Intangible assets, gross 89,160 87,046 Accumulated amortization (22,706 ) (20,206 ) Intangible assets, net $ 66,454 $ 66,840 During the three months ended April 30, 2016 and 2015 , the Company incurred and expensed a total of $2.1 million and $1.7 million , respectively, in software development costs primarily related to the post-implementation and operation stages of its proprietary software. Amortization expense for the three months ended April 30, 2016 and 2015 was $2.5 million and $1.4 million , respectively. There were no changes to the goodwill carrying value during the three months ended April 30, 2016 and 2015 .

Commitment and contingencies

Commitment and contingencies	3 Months Ended
	Apr. 30, 2016
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, 2016 are disclosed in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended January 31, 2016, and did not change materially during the three months ended April 30, 2016 . Lease expense for office space for the three months ended April 30, 2016 and 2015 was $593,000 and $464,000 , respectively. Expense for other lease agreements for the three months ended April 30, 2016 and 2015 was $60,000 and $60,000 , respectively.

Indebtedness

Indebtedness	3 Months Ended
	Apr. 30, 2016
Debt Disclosure [Abstract]
Indebtedness	On September 30, 2015, the Company entered into a new credit facility (the "Credit Agreement"). The Credit Agreement provides for a secured revolving credit facility in the aggregate principal amount of $100.0 million for a term of five years . The proceeds of borrowings under the Credit Agreement may be used for general corporate purposes. No amounts have been drawn under the Credit Agreement as of April 30, 2016 . Borrowings under the Credit Agreement bear interest equal to, at the Company's option, a) an adjusted LIBOR rate or b) a customary base rate, in each case with an applicable spread to be determined based on the Company's leverage ratio as of the most recent fiscal quarter. The applicable spread for borrowing under the Credit Agreement ranges from 1.50% to 2.00% with respect to adjusted LIBOR rate borrowings and 0.50% to 1.00% with respect to customary base rate borrowings. Additionally, the Company pays a commitment fee ranging from 0.20% to 0.30% on the daily amount of the unused commitments under the Credit Agreement payable in arrears at the end of each fiscal quarter. The Company's material subsidiaries are required to guarantee the obligations of the Company under the Credit Agreement. The obligations of the Company and the guarantors under the Credit Agreement and the guarantees are secured by substantially all assets of the Company and the guarantors, subject to customary exclusions and exceptions. The Credit Agreement requires the Company to maintain a total leverage ratio of not more than 3.00 to 1.00 as of the end of each fiscal quarter and a minimum interest coverage ratio of at least 3.00 to 1.00 as of the end of each fiscal quarter. In addition, the Credit Agreement includes customary representations and warranties, affirmative and negative covenants, and events of default. The restrictive covenants include customary restrictions on the Company's ability to incur additional indebtedness; make investments, loans or advances; grant or incur liens on assets; engage in mergers, consolidations, liquidations or dissolutions; engage in transactions with affiliates; and make dividend payments. The Company was in compliance with these covenants as of April 30, 2016 . In connection with the Credit Agreement, the Company incurred $317,000 in financing costs, which are deferred and are being amortized using the straight-line method, which approximates the effective interest method, over the life of the agreement.

Income taxes

Income taxes	3 Months Ended
	Apr. 30, 2016
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 months ended April 30, 2016 , the Company recorded a provision for income taxes of $4.5 million . The resulting effective tax rate was 36.0% , compared with an effective tax rate of 36.8% for the three months ended April 30, 2015 . For the three months ended April 30, 2016 and 2015 , discrete tax items were not material. The decrease in the effective tax rate from the same period last year is primarily due to recognition of a benefit for the federal research and development credit. In the same period last year, the federal research and development credit had expired and was renewed in the three months ended January 31, 2016 . The Company’s current income taxes payable has been reduced by tax benefits from employee and director stock option plan awards. The Company receives an income tax benefit calculated as the tax effect of the difference between the fair market value of the stock issued at the time of exercise and the exercise price. The Company recorded a benefit of $9.3 million during the three months ended April 30, 2016 for tax benefits related to stock option exercises that are expected to reduce cash taxes payable during the current fiscal year. Of this amount, $7.4 million was related to excess stock option benefits previously limited under FASB ASC 718-740-25-10, Compensation-Stock Compensation , during the year ended January 31, 2016 . As of April 30, 2016 and January 31, 2016 , the Company’s total gross unrecognized tax benefit was $448,000 and $393,000 , respectively. As a result of Accounting Standards Update No. 2013-11, certain unrecognized tax benefits have been netted against their related deferred tax assets; therefore, no unrecognized tax benefit has been recorded as of April 30, 2016 and January 31, 2016 . If recognized, $369,000 of the total gross unrecognized tax benefits would affect the Company's effective tax rate as of April 30, 2016 . 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 2004.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	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, 2016 5,418 $0.10 - 33.47 $ 10.88 7.03 $ 63,965 Granted 842 $21.27 - 24.36 $ 23.97 Exercised (218 ) $0.10 - 22.45 $ 0.67 Forfeited (52 ) $3.50 - 28.69 $ 21.09 Outstanding as of April 30, 2016 5,990 $0.10 - 33.47 $ 13.01 7.38 $ 75,056 Vested and expected to vest as of April 30, 2016 5,753 $ 12.71 7.31 $ 73,737 Exercisable as of April 30, 2016 2,591 $ 4.65 5.50 $ 53,180 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 April 30, 2016 2015 Expected dividend yield — % — % Expected stock price volatility 38.29% - 38.37% 40.29 % Risk-free interest rate 1.33% - 1.52% 1.47% - 1.64% Expected life of options 5.17 - 6.25 years 5.43 - 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 April 30, 2016 , the weighted-average vesting period of non-vested awards expected to vest is approximately 2.6 years ; the amount of compensation expense the Company expects to recognize for stock options vesting in future periods is approximately $15.6 million .

Fair value

Fair value	3 Months Ended
	Apr. 30, 2016
Fair Value Disclosures [Abstract]
Fair value	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 tables summarize 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: April 30, 2016 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,159 $ — $ — January 31, 2016 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,134 $ — $ —

Summary of business and signi16

Summary of business and significant accounting policies (Policies)	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016 and is included in other assets on the accompanying condensed consolidated balance sheet. During the year ended January 31, 2016 , the Company purchased an approximate 2% ownership interest in a limited partnership that engages in the development of technology-based financial healthcare products. The Company determined there was no significant influence and therefore the investment was accounted for using the cost method of accounting. The investment was $500,000 as of April 30, 2016 and is included in other assets on the accompanying condensed consolidated balance sheet. All significant intercompany balances and transactions have been eliminated.
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. This 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. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing , which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients which provides clarification on assessing the collectability criterion , presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. The foregoing amendments are effective for annual reporting periods beginning after December 15, 2017 and for interim reporting periods within such annual periods.The Company has not yet selected a transition method and is evaluating the effect that these recent pronouncements will have on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which simplifies the presentation of debt issuance costs by requiring that such costs be presented as a deduction from the corresponding debt liability. In August 2015, the FASB issued ASU 2015-15, Interest - Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies that entities may continue to defer and present debt issuance costs associated with a line-of-credit as an asset and subsequently amortize the deferred costs ratably over the term of the arrangement. This ASU is effective for financial statements issued for reporting periods beginning after December 15, 2015 and interim periods within the reporting periods and requires retrospective presentation; earlier adoption is permitted. The Company adopted this ASU with no impact on the accompanying condensed consolidated financial statements as no amounts had been drawn under the Credit Agreement (See Note 7). In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies balance sheet classifications of deferred taxes by requiring all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Effective April 30, 2016 , the Company early adopted ASU No. 2015-17 on a prospective basis, which resulted in the reclassification of the Company's current deferred tax asset between both non-current deferred tax asset and non-current deferred tax liability on its consolidated balance sheet. No prior periods were retrospectively adjusted. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The amendments in this ASU revise an entity's accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. This ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for the presentation of certain fair value changes for financial liabilities measured at fair value. The Company is currently evaluating the timing of adoption and the potential effect of this ASU on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure for both parties to a contract (i.e. lessees and lessors). ASC 842 supersedes the previous leases standard, ASC 840 leases. This ASU is effective for financial statements issued for reporting periods beginning after December 15, 2018 and requires a modified retrospective transition, and provides for certain practical expedients; early adoption is permitted. The Company is currently evaluating the timing of adoption and the potential impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, I mprovements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation . This ASU simplifies several aspects of the accounting for share-based payment award transactions, including; the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the timing of adoption and the potential effect of this ASU on the consolidated financial statements.

Net income per share attribut17

Net income per share attributable to common stockholders (Tables)	3 Months Ended
	Apr. 30, 2016
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: (in thousands, except per share data) Three months ended April 30, 2016 2015 Numerator (basic and diluted): Net income $ 8,073 $ 4,977 Denominator (basic): Weighted-average common shares outstanding 57,820 55,063 Denominator (diluted): Weighted-average common shares outstanding 57,820 55,063 Weighted-average dilutive effect of stock options 1,579 2,707 Diluted weighted-average common shares outstanding 59,399 57,770 Net income per share: Basic $ 0.14 $ 0.09 Diluted $ 0.14 $ 0.09

Cash, cash equivalents and ma18

Cash, cash equivalents and marketable securities (Tables)	3 Months Ended
	Apr. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	Cash, cash equivalents and marketable securities as of April 30, 2016 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 92,766 $ — $ — $ 92,766 Marketable securities: Mutual funds 40,378 104 (323 ) 40,159 Total cash, cash equivalents and marketable securities $ 133,144 $ 104 $ (323 ) $ 132,925 Cash, cash equivalents and marketable securities as of January 31, 2016 consisted of the following: (in thousands) Cost basis Gross unrealized gains Gross unrealized losses Fair value Cash and cash equivalents $ 83,641 $ — $ — $ 83,641 Marketable securities: Mutual funds 40,292 78 (236 ) 40,134 Total cash, cash equivalents and marketable securities $ 123,933 $ 78 $ (236 ) $ 123,775
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 April 30, 2016 : (in thousands) Cost basis Fair value One year or less $ 25,179 $ 25,159 Over one year and less than five years 15,199 15,000 Total $ 40,378 $ 40,159

Property and equipment (Tables)

Property and equipment (Tables)	3 Months Ended
	Apr. 30, 2016
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment consisted of the following as of April 30, 2016 and January 31, 2016 : (in thousands) April 30, 2016 January 31, 2016 Leasehold improvements $ 732 $ 700 Furniture and fixtures 1,632 1,592 Computer equipment 6,082 5,825 Property and equipment, gross 8,446 8,117 Accumulated depreciation (5,058 ) (4,611 ) Property and equipment, net $ 3,388 $ 3,506

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	3 Months Ended
	Apr. 30, 2016
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 April 30, 2016 and January 31, 2016 : (in thousands) April 30, 2016 January 31, 2016 Amortized intangible assets: Capitalized software development costs $ 18,008 $ 16,104 Software 6,189 5,994 Acquired intangible member assets 64,963 64,948 Intangible assets, gross 89,160 87,046 Accumulated amortization (22,706 ) (20,206 ) Intangible assets, net $ 66,454 $ 66,840

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
	Apr. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 April 30, (in thousands) 2016 2015 Cost of revenue $ 375 $ 228 Sales and marketing 213 228 Technology and development 357 150 General and administrative 877 488 Total stock-based compensation expense $ 1,822 $ 1,094
Summary of stock option activity	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, 2016 5,418 $0.10 - 33.47 $ 10.88 7.03 $ 63,965 Granted 842 $21.27 - 24.36 $ 23.97 Exercised (218 ) $0.10 - 22.45 $ 0.67 Forfeited (52 ) $3.50 - 28.69 $ 21.09 Outstanding as of April 30, 2016 5,990 $0.10 - 33.47 $ 13.01 7.38 $ 75,056 Vested and expected to vest as of April 30, 2016 5,753 $ 12.71 7.31 $ 73,737 Exercisable as of April 30, 2016 2,591 $ 4.65 5.50 $ 53,180
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 April 30, 2016 2015 Expected dividend yield — % — % Expected stock price volatility 38.29% - 38.37% 40.29 % Risk-free interest rate 1.33% - 1.52% 1.47% - 1.64% Expected life of options 5.17 - 6.25 years 5.43 - 6.25 years

Fair value (Tables)

Fair value (Tables)	3 Months Ended
	Apr. 30, 2016
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following tables summarize 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: April 30, 2016 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,159 $ — $ — January 31, 2016 (in thousands) Level 1 Level 2 Level 3 Marketable securities: Mutual funds $ 40,134 $ — $ —

Summary of business and signi23

Summary of business and significant accounting policies (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage	22.00%
Equity method investments	$ 281
Cost Method Investment, Ownership Percentage	2.00%
Cost Method Investments	$ 500
Other expenses
Business Acquisition
Acquisition related expenses	$ 585

Net income per share (Details)

Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 8,073	$ 4,977
Basic (in shares)	57,820	55,063
Weighted-average common shares outstanding (in shares)	57,820	55,063
Weighted-average dilutive effect of stock options (in shares)	1,579	2,707
Weighted-average common shares outstanding (in shares)	59,399	57,770
Basic (in dollars per share)	$ 0.14	$ 0.09
Diluted (in dollars per share)	$ 0.14	$ 0.09

Net income per share (Anti-dilu

Net income per share (Anti-dilutive securities) (Details) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,600	679

Cash, cash equivalents and ma26

Cash, cash equivalents and marketable securities (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016	Apr. 30, 2015	Jan. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, cost basis	$ 92,766	$ 83,641	$ 74,861	$ 111,005
Cash and cash equivalents, fair value	92,766	83,641
Marketable securities, gross unrealized gains	104	78
Marketable securities, gross unrealized losses	(323)	(236)
Marketable securities, fair value	40,159	40,134
Total cash, cash equivalents and marketable securities, cost basis	133,144	123,933
Total cash, cash equivalents and marketable securities, fair value	132,925	123,775
Mutual funds
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, cost basis	40,378	40,292
Marketable securities, gross unrealized gains	104	78
Marketable securities, gross unrealized losses	(323)	(236)
Marketable securities, fair value	$ 40,159	$ 40,134

Cash, cash equivalents and ma27

Cash, cash equivalents and marketable securities (Contract Maturity) (Details) $ in Thousands	Apr. 30, 2016USD ($)
Cost basis
One year or less	$ 25,179
Over one year and less than five years	15,199
Total	40,378
Fair value
One year or less	25,159
Over one year and less than five years	15,000
Total	$ 40,159

Property and equipment (Schedul

Property and equipment (Schedule of property and equipment) (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,446	$ 8,117
Accumulated depreciation	(5,058)	(4,611)
Property and equipment, net	3,388	3,506
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	732	700
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,632	1,592
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,082	$ 5,825

Property and equipment (Narrati

Property and equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 447	$ 324

Intangible assets and goodwil30

Intangible assets and goodwill (Narrative) (Details) - USD ($)	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software development costs	$ 1,900,000	$ 1,200,000
Software development costs incurred and expensed	2,100,000	1,700,000
Amortization expense	2,500,000	1,400,000
Change in goodwill	$ 0	$ 0

Intangible assets and goodwil31

Intangible assets and goodwill (Schedule of finite-lived intangible assets) (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 89,160	$ 87,046
Accumulated amortization	(22,706)	(20,206)
Intangible assets, net	66,454	66,840
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	18,008	16,104
Software
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,189	5,994
Acquired intangible member assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 64,963	$ 64,948

Commitment and contingencies (D

Commitment and contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Lease expense for office space	$ 593	$ 464
Expenses for other agreements	$ 60	$ 60

Indebtedness (Details)

Indebtedness (Details) - Line of Credit - Secured Revolving Credit Facility	Sep. 30, 2015USD ($)	Apr. 30, 2016USD ($)
Debt Instrument [Line Items]
Secured revolving credit facility, aggregate principal	$ 100,000,000
Facility term (in years)	5 years
Amounts drawn under Credit Agreement		$ 0
Credit facility, deferred finance costs, net	$ 317,000
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.20%
Minimum interest coverage ratio	3
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Maximum leverage ratio	3
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread	1.50%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread	2.00%
Customary Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread	0.50%
Customary Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread	1.00%

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Jan. 31, 2016
Income Tax Disclosure [Abstract]
Income tax provision	$ 4,536	$ 2,900
Effective tax rate	36.00%	36.80%
Deferred tax assets attributable to stock option exercises	$ 9,300
Deferred tax assets attributable to excess stock option benefits	7,400
Unrecognized tax benefits	448		$ 393
Unrecognized tax benefits that would impact the effective tax rate	$ 369

Stock-based compensation (Stock

Stock-based compensation (Stock-based compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,822	$ 1,094
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	375	228
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	213	228
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	357	150
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 877	$ 488

Stock-based compensation (Sto36

Stock-based compensation (Stock option activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2016	Jan. 31, 2016
Number of options
Opening balance (shares)	5,418
Granted (shares)	842
Exercised (shares)	(218)
Forfeited (shares)	(52)
Ending balance (shares)	5,990	5,418
Range of exercise prices (usd per share)
Beginning balance, minimum (usd per share)	$ 0.10
Beginning balance, maximum (usd per share)	33.47
Granted, minimum (usd per share)	21.27
Granted, maximum (usd per share)	24.36
Exercised, minimum (usd per share)	0.10
Exercised, maximum (usd per share)	22.45
Forfeited, minimum (usd per share)	3.50
Forfeited, maximum (usd per share)	28.69
Ending balance, minimum (usd per share)	0.10	$ 0.10
Ending balance, maximum (usd per share)	33.47	33.47
Weighted- average exercise price (usd per share)
Opening balance (usd per share)	10.88
Granted (usd per share)	23.97
Exercised (usd per share)	0.67
Forfeited (usd per share)	21.09
Ending balance (usd per share)	$ 13.01	$ 10.88
Weighted- average contractual term (in years)	7 years 4 months 18 days	7 years 11 days
Aggregate intrinsic value	$ 75,056	$ 63,965
Vested and expected to vest, number of options (shares)	5,753
Vested and expected to vest, Weighted- average exercise price (usd per share)	$ 12.71
Vested and expected to vest, Weighted- average contractual term (in years)	7 years 3 months 23 days
Vested and expected to vest, Aggregate intrinsic value	$ 73,737
Exercisable, number of options	2,591
Exercisable, Weighted average exercise price (usd per share)	$ 4.65
Exercisable, Weighted average contractual term (in years)	5 years 6 months
Aggregate intrinsic value	$ 53,180

Stock-based compensation (Assum

Stock-based compensation (Assumptions) (Details)	3 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	0.00%	0.00%
Expected stock price volatility (percentage)		40.29%
Expected stock price volatility, minimum (percentage)	38.29%
Expected stock price volatility, maximum (percentage)	38.37%
Risk-free interest rate, minimum (percentage)	1.33%	1.47%
Risk-free interest rate, maximum (percentage)	1.52%	1.64%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	5 years 2 months 1 day	5 years 5 months 5 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	6 years 3 months	6 years 3 months

Stock-based compensation (Narra

Stock-based compensation (Narrative) (Details) $ in Millions	3 Months Ended
	Apr. 30, 2016USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average vesting period of non-vested awards expected to vest	2 years 7 months
Unrecognized stock compensation expense to be recognized in future	$ 15.6

Fair value (Details)

Fair value (Details) - Mutual funds - Recurring - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 31, 2016
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 40,159	$ 40,134
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ 0	$ 0