Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2019 | May 31, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HEALTHEQUITY INC | |
Entity Central Index Key | 0001428336 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 62,724,780 |
Condensed consolidated balance
Condensed consolidated balance sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 329,310 | $ 361,475 |
Accounts receivable, net of allowance for doubtful accounts as of April 30, 2019 and January 31, 2019 of $111 and $125, respectively | 27,022 | 25,668 |
Other current assets | 8,244 | 7,534 |
Total current assets | 364,576 | 394,677 |
Other investments | 78,065 | 709 |
Property and equipment, net | 8,481 | 8,223 |
Operating lease right-of-use assets | 37,367 | |
Intangible assets, net | 81,437 | 79,666 |
Goodwill | 4,651 | 4,651 |
Deferred tax asset | 551 | 1,677 |
Other assets | 21,511 | 20,413 |
Total assets | 596,639 | 510,016 |
Current liabilities | ||
Accounts payable | 1,964 | 3,520 |
Accrued compensation | 8,501 | 16,981 |
Accrued liabilities | 9,127 | 8,552 |
Operating lease liabilities | 3,786 | |
Total current liabilities | 23,378 | 29,053 |
Operating lease liabilities, non-current | 36,243 | |
Deferred tax liability | 7,332 | 916 |
Other long-term liabilities | 387 | 2,968 |
Total liabilities | 67,340 | 32,937 |
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, 2019 and January 31, 2019, respectively | 0 | 0 |
Common stock, $0.0001 par value, 900,000 shares authorized, 62,718 and 62,446 shares issued and outstanding as of April 30, 2019 and January 31, 2019, respectively | 6 | 6 |
Additional paid-in capital | 315,621 | 305,223 |
Accumulated earnings | 213,672 | 171,850 |
Total stockholders’ equity | 529,299 | 477,079 |
Total liabilities and stockholders’ equity | $ 596,639 | $ 510,016 |
Condensed consolidated balanc_2
Condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 111 | $ 125 |
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 62,718,000 | 62,446,000 |
Common stock, outstanding (in shares) | 62,718,000 | 62,446,000 |
Condensed consolidated statemen
Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue: | ||
Total revenue | $ 87,052 | $ 69,904 |
Cost of revenue: | ||
Total cost of revenue | 29,299 | 25,548 |
Gross profit | 57,753 | 44,356 |
Operating expenses: | ||
Sales and marketing | 8,970 | 6,860 |
Technology and development | 10,905 | 7,979 |
General and administrative | 8,709 | 7,507 |
Amortization of acquired intangible assets | 1,491 | 1,470 |
Total operating expenses | 30,075 | 23,816 |
Income from operations | 27,678 | 20,540 |
Other income (expense), net | 23,600 | (1) |
Income before income taxes | 51,278 | 20,539 |
Income tax provision (benefit) | 9,456 | (2,038) |
Net income | 41,822 | 22,577 |
Comprehensive income | $ 41,822 | $ 22,577 |
Net income per share: | ||
Basic (in usd per share) | $ 0.67 | $ 0.37 |
Diluted (in usd per share) | $ 0.65 | $ 0.36 |
Weighted-average number of shares used in computing net income per share: | ||
Basic (in shares) | 62,326 | 61,170 |
Diluted (in shares) | 63,901 | 62,693 |
Service revenue | ||
Revenue: | ||
Total revenue | $ 26,808 | $ 24,821 |
Cost of revenue: | ||
Total cost of revenue | 20,649 | 18,047 |
Custodial revenue | ||
Revenue: | ||
Total revenue | 41,952 | 28,434 |
Cost of revenue: | ||
Total cost of revenue | 4,123 | 3,439 |
Interchange revenue | ||
Revenue: | ||
Total revenue | 18,292 | 16,649 |
Cost of revenue: | ||
Total cost of revenue | $ 4,527 | $ 4,062 |
Condensed consolidated statem_2
Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated comprehensive loss | Accumulated earnings |
Beginning balance at Jan. 31, 2018 | $ 346,274 | $ 6 | $ 261,237 | $ (269) | $ 85,300 |
Issuance of common stock upon exercise of stock options, and for restricted stock | 10,964 | ||||
Stock-based compensation | 4,239 | ||||
Net income | 22,577 | 22,577 | |||
Ending balance at Apr. 30, 2018 | 396,974 | 6 | 276,440 | 0 | 120,528 |
Beginning balance at Jan. 31, 2019 | 477,079 | 6 | 305,223 | 0 | 171,850 |
Issuance of common stock upon exercise of stock options, and for restricted stock | 4,370 | ||||
Stock-based compensation | 6,028 | ||||
Net income | 41,822 | 41,822 | |||
Ending balance at Apr. 30, 2019 | $ 529,299 | $ 6 | $ 315,621 | $ 0 | $ 213,672 |
Condensed consolidated statem_3
Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 41,822 | $ 22,577 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,773 | 4,520 |
Unrealized (gains) losses on marketable equity securities and other | (23,484) | 140 |
Deferred taxes | 7,542 | 1,989 |
Stock-based compensation | 6,028 | 4,239 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,354) | (1,420) |
Other assets | (1,694) | (5,471) |
Operating lease right-of-use assets | 635 | |
Accounts payable | (1,577) | 87 |
Accrued compensation | (8,480) | (4,909) |
Accrued liabilities and other current liabilities | 1,769 | 881 |
Operating lease liabilities, non-current | (627) | |
Other long-term liabilities | (17) | 71 |
Net cash provided by operating activities | 25,336 | 22,704 |
Cash flows from investing activities: | ||
Purchases of intangible member assets | (1,262) | 0 |
Purchases of marketable equity securities | (53,845) | (180) |
Purchases of property and equipment | (1,126) | (1,121) |
Purchases of software and capitalized software development costs | (5,497) | (2,097) |
Net cash used in investing activities | (61,730) | (3,398) |
Cash flows from financing activities: | ||
Proceeds from exercise of common stock options | 4,229 | 10,167 |
Net cash provided by financing activities | 4,229 | 10,167 |
Increase (decrease) in cash and cash equivalents | (32,165) | 29,473 |
Beginning cash and cash equivalents | 361,475 | 199,472 |
Ending cash and cash equivalents | 329,310 | 228,945 |
Supplemental cash flow data: | ||
Interest expense paid in cash | 50 | 50 |
Income taxes paid in cash, net of refunds received | (51) | 39 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable or accrued liabilities at period end | 21 | 491 |
Exercise of common stock options receivable | 141 | 797 |
Software | ||
Supplemental disclosures of non-cash investing and financing activities: | ||
Purchases of software and capitalized software development costs included in accounts payable or accrued liabilities at period end | $ 158 | $ 117 |
Summary of business and signifi
Summary of business and significant accounting policies | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of business and significant accounting policies | 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. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. Principles of consolidation The condensed consolidated financial statements include the accounts of HealthEquity, Inc. and its wholly owned subsidiaries, HealthEquity Trust Company, HEQ Insurance Services, Inc., HealthEquity Advisors, LLC and HealthEquity Retirement Services, LLC (collectively referred to as the "Company"). The Company has a 4% ownership interest in a public company that is a leader in administering Consumer-Directed Benefits. The Company measures the investment at fair value, and all gains and losses on the investment, realized and unrealized, are recognized in other income (expense), net in the consolidated statements of operations and comprehensive income. The investment was valued at $77.4 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. The Company has a 22% ownership interest in a limited partnership for investment in and the management of early stage companies in the healthcare industry; this partnership interest is accounted for using the equity method of accounting. The investment was approximately $0.2 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. The Company has a 1% ownership interest in a limited partnership that engages in the development of technology-based financial healthcare products. The Company elected the measurement alternative for non-marketable equity investments to account for the investment. The investment was valued at $0.5 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. Acquisitions of businesses are accounted for as business combinations, and accordingly, the results of operations of acquired businesses are included in the condensed consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated. Basis of presentation The accompanying condensed consolidated financial statements as of April 30, 2019 and for the three months ended April 30, 2019 and 2018 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 annual 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, 2019 . The fiscal year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Significant accounting policies There have been no material changes in the Company’s significant accounting policies, other than the additions of the policies described below for leases and investments in equity securities, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended January 31, 2019 . Leases. The Company determines if a contract contains a lease at inception or any modification of the contract. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a specified period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company has entered into various operating leases consisting of office space and data storage facilities with remaining lease terms of approximately 3 to 12 years, often with one or more Company options to renew. These renewal terms can extend the lease term from 3 to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. Leases with an expected term of 12 months or less at commencement are not accounted for on the balance sheet. All operating lease expense is recognized on a straight-line basis over the expected lease term. Certain leases also include obligations to pay for non-lease services, such as utilities and common area maintenance. The services are accounted for separately from lease components, and the Company allocates payments to the lease and other services components based on estimated stand-alone prices. Operating lease right-of-use ("ROU") assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the rate implicit in each lease is not readily determinable, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company used its incremental borrowing rate on February 1, 2019 for all leases that commenced prior to that date. Operating leases are included in Operating lease right-of-use assets, Operating lease liabilities and Operating lease liabilities, non-current on the condensed consolidated balance sheets beginning February 1, 2019. Investments. Marketable equity securities are strategic equity investments with readily determinable fair values and for which the Company does not have the ability to exercise significant influence are accounted for at fair value and are classified as other investments on the condensed consolidated balance sheets. All gains and losses on these investments, realized and unrealized, are recognized in other income (expense), net in the consolidated statements of operations and comprehensive income. Non-marketable equity securities are strategic equity investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence are accounted for using the measurement alternative and are classified as other investments on the condensed consolidated balance sheets. All gains and losses on these investments, realized and unrealized, are recognized in other income (expense), net on the consolidated statements of operations and comprehensive income. Equity method investments are equity securities in investees the Company does not control but over which the Company has the ability to exercise significant influence. Equity-method investments are included in other investments on the condensed consolidated balance sheets. The Company's share of the earnings or losses as reported by equity-method investees, amortization of basis differences, and related gains or losses, if any, are recognized in other income (expense), net on the consolidated statements of operations and comprehensive income. The Company assesses whether an other-than-temporary impairment loss on equity method investments and an impairment loss on non-marketable equity securities has occurred due to declines in fair value or other market conditions. If any impairment is considered other than temporary for equity method investments or impairment is identified for non-marketable equity securities, the Company will write down the investment to its fair value and record the corresponding charge through other income (expense), net in the consolidated statements of operations and comprehensive income. See Note 3—Supplemental financial statement information for additional information. Recent adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (codified as "ASC 842"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. ASC 842 requires that a lessee recognize a liability to make lease payments (the lease liability) and a ROU asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASC 842 on February 1, 2019 using the modified retrospective transition method with the adoption date as the date of initial application. Consequently, prior period balances and disclosures have not been restated. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The adoption of ASC 842 on February 1, 2019 resulted in the recognition on the Company's condensed consolidated balance sheet of both operating lease liabilities of $40.6 million and ROU assets of $38.0 million , which equals the lease liabilities net of accrued rent previously recorded on its consolidated balance sheet under previous guidance. The adoption of ASC 842 did not have an impact on the Company's condensed consolidated statement of operations, stockholders’ equity and cash flows for the three-month period ended April 30, 2019 . Recent issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires financial assets measured at amortized cost be presented at the net amount expected to be collected. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company does not plan to early adopt this ASU. The Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test. As a result, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units' fair value. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the timing of adoption; however, it does not believe this ASU will have a material impact on the Company's consolidated financial statements. In August 2018, FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, "Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. As this relates to disclosure only, the Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU allows the capitalization of implementation costs incurred in a hosting arrangement. This ASU is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the potential effect of this ASU on the consolidated financial statements. |
Net income per share
Net income per share | 3 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net income per share | 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, 2019 2018 Numerator (basic and diluted): Net income $ 41,822 $ 22,577 Denominator (basic): Weighted-average common shares outstanding 62,326 61,170 Denominator (diluted): Weighted-average common shares outstanding 62,326 61,170 Weighted-average dilutive effect of stock options and restricted stock units 1,575 1,523 Diluted weighted-average common shares outstanding 63,901 62,693 Net income per share: Basic $ 0.67 $ 0.37 Diluted $ 0.65 $ 0.36 For the three months ended April 30, 2019 and 2018 , approximately 0.2 million shares attributable to stock options and restricted stock units were excluded from the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. |
Supplemental financial statemen
Supplemental financial statement information | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental financial statement information | Supplemental financial statement information Selected condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive income components consist of the following: Property and equipment Property and equipment consisted of the following as of April 30, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Leasehold improvements $ 3,753 $ 3,583 Furniture and fixtures 4,828 4,476 Computer equipment 9,839 9,242 Property and equipment, gross 18,420 17,301 Accumulated depreciation (9,939 ) (9,078 ) Property and equipment, net $ 8,481 $ 8,223 Depreciation expense for the three months ended April 30, 2019 and 2018 was $0.9 million and $0.8 million , respectively. Other investments Other investments consisted of the following equity investments as of April 30, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Marketable equity securities, at fair value $ 77,356 $ — Non-marketable equity securities 500 500 Equity method investments 209 209 Total equity investments $ 78,065 $ 709 Unrealized gain recognized during the three months ended April 30, 2019 for equity investments held as of April 30, 2019 was $23.5 million , which was attributable to an increase in fair value of marketable equity securities. Note 3. Supplemental financial statement information (continued) Other income (expense), net Other income (expense), net, consisted of the following: Three months ended April 30, (in thousands) 2019 2018 Interest income, net $ 1,280 $ 191 Unrealized gain on marketable equity securities 23,511 — Acquisition-related costs (1,184 ) (1 ) Other (7 ) (191 ) Total other income (expense), net $ 23,600 $ (1 ) |
Leases
Leases | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company has entered into various non-cancelable operating lease agreements for office space and data storage facilities with remaining lease terms of approximately 3 to 12 years, often with one or more Company options to renew. These renewal terms can extend the lease term from 3 to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The components of operating lease costs, lease term and discount rate are as follows: Three months ended (in thousands, except for term and percentages) April 30, 2019 Operating lease expense $ 1,074 Weighted average remaining lease term 11.49 years Weighted average discount rate 4.37 % Maturities of operating lease liabilities as of April 30, 2019 were as follows: Fiscal year ending January 31, (in thousands) Operating leases Remaining 2020 $ 2,865 2021 4,105 2022 4,205 2023 4,233 2024 4,288 Thereafter 31,930 Total lease payments 51,626 Less imputed interest (11,597 ) Present value of lease liabilities $ 40,029 Current $ 3,786 Non-current 36,243 Total lease liabilities $ 40,029 As of April 30, 2019 , the Company had an additional operating lease for office space that has not yet commenced with undiscounted lease payments of $17.1 million . This operating lease will commence in fiscal year 2021 with a lease term of approximately 11 years . Note 4. Leases (continued) Supplemental cash flow information related to the Company's operating leases was as follows: Three months ended (in thousands) April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 977 ROU assets obtained in exchange for new operating lease obligations $ 199 |
Intangible assets and goodwill
Intangible assets and goodwill | 3 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets and goodwill | Intangible assets and goodwill During the three months ended April 30, 2019 and 2018 , the Company capitalized software development costs of $3.7 million and $2.1 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, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Amortized intangible assets: Capitalized software development costs $ 44,328 $ 40,583 Software 6,162 4,252 Other intangible assets 2,882 2,882 Acquired intangible member assets 85,110 85,110 Intangible assets, gross 138,482 132,827 Accumulated amortization (57,045 ) (53,161 ) Intangible assets, net $ 81,437 $ 79,666 During the three months ended April 30, 2019 and 2018 , the Company expensed a total of $3.9 million and $3.2 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, 2019 and 2018 was $3.9 million and $3.7 million , respectively. There were no changes to the goodwill carrying value during the three months ended April 30, 2019 and 2018 . |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies The Company’s principal commitments consist of operating lease obligations for office space and data storage facilities, a processing services agreement with a vendor, and contractual commitments related to network infrastructure, equipment, and certain maintenance agreements under long-term, non-cancelable operating leases. These commitments as of January 31, 2019 are disclosed in the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended January 31, 2019 , and did not change materially during the three months ended April 30, 2019 . |
Indebtedness
Indebtedness | 3 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness On September 30, 2015, the Company entered into a new credit facility (the "Credit Agreement") that 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, 2019 . 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 Note 7. Indebtedness (continued) 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, 2019 . |
Income taxes
Income taxes | 3 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 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, 2019 , the Company recorded income tax expense of $9.5 million . This resulted in an effective income tax expense rate of 18.4% for the three months ended April 30, 2019 , compared with an effective income tax benefit rate of 9.9% for the three months ended April 30, 2018 . For the three months ended April 30, 2019 and 2018, the net impact of discrete tax items caused a 4.5 and 31.8 percentage point decrease, respectively, to the effective income tax rate primarily due to the excess tax benefit on stock-based compensation expense recognized in the provision for income taxes in the condensed consolidated statements of operations and comprehensive income. The increase in the effective income tax rate from the same period last year is primarily due to a decrease in excess tax benefits on stock-based compensation expense recognized in the provision for income taxes relative to pre-tax book income. As of April 30, 2019 and January 31, 2019 , the Company’s total gross unrecognized tax benefit was $1.9 million and $1.7 million , respectively. 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, 2019 and January 31, 2019 . If recognized, $1.7 million of the total gross unrecognized tax benefits would affect the Company's effective tax rate as of April 30, 2019 . 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-based compensation
Stock-based compensation | 3 Months Ended |
Apr. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | Stock-based compensation 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) 2019 2018 Cost of revenue $ 860 $ 413 Sales and marketing 1,007 705 Technology and development 1,499 991 General and administrative 2,662 2,130 Total stock-based compensation expense $ 6,028 $ 4,239 The following table shows stock-based compensation by award type: Three months ended April 30, (in thousands) 2019 2018 Stock options $ 1,783 $ 1,764 Performance stock options — 153 Restricted stock units 2,926 1,542 Performance restricted stock units 651 514 Restricted stock awards 163 55 Performance restricted stock awards 505 211 Total stock-based compensation expense $ 6,028 $ 4,239 Stock options The Company currently grants stock options under the 2014 Equity Incentive Plan (as amended and restated, the"Incentive Plan"), which provided for the issuance of stock options to the directors and team members of the Company to purchase up to an aggregate of 2.6 million shares of common stock. In addition, under the Incentive Plan, the number of shares of common stock reserved for issuance under the Incentive Plan automatically increases on February 1 of each year, beginning as of February 1, 2015 and continuing through and including February 1, 2024, by 3% of the total number of shares of the Company’s capital stock outstanding on January 31 of the preceding fiscal year, or a lesser number of shares determined by the board of directors. Under the terms of the Incentive Plan, the Company has the ability to grant incentive and nonqualified stock options. Incentive stock options may be granted only to Company team members. Nonqualified stock options may be granted to Company executive officers, other team members, directors and consultants. Such options are to be exercisable at prices, as determined by the board of directors, which must be equal to no less than the fair value of the Company's common stock at the date of the grant. Stock options granted under the Incentive Plan generally expire 10 years from the date of issuance, or are forfeited 90 days after termination of employment. Shares of common stock underlying stock options that are forfeited or that expire are returned to the Incentive Plan. Valuation assumptions. The Company has adopted the provisions of Topic 718, which requires the measurement and recognition of compensation for all stock-based awards made to team members and directors, based on estimated fair values. Under Topic 718, the Company uses the Black-Scholes option pricing model as the method of valuation for stock options. The determination of the fair value of stock-based awards on the date of grant is affected by the fair value of the stock as well as assumptions regarding a number of complex and subjective variables. The variables include, but are not limited to, 1) the expected life of the option, 2) the expected volatility of the fair value of the Company's common stock over the term of the award estimated by averaging the Company's historical volatility in addition to published volatilities of a relative peer group, 3) risk-free interest rate, and 4) expected dividends. Note 9. Stock-based compensation (continued) The key input assumptions that were utilized in the valuation of the stock options granted during the periods presented: Three months ended April 30, 2019 2018 Expected dividend yield — % — % Expected stock price volatility 35.98% - 36.53% 37.84 % Risk-free interest rate 2.21% - 2.43% 2.52% - 2.68% Expected life of options 4.95 - 5.09 years 5.17 - 6.25 years The Company historically used the "simplified" method to estimate the expected life of an option as determined under Staff Accounting Bulletin No. 110 due to limited option exercise history as a public company. Commencing February 1, 2019, the Company began estimating the expected life of an option using its own historical option exercise and termination data. Expected volatility is determined using weighted average volatility of the Company's historical common stock price in addition to published volatilities of publicly traded peer companies. 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. A summary of stock option activity 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, 2019 2,444 $0.10 - 82.39 $ 27.37 6.74 $ 85,971 Granted 108 $63.64 - 73.61 $ 73.27 Exercised (178 ) $0.10 - 44.53 $ 24.49 Forfeited (18 ) $24.36 - 44.53 $ 30.92 Outstanding as of April 30, 2019 2,356 $0.10 - 82.39 $ 29.66 6.62 $ 90,701 Vested and expected to vest as of April 30, 2019 2,356 $ 29.66 6.62 $ 90,701 Exercisable as of April 30, 2019 1,503 $ 21.82 5.91 $ 69,042 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. As of April 30, 2019 , the weighted-average vesting period of non-vested awards expected to vest is approximately 1.9 years ; the amount of compensation expense the Company expects to recognize for stock options vesting in future periods is approximately $12.4 million . Restricted stock units and restricted stock awards The Company grants restricted stock units ("RSUs") and restricted stock awards ("RSAs") to certain team members, officers, and directors under the Incentive Plan. RSUs and RSAs vest upon service-based criteria and performance-based criteria. Generally, service-based RSUs and RSAs vest over a four -year period in equal annual installments commencing upon the first anniversary of the grant date. RSUs and RSAs are valued based on the current value of the Company's closing stock price on the date of grant less the present value of future expected dividends discounted at the risk-free interest rate. Performance restricted stock units and awards. In March 2017, the Company awarded 146,964 performance-based RSUs ("PRSUs"). Vesting of the PRSUs is dependent upon the achievement of certain financial criteria and cliff vest on January 31, 2020. The Company records stock-based compensation related to PRSUs when it is Note 9. Stock-based compensation (continued) considered probable that the performance conditions will be met. Issuance of the underlying shares occurs at vesting. The Company believes it is probable that the PRSUs will vest at least in part. The vesting of the PRSUs will ultimately range from 0% to 150% of the number of shares underlying the PRSU grant based on the level of achievement of the performance goals. In March 2018, the Company awarded 227,760 performance-based RSAs ("PRSAs"). Vesting of the PRSAs is dependent upon the achievement of certain financial criteria and cliff vest on January 31, 2021. The Company records stock-based compensation related to PRSAs when it is considered probable that the performance conditions will be met. Issuance of the underlying shares occured at the grant date. The Company believes it is probable that the PRSAs will vest at least in part. The vesting of the PRSAs will ultimately range from 0% to 200% based on the level of achievement of the performance goals. The PRSAs were issued at the 200% level of achievement. As the underlying shares were issued at grant date, they are subject to clawback based on actual Company performance. In March 2019, the Company awarded 129,963 PRSUs. Vesting of the PRSUs is dependent upon the achievement of certain financial criteria and cliff vest on January 31, 2022. The Company records stock-based compensation related to PRSUs when it is considered probable that the performance conditions will be met. Issuance of the underlying shares occurs at vesting. The Company believes it is probable that the PRSUs will vest at least in part. The vesting of the PRSUs will ultimately range from 0% to 200% of the number of shares underlying the PRSU grant based on the level of achievement of the performance goals. A summary of the RSU and RSA activity is as follows: RSUs and PRSUs RSAs and PRSAs (in thousands, except weighted-average grant date fair value) Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Outstanding as of January 31, 2019 648 $ 55.20 256 $ 61.93 Granted 421 73.02 — — Vested (94 ) 52.35 (11 ) 62.75 Forfeited (19 ) 54.48 (10 ) 61.72 Outstanding as of April 30, 2019 956 $ 63.33 235 $ 61.91 For the three months ended April 30, 2019 , the aggregate intrinsic value of RSUs and RSAs vested was $6.9 million and $0.8 million , respectively. For the three months ended April 30, 2018 , the aggregate intrinsic value of RSUs vested was $2.9 million . Total unrecorded stock-based compensation expense as of April 30, 2019 associated with RSUs and PRSUs was $52.0 million , which is expected to be recognized over a weighted-average period of 2.8 years . Total unrecorded stock-based compensation expense as of April 30, 2019 associated with RSAs and PRSAs was $6.2 million , which is expected to be recognized over a weighted-average period of 2.1 years . |
Fair value
Fair value | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value | 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; and • Level 3—unobservable inputs based on the Company’s own assumptions. Note 10. Fair Value (continued) Level 1 instruments are valued based on publicly available daily net asset values. Level 1 instruments consist primarily of marketable equity securities. 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: April 30, 2019 (in thousands) Level 1 Level 2 Level 3 Other investments: Marketable equity securities $ 77,356 $ — $ — The Company did not have any assets measured at fair value on a recurring basis as of January 31, 2019. The Company has classified cash and cash equivalents and marketable equity securities as Level 1 in the fair value hierarchy. |
Summary of business and signi_2
Summary of business and significant accounting policies (Policies) | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Principles of consolidation | Principles of consolidation The condensed consolidated financial statements include the accounts of HealthEquity, Inc. and its wholly owned subsidiaries, HealthEquity Trust Company, HEQ Insurance Services, Inc., HealthEquity Advisors, LLC and HealthEquity Retirement Services, LLC (collectively referred to as the "Company"). The Company has a 4% ownership interest in a public company that is a leader in administering Consumer-Directed Benefits. The Company measures the investment at fair value, and all gains and losses on the investment, realized and unrealized, are recognized in other income (expense), net in the consolidated statements of operations and comprehensive income. The investment was valued at $77.4 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. The Company has a 22% ownership interest in a limited partnership for investment in and the management of early stage companies in the healthcare industry; this partnership interest is accounted for using the equity method of accounting. The investment was approximately $0.2 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. The Company has a 1% ownership interest in a limited partnership that engages in the development of technology-based financial healthcare products. The Company elected the measurement alternative for non-marketable equity investments to account for the investment. The investment was valued at $0.5 million as of April 30, 2019 and is included in other investments on the accompanying condensed consolidated balance sheet. Acquisitions of businesses are accounted for as business combinations, and accordingly, the results of operations of acquired businesses are included in the condensed consolidated financial statements from the date of acquisition. All significant intercompany balances and transactions have been eliminated. |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements as of April 30, 2019 and for the three months ended April 30, 2019 and 2018 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 annual 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, 2019 . The fiscal year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. |
Leases | Leases. The Company determines if a contract contains a lease at inception or any modification of the contract. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a specified period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company has entered into various operating leases consisting of office space and data storage facilities with remaining lease terms of approximately 3 to 12 years, often with one or more Company options to renew. These renewal terms can extend the lease term from 3 to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. Leases with an expected term of 12 months or less at commencement are not accounted for on the balance sheet. All operating lease expense is recognized on a straight-line basis over the expected lease term. Certain leases also include obligations to pay for non-lease services, such as utilities and common area maintenance. The services are accounted for separately from lease components, and the Company allocates payments to the lease and other services components based on estimated stand-alone prices. Operating lease right-of-use ("ROU") assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the rate implicit in each lease is not readily determinable, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Company used its incremental borrowing rate on February 1, 2019 for all leases that commenced prior to that date. Operating leases are included in Operating lease right-of-use assets, Operating lease liabilities and Operating lease liabilities, non-current on the condensed consolidated balance sheets beginning February 1, 2019. |
Investments | Investments. Marketable equity securities are strategic equity investments with readily determinable fair values and for which the Company does not have the ability to exercise significant influence are accounted for at fair value and are classified as other investments on the condensed consolidated balance sheets. All gains and losses on these investments, realized and unrealized, are recognized in other income (expense), net in the consolidated statements of operations and comprehensive income. Non-marketable equity securities are strategic equity investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence are accounted for using the measurement alternative and are classified as other investments on the condensed consolidated balance sheets. All gains and losses on these investments, realized and unrealized, are recognized in other income (expense), net on the consolidated statements of operations and comprehensive income. Equity method investments are equity securities in investees the Company does not control but over which the Company has the ability to exercise significant influence. Equity-method investments are included in other investments on the condensed consolidated balance sheets. The Company's share of the earnings or losses as reported by equity-method investees, amortization of basis differences, and related gains or losses, if any, are recognized in other income (expense), net on the consolidated statements of operations and comprehensive income. The Company assesses whether an other-than-temporary impairment loss on equity method investments and an impairment loss on non-marketable equity securities has occurred due to declines in fair value or other market conditions. If any impairment is considered other than temporary for equity method investments or impairment is identified for non-marketable equity securities, the Company will write down the investment to its fair value and record the corresponding charge through other income (expense), net in the consolidated statements of operations and comprehensive income. See Note 3—Supplemental financial statement information for additional information. |
Recent accounting pronouncements | Recent adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (codified as "ASC 842"), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. ASC 842 requires that a lessee recognize a liability to make lease payments (the lease liability) and a ROU asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASC 842 on February 1, 2019 using the modified retrospective transition method with the adoption date as the date of initial application. Consequently, prior period balances and disclosures have not been restated. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The adoption of ASC 842 on February 1, 2019 resulted in the recognition on the Company's condensed consolidated balance sheet of both operating lease liabilities of $40.6 million and ROU assets of $38.0 million , which equals the lease liabilities net of accrued rent previously recorded on its consolidated balance sheet under previous guidance. The adoption of ASC 842 did not have an impact on the Company's condensed consolidated statement of operations, stockholders’ equity and cash flows for the three-month period ended April 30, 2019 . Recent issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires financial assets measured at amortized cost be presented at the net amount expected to be collected. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company does not plan to early adopt this ASU. The Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test. As a result, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units' fair value. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the timing of adoption; however, it does not believe this ASU will have a material impact on the Company's consolidated financial statements. In August 2018, FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, "Fair Value Measurement." ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. As this relates to disclosure only, the Company believes the adoption of this ASU will not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This ASU allows the capitalization of implementation costs incurred in a hosting arrangement. This ASU is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the potential effect of this ASU on the consolidated financial statements. |
Net income per share (Tables)
Net income per share (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
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, 2019 2018 Numerator (basic and diluted): Net income $ 41,822 $ 22,577 Denominator (basic): Weighted-average common shares outstanding 62,326 61,170 Denominator (diluted): Weighted-average common shares outstanding 62,326 61,170 Weighted-average dilutive effect of stock options and restricted stock units 1,575 1,523 Diluted weighted-average common shares outstanding 63,901 62,693 Net income per share: Basic $ 0.67 $ 0.37 Diluted $ 0.65 $ 0.36 |
Supplemental financial statem_2
Supplemental financial statement information (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and equipment | Property and equipment consisted of the following as of April 30, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Leasehold improvements $ 3,753 $ 3,583 Furniture and fixtures 4,828 4,476 Computer equipment 9,839 9,242 Property and equipment, gross 18,420 17,301 Accumulated depreciation (9,939 ) (9,078 ) Property and equipment, net $ 8,481 $ 8,223 |
Other investments | Other investments consisted of the following equity investments as of April 30, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Marketable equity securities, at fair value $ 77,356 $ — Non-marketable equity securities 500 500 Equity method investments 209 209 Total equity investments $ 78,065 $ 709 |
Other income (expense), net | Other income (expense), net, consisted of the following: Three months ended April 30, (in thousands) 2019 2018 Interest income, net $ 1,280 $ 191 Unrealized gain on marketable equity securities 23,511 — Acquisition-related costs (1,184 ) (1 ) Other (7 ) (191 ) Total other income (expense), net $ 23,600 $ (1 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Leases [Abstract] | |
Lease cost | The components of operating lease costs, lease term and discount rate are as follows: Three months ended (in thousands, except for term and percentages) April 30, 2019 Operating lease expense $ 1,074 Weighted average remaining lease term 11.49 years Weighted average discount rate 4.37 % Supplemental cash flow information related to the Company's operating leases was as follows: Three months ended (in thousands) April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 977 ROU assets obtained in exchange for new operating lease obligations $ 199 |
Operating lease liability maturity schedule | Maturities of operating lease liabilities as of April 30, 2019 were as follows: Fiscal year ending January 31, (in thousands) Operating leases Remaining 2020 $ 2,865 2021 4,105 2022 4,205 2023 4,233 2024 4,288 Thereafter 31,930 Total lease payments 51,626 Less imputed interest (11,597 ) Present value of lease liabilities $ 40,029 Current $ 3,786 Non-current 36,243 Total lease liabilities $ 40,029 |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
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, 2019 and January 31, 2019 : (in thousands) April 30, 2019 January 31, 2019 Amortized intangible assets: Capitalized software development costs $ 44,328 $ 40,583 Software 6,162 4,252 Other intangible assets 2,882 2,882 Acquired intangible member assets 85,110 85,110 Intangible assets, gross 138,482 132,827 Accumulated amortization (57,045 ) (53,161 ) Intangible assets, net $ 81,437 $ 79,666 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
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) 2019 2018 Cost of revenue $ 860 $ 413 Sales and marketing 1,007 705 Technology and development 1,499 991 General and administrative 2,662 2,130 Total stock-based compensation expense $ 6,028 $ 4,239 |
Summary of stock-based compensation expense by award type | The following table shows stock-based compensation by award type: Three months ended April 30, (in thousands) 2019 2018 Stock options $ 1,783 $ 1,764 Performance stock options — 153 Restricted stock units 2,926 1,542 Performance restricted stock units 651 514 Restricted stock awards 163 55 Performance restricted stock awards 505 211 Total stock-based compensation expense $ 6,028 $ 4,239 |
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, 2019 2018 Expected dividend yield — % — % Expected stock price volatility 35.98% - 36.53% 37.84 % Risk-free interest rate 2.21% - 2.43% 2.52% - 2.68% Expected life of options 4.95 - 5.09 years 5.17 - 6.25 years |
Summary of stock option activity | A summary of stock option activity 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, 2019 2,444 $0.10 - 82.39 $ 27.37 6.74 $ 85,971 Granted 108 $63.64 - 73.61 $ 73.27 Exercised (178 ) $0.10 - 44.53 $ 24.49 Forfeited (18 ) $24.36 - 44.53 $ 30.92 Outstanding as of April 30, 2019 2,356 $0.10 - 82.39 $ 29.66 6.62 $ 90,701 Vested and expected to vest as of April 30, 2019 2,356 $ 29.66 6.62 $ 90,701 Exercisable as of April 30, 2019 1,503 $ 21.82 5.91 $ 69,042 |
Summary of restricted stock unit activity | A summary of the RSU and RSA activity is as follows: RSUs and PRSUs RSAs and PRSAs (in thousands, except weighted-average grant date fair value) Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Outstanding as of January 31, 2019 648 $ 55.20 256 $ 61.93 Granted 421 73.02 — — Vested (94 ) 52.35 (11 ) 62.75 Forfeited (19 ) 54.48 (10 ) 61.72 Outstanding as of April 30, 2019 956 $ 63.33 235 $ 61.91 |
Fair value (Tables)
Fair value (Tables) | 3 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | 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: April 30, 2019 (in thousands) Level 1 Level 2 Level 3 Other investments: Marketable equity securities $ 77,356 $ — $ — |
Summary of business and signi_3
Summary of business and significant accounting policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Feb. 01, 2019 | Jan. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity securities investment ownership percentage | 4.00% | ||
Marketable equity securities, at fair value | $ 77,356 | $ 0 | |
Equity method investment ownership percentage | 22.00% | ||
Equity method investments | $ 209 | 209 | |
Cost method investment ownership percentage | 1.00% | ||
Non-marketable equity securities | $ 500 | $ 500 | |
Operating lease liabilities | 40,029 | ||
Operating lease right of use asset | $ 37,367 | ||
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Remaining operating lease terms | 3 years | ||
Lease renewal terms extension | 3 years | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Remaining operating lease terms | 12 years | ||
Lease renewal terms extension | 10 years | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | $ 40,600 | ||
Operating lease right of use asset | $ 38,000 |
Net income per share (Details)
Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Numerator (basic and diluted): | ||
Net income | $ 41,822 | $ 22,577 |
Denominator (basic): | ||
Weighted-average common shares outstanding (in shares) | 62,326 | 61,170 |
Denominator (diluted): | ||
Weighted-average common shares outstanding (in shares) | 62,326 | 61,170 |
Weighted-average dilutive effect of stock options and restricted stock units (in shares) | 1,575 | 1,523 |
Diluted weighted-average common shares outstanding (in shares) | 63,901 | 62,693 |
Net income per share: | ||
Basic (in usd per share) | $ 0.67 | $ 0.37 |
Diluted (in usd per share) | $ 0.65 | $ 0.36 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 200 | 200 |
Supplemental financial statem_3
Supplemental financial statement information (Property and equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 18,420 | $ 17,301 | |
Accumulated depreciation | (9,939) | (9,078) | |
Property and equipment, net | 8,481 | 8,223 | |
Depreciation expense | 900 | $ 800 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,753 | 3,583 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,828 | 4,476 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 9,839 | $ 9,242 |
Supplemental financial statem_4
Supplemental financial statement information (Other investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Marketable equity securities, at fair value | $ 77,356 | $ 0 | |
Non-marketable equity securities | 500 | 500 | |
Equity method investments | 209 | 209 | |
Total equity investments | 78,065 | $ 709 | |
Unrealized gain on marketable equity securities | $ 23,511 | $ 0 |
Supplemental financial statem_5
Supplemental financial statement information (Other income (expense), net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest income, net | $ 1,280 | $ 191 |
Unrealized gain on marketable equity securities | 23,511 | 0 |
Acquisition-related costs | (1,184) | (1) |
Other | (7) | (191) |
Total other income (expense), net | $ 23,600 | $ (1) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease not yet commenced undiscounted amount | $ 17.1 |
Operating lease not yet commenced term of contract | 11 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining operating lease terms | 3 years |
Lease renewal terms extension | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining operating lease terms | 12 years |
Lease renewal terms extension | 10 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 1,074 |
Weighted average remaining lease term | 11 years 5 months 26 days |
Weighted average discount rate | 4.37% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Leases [Abstract] | |
Remaining 2020 | $ 2,865 |
2021 | 4,105 |
2022 | 4,205 |
2023 | 4,233 |
2024 | 4,288 |
Thereafter | 31,930 |
Total lease payments | 51,626 |
Less imputed interest | (11,597) |
Total lease liabilities | 40,029 |
Operating lease liabilities | 3,786 |
Operating lease liabilities, non-current | $ 36,243 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 977 |
ROU assets obtained in exchange for new operating lease obligations | $ 199 |
Intangible assets and goodwil_2
Intangible assets and goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Capitalized software development costs | $ 3,700,000 | $ 2,100,000 |
Software development costs incurred and expensed | 3,900,000 | 3,200,000 |
Amortization expense | 3,900,000 | 3,700,000 |
Change in goodwill | $ 0 | $ 0 |
Intangible assets and goodwil_3
Intangible assets and goodwill (Schedule of finite-lived intangible assets) (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 138,482 | $ 132,827 |
Accumulated amortization | (57,045) | (53,161) |
Intangible assets, net | 81,437 | 79,666 |
Capitalized software development costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 44,328 | 40,583 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 6,162 | 4,252 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 2,882 | 2,882 |
Acquired intangible member assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 85,110 | $ 85,110 |
Indebtedness (Details)
Indebtedness (Details) - Line of Credit - Secured Revolving Credit Facility | Sep. 30, 2015USD ($) | Apr. 30, 2019USD ($) |
Debt Instrument [Line Items] | ||
Secured revolving credit facility, aggregate principal | $ 100,000,000 | |
Facility term | 5 years | |
Amounts drawn under Credit Agreement | $ 0 | |
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, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision (benefit) | $ 9,456 | $ (2,038) | |
Effective tax rate - (benefit) expense | 18.40% | (9.90%) | |
Decrease in effective tax rate, primarily due to excess tax benefit on stock-based compensation expense | 4.50% | 31.80% | |
Unrecognized tax benefits | $ 1,900 | $ 1,700 | |
Unrecognized tax benefits that would impact the effective tax rate | $ 1,700 |
Stock-based compensation (Summa
Stock-based compensation (Summary of share based compensation recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 6,028 | $ 4,239 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 860 | 413 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,007 | 705 |
Technology and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,499 | 991 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,662 | $ 2,130 |
Stock-based compensation (Stock
Stock-based compensation (Stock-based compensation expense by award type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 6,028 | $ 4,239 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,783 | 1,764 |
Performance stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 0 | 153 |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,926 | 1,542 |
Performance restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 651 | 514 |
Restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 163 | 55 |
Performance restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 505 | $ 211 |
Stock-based compensation (Narra
Stock-based compensation (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 2,600,000 | ||||
Percentage of capital stock | 3.00% | ||||
Expected dividend yield | 0.00% | 0.00% | |||
Unrecognized stock compensation expense to be recognized in future | $ 12.4 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Forfeiture period | 90 days | ||||
Weighted-average vesting period of non-vested awards expected to vest | 1 year 11 months | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average vesting period of non-vested awards expected to vest | 2 years 10 months | ||||
Award vesting period | 4 years | ||||
Performance units awards (in shares) | 421,000 | ||||
Aggregate intrinsic value | $ 6.9 | $ 2.9 | |||
Unrecognized stock-based compensation expense related to restricted stock units to be recognized in future | $ 52 | ||||
Performance restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance units awards (in shares) | 129,963 | 146,964 | |||
Performance restricted stock units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights percentage | 0.00% | 0.00% | |||
Performance restricted stock units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights percentage | 200.00% | 150.00% | |||
Performance restricted stock awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance units awards (in shares) | 227,760 | ||||
Performance restricted stock awards | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights percentage | 0.00% | ||||
Performance restricted stock awards | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights percentage | 200.00% | ||||
Restricted stock awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average vesting period of non-vested awards expected to vest | 2 years 1 month | ||||
Award vesting period | 4 years | ||||
Performance units awards (in shares) | 0 | ||||
Aggregate intrinsic value | $ 0.8 | ||||
Unrecognized stock-based compensation expense related to restricted stock units to be recognized in future | $ 6.2 |
Stock-based compensation (Assum
Stock-based compensation (Assumptions) (Details) | 3 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 37.84% | |
Expected stock price volatility, minimum | 35.98% | |
Expected stock price volatility, maximum | 36.53% | |
Risk-free interest rate, minimum | 2.21% | 2.52% |
Risk-free interest rate, maximum | 2.43% | 2.68% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life of options | 4 years 11 months 12 days | 5 years 2 months 1 day |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life of options | 5 years 1 month 2 days | 6 years 3 months |
Stock-based compensation (Sto_2
Stock-based compensation (Stock option activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Jan. 31, 2019 | |
Number of options (shares) | ||
Opening balance (shares) | 2,444 | |
Granted (shares) | 108 | |
Exercised (shares) | (178) | |
Forfeited (shares) | (18) | |
Ending balance (shares) | 2,356 | 2,444 |
Range of exercise prices (usd per share) | ||
Beginning balance, minimum (usd per share) | $ 0.10 | |
Beginning balance, maximum (usd per share) | 82.39 | |
Granted, minimum (usd per share) | 63.64 | |
Granted, maximum (usd per share) | 73.61 | |
Exercised, minimum (usd per share) | 0.10 | |
Exercised, maximum (usd per share) | 44.53 | |
Forfeited, minimum (usd per share) | 24.36 | |
Forfeited, maximum (usd per share) | 44.53 | |
Ending balance, minimum (usd per share) | 0.10 | $ 0.10 |
Ending balance, maximum (usd per share) | 82.39 | 82.39 |
Weighted- average exercise price (usd per share) | ||
Opening balance (usd per share) | 27.37 | |
Granted (usd per share) | 73.27 | |
Exercised (usd per share) | 24.49 | |
Forfeited (usd per share) | 30.92 | |
Ending balance (usd per share) | $ 29.66 | $ 27.37 |
Weighted- average contractual term (in years) | 6 years 7 months 13 days | 6 years 8 months 26 days |
Aggregate intrinsic value | $ 90,701 | $ 85,971 |
Vested and expected to vest as of year end (in shares) | 2,356 | |
Vested and expected to vest as of year end, weighted average exercise price (usd per share) | $ 29.66 | |
Vested and expected to vest as of year end, weighted average contractual term (in years) | 6 years 7 months 13 days | |
Vested and expected to vest as of year end, aggregate intrinsic value (usd per share) | $ 90,701 | |
Exercisable as of year end (in shares) | 1,503 | |
Exercisable as of year end, weighted-average exercise price (usd per share) | $ 21.82 | |
Exercisable as of year end, weighted-average contractual term (in years) | 5 years 10 months 27 days | |
Exercisable as of year end, aggregate intrinsic value | $ 69,042 |
Stock-based compensation (Restr
Stock-based compensation (Restricted stock unity activity) (Details) shares in Thousands | 3 Months Ended |
Apr. 30, 2019$ / sharesshares | |
RSUs and PRSUs | |
Shares | |
Unvested, beginning balance (in shares) | shares | 648 |
Granted (in shares) | shares | 421 |
Vested (in shares) | shares | (94) |
Forfeited (in shares) | shares | (19) |
Unvested, ending balance (in shares) | shares | 956 |
Weighted-average grant date fair value | |
Unvested, beginning balance (usd per share) | $ / shares | $ 55.20 |
Granted (usd per share) | $ / shares | 73.02 |
Vested (usd per share) | $ / shares | 52.35 |
Forfeited (usd per share) | $ / shares | 54.48 |
Unvested, ending balance (usd per share) | $ / shares | $ 63.33 |
RSAs and PRSAs | |
Shares | |
Unvested, beginning balance (in shares) | shares | 256 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (11) |
Forfeited (in shares) | shares | (10) |
Unvested, ending balance (in shares) | shares | 235 |
Weighted-average grant date fair value | |
Unvested, beginning balance (usd per share) | $ / shares | $ 61.93 |
Granted (usd per share) | $ / shares | 0 |
Vested (usd per share) | $ / shares | 62.75 |
Forfeited (usd per share) | $ / shares | 61.72 |
Unvested, ending balance (usd per share) | $ / shares | $ 61.91 |
Fair value (Details)
Fair value (Details) - Recurring - Marketable equity securities $ in Thousands | Apr. 30, 2019USD ($) |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other investments | $ 77,356 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other investments | 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other investments | $ 0 |
Uncategorized Items - hqy-20190
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 13,007,000 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (356,000) |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 269,000 |