HealthEquity (HQY) 10-Q 9 Dec 24 2025 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 31, 2024	Nov. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-36568
Entity Registrant Name	HEALTHEQUITY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2383166
Entity Address, Address Line One	15 West Scenic Pointe Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Draper,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84020
City Area Code	801
Local Phone Number	727-1000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	HQY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,662,663
Entity Central Index Key	0001428336
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed consolidated balance

Condensed consolidated balance sheets - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Current assets
Cash and cash equivalents	$ 322,163	$ 403,979
Accounts receivable, net of allowance for doubtful accounts of $2,516 and $3,947 as of October 31, 2024 and January 31, 2024, respectively	106,712	104,893
Other current assets	66,371	48,564
Total current assets	495,246	557,436
Property and equipment, net	3,890	6,013
Operating lease right-of-use assets	44,845	48,380
Intangible assets, net	1,228,476	835,948
Goodwill	1,648,145	1,648,145
Other assets	67,745	67,868
Total assets	3,488,347	3,163,790
Current liabilities
Accounts payable	10,352	12,041
Accrued compensation	47,514	49,608
Accrued liabilities	86,725	46,038
Operating lease liabilities	9,948	9,404
Total current liabilities	154,539	117,091
Long-term liabilities
Long-term debt, net of issuance costs	1,081,039	874,972
Operating lease liabilities, non-current	44,202	48,766
Other long-term liabilities	25,275	19,270
Deferred tax liability	58,605	68,670
Total long-term liabilities	1,209,121	1,011,678
Total liabilities	1,363,660	1,128,769
Commitments and contingencies (see Note 5)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively	0	0
Common stock, $0.0001 par value, 900,000 shares authorized, 86,823 and 86,127 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively	9	9
Additional paid-in capital	1,893,088	1,829,384
Accumulated earnings	231,590	205,628
Total stockholders’ equity	2,124,687	2,035,021
Total liabilities and stockholders’ equity	$ 3,488,347	$ 3,163,790

Condensed consolidated balanc_2

Condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,516	$ 3,947
Preferred stock, par value (in 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 (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	900,000,000	900,000,000
Common stock, issued (in shares)	86,823,000	86,127,000
Common stock, outstanding (in shares)	86,823,000	86,127,000

Condensed consolidated statemen

Condensed consolidated statements of operations and comprehensive income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenue
Total revenue	$ 300,432	$ 249,219	$ 887,957	$ 737,200
Cost of revenue
Total cost of revenue	103,406	90,037	299,741	277,883
Gross profit	197,026	159,182	588,216	459,317
Operating expenses
Sales and marketing	22,636	19,656	67,655	58,714
Technology and development	60,189	55,614	174,859	163,573
General and administrative	31,789	27,153	102,285	80,516
Amortization of acquired intangible assets	28,350	23,213	84,876	69,545
Merger integration	34,437	2,655	38,357	8,157
Total operating expenses	177,401	128,291	468,032	380,505
Income from operations	19,625	30,891	120,184	78,812
Other expense
Interest expense	(18,155)	(13,545)	(45,377)	(41,814)
Other income, net	4,748	3,741	11,266	8,325
Total other expense	(13,407)	(9,804)	(34,111)	(33,489)
Income before income taxes	6,218	21,087	86,073	45,323
Income tax provision	515	6,414	15,735	15,975
Net income	5,703	14,673	70,338	29,348
Comprehensive income	$ 5,703	$ 14,673	$ 70,338	$ 29,348
Net income per share:
Basic (in usd per share)	$ 0.07	$ 0.17	$ 0.81	$ 0.34
Diluted (in usd per share)	$ 0.06	$ 0.17	$ 0.79	$ 0.34
Weighted-average number of shares used in computing net income per share:
Basic (in shares)	87,193	85,697	86,935	85,424
Diluted (in shares)	88,634	87,122	88,699	86,707
Service
Revenue
Total revenue	$ 119,174	$ 114,082	$ 354,108	$ 337,115
Cost of revenue
Total cost of revenue	86,860	75,721	246,122	233,498
Custodial
Revenue
Total revenue	140,953	100,005	401,281	281,161
Cost of revenue
Total cost of revenue	10,241	8,029	29,406	24,104
Interchange
Revenue
Total revenue	40,305	35,132	132,568	118,924
Cost of revenue
Total cost of revenue	$ 6,305	$ 6,287	$ 24,213	$ 20,281

Condensed consolidated statem_2

Condensed consolidated statements of stockholders' equity (unaudited) - USD ($) $ in Thousands	Total	Common stock:	Additional paid-in capital:	Accumulated earnings
Beginning balance at Jan. 31, 2023	$ 1,895,640	$ 8	$ 1,745,716	$ 149,916
Stockholders' Equity
Issuance of common stock upon exercise of stock options, and for restricted stock		1	3,040
Stock-based compensation			59,939
Repurchases of common stock			0	0
Net income	29,348			29,348
Ending balance at Oct. 31, 2023	1,987,968	9	1,808,695	179,264
Beginning balance at Jul. 31, 2023	1,949,614	9	1,785,014	164,591
Stockholders' Equity
Issuance of common stock upon exercise of stock options, and for restricted stock		0	2,019
Stock-based compensation			21,662
Repurchases of common stock			0	0
Net income	14,673			14,673
Ending balance at Oct. 31, 2023	1,987,968	9	1,808,695	179,264
Beginning balance at Jan. 31, 2024	2,035,021	9	1,829,384	205,628
Stockholders' Equity
Issuance of common stock upon exercise of stock options, and for restricted stock		0	4,624
Stock-based compensation			74,717
Repurchases of common stock	(60,013)		(15,637)	(44,376)
Net income	70,338			70,338
Ending balance at Oct. 31, 2024	2,124,687	9	1,893,088	231,590
Beginning balance at Jul. 31, 2024	2,157,037	9	1,886,765	270,263
Stockholders' Equity
Issuance of common stock upon exercise of stock options, and for restricted stock		0	837
Stock-based compensation			21,123
Repurchases of common stock	(60,013)		(15,637)	(44,376)
Net income	5,703			5,703
Ending balance at Oct. 31, 2024	$ 2,124,687	$ 9	$ 1,893,088	$ 231,590

Condensed consolidated statem_3

Condensed consolidated statements of cash flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities:
Net income	$ 70,338	$ 29,348
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	123,269	115,167
Stock-based compensation	74,717	59,939
Amortization of debt discount and issuance costs	1,805	2,150
Loss on extinguishment of debt	1,576	1,157
Deferred taxes	(10,065)	(15,928)
Changes in operating assets and liabilities:
Accounts receivable, net	(1,819)	654
Other assets	(11,672)	(12,820)
Operating lease right-of-use assets	5,004	8,241
Accrued compensation	(3,161)	(14,829)
Accounts payable, accrued liabilities, and other current liabilities	24,757	(2,363)
Operating lease liabilities, non-current	(5,796)	(9,966)
Other long-term liabilities	(4,845)	5,003
Net cash provided by operating activities	264,108	165,753
Cash flows from investing activities:
Purchases of software and capitalized software development costs	(37,900)	(30,413)
Purchases of property and equipment	(1,756)	(1,134)
Acquisitions of HSA portfolios	(452,241)	(3,257)
Net cash used in investing activities	(491,897)	(34,804)
Cash flows from financing activities:
Proceeds from long-term debt	736,875	0
Principal payments on long-term debt	(536,875)	(54,375)
Payment of debt issuance costs	(3,748)	0
Repurchases of common stock	(58,513)	0
Settlement of client-held funds obligation, net	3,188	(183)
Proceeds from exercise of common stock options	5,046	3,404
Net cash provided by (used in) financing activities	145,973	(51,154)
Increase (decrease) in cash and cash equivalents	(81,816)	79,795
Beginning cash and cash equivalents	403,979	254,266
Ending cash and cash equivalents	322,163	334,061
Supplemental cash flow data:
Interest expense paid in cash	50,203	44,194
Income tax payments, net	23,817	24,777
Supplemental disclosures of non-cash investing and financing activities:
Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation	4,754	2,882
Purchases of property and equipment included in accounts payable or accrued liabilities	106	98
Repurchases of common stock included in accrued liabilities	1,500	0
Non-cash purchase consideration related to acquisitions of HSA portfolios	20,325	0
Exercise of common stock options receivable	$ 7	$ 19

Summary of business and signifi

Summary of business and significant accounting policies	9 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of business and significant accounting policies	Summary of business and significant accounting policies Business HealthEquity, Inc. ("HealthEquity" or the "Company") was incorporated in the state of Delaware on September 18, 2002. HealthEquity is a leader in administering health savings accounts (“HSAs”) and complementary consumer-directed benefits (“CDBs”), which empower consumers to access tax-advantaged healthcare savings while also providing corporate tax advantages for employers. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications relate primarily to recordkeeping and advisory fees associated with HSA investments, which were reclassified from custodial revenue to service revenue to better align the Company's financial statement presentation with the underlying drivers of the Company's revenue streams. The Company also reclassified certain immaterial personnel-related costs from custodial costs to service costs or general and administrative costs. The reclassifications had no impact on the Company's total revenue, income from operations, net income, cash flows, or stockholders' equity. The following table presents the impact of the reclassifications: Three months ended October 31, 2023 Nine months ended October 31, 2023 (in thousands) Prior presentation Reclassifications Current presentation Prior presentation Reclassifications Current presentation Service revenue $ 107,512 $ 6,570 $ 114,082 $ 318,343 $ 18,772 $ 337,115 Custodial revenue 106,575 (6,570) 100,005 299,933 (18,772) 281,161 Interchange revenue 35,132 — 35,132 118,924 — 118,924 Total revenue 249,219 — 249,219 737,200 — 737,200 Total cost of revenue 90,811 (774) 90,037 280,036 (2,153) 277,883 Gross profit 158,408 774 159,182 457,164 2,153 459,317 Total operating expenses 127,517 774 128,291 378,352 2,153 380,505 Total other expense (9,804) — (9,804) (33,489) — (33,489) Income tax provision 6,414 — 6,414 15,975 — 15,975 Net income $ 14,673 $ — $ 14,673 $ 29,348 $ — $ 29,348 Principles of consolidation The Company consolidates entities in which the Company has a controlling financial interest, which includes all of its wholly owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Basis of presentation The accompanying condensed consolidated financial statements as of October 31, 2024 and for the three and nine months ended October 31, 2024 and 2023 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 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 fiscal year ended January 31, 2024. 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 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Recently adopted accounting pronouncements None. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of other segment items, interim disclosure of a reportable segment’s profit or loss and assets, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU requires public companies with a single reportable segment to provide the segment disclosures required by Topic 280 and will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the ASU to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the ASU to determine its impact on our income tax disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses . The ASU requires a public business entity to disclose additional information about specific expense categories in the notes to the financial statements for interim and annual reporting periods. The ASU is effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our disclosures.

Net income per share

Net income per share	9 Months Ended
	Oct. 31, 2024
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: Three months ended October 31, Nine months ended October 31, (in thousands, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income $ 5,703 $ 14,673 $ 70,338 $ 29,348 Denominator (basic): Weighted-average common shares outstanding 87,193 85,697 86,935 85,424 Denominator (diluted): Weighted-average common shares outstanding 87,193 85,697 86,935 85,424 Weighted-average dilutive effect of stock options and restricted stock units 1,441 1,425 1,764 1,283 Diluted weighted-average common shares outstanding 88,634 87,122 88,699 86,707 Net income per share: Basic $ 0.07 $ 0.17 $ 0.81 $ 0.34 Diluted $ 0.06 $ 0.17 $ 0.79 $ 0.34 For the three months ended October 31, 2024 and 2023, 0.1 million and 0.6 million shares, respectively, attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted net income per share as their inclusion would have been anti-dilutive. For the nine months ended October 31, 2024 and 2023, 0.1 million and 1.0 million shares, respectively, attributable to outstanding stock options and restricted stock units were excluded from the calculation of diluted net income per share as their inclusion would have been anti-dilutive.

Supplemental financial statemen

Supplemental financial statement information	9 Months Ended
	Oct. 31, 2024
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 consisted of the following: Prepaid expenses As of October 31, 2024 and January 31, 2024, the Company had prepaid expenses of $42.1 million and $31.2 million, respectively, which are included within other current assets on the Company's condensed consolidated balance sheets. Property and equipment Property and equipment consisted of the following: (in thousands) October 31, 2024 January 31, 2024 Leasehold improvements $ 13,879 $ 14,455 Furniture and fixtures 6,707 7,087 Computer equipment 22,921 25,489 Property and equipment, gross 43,507 47,031 Accumulated depreciation (39,617) (41,018) Property and equipment, net $ 3,890 $ 6,013 Depreciation expense was $1.0 million and $3.7 million for the three and nine months ended October 31, 2024, respectively, and $1.8 million and $6.4 million for the three and nine months ended October 31, 2023, respectively. Contract balances The Company does not recognize revenue until its right to consideration is unconditional and therefore has no related contract assets. The Company records a receivable when revenue is recognized prior to payment and the Company has unconditional right to payment. Alternatively, when payment precedes the related services, the Company records a contract liability, or deferred revenue, until its performance obligations are satisfied. As of October 31, 2024 and January 31, 2024, the balance of deferred revenue was $19.2 million and $6.2 million, respectively. The balance as of October 31, 2024 relates primarily to a contract with a depository partner, which the Company assumed in conjunction with the BenefitWallet HSA portfolio acquisition, as described in Note 5—Commitments and contingencies. The remainder of the balances as of October 31, 2024 and January 31, 2024 relates to cash received in advance for interchange and custodial revenue arrangements, other up-front fees and other commuter deferred revenue. The Company expects to recognize approximately 61% of its balance of deferred revenue as revenue over the next 12 months and the remainder thereafter. Amounts expected to be recognized as revenue within a period of 12 months or less are classified as accrued liabilities on the Company's condensed consolidated balance sheets, with the remainder included within other long-term liabilities. Revenue recognized during the three and nine months ended October 31, 2024 that was included in the balance of deferred revenue as of January 31, 2024 was $1.1 million and $3.9 million, respectively. The Company expects to satisfy its remaining obligations for these arrangements. Leases The components of operating lease costs were as follows: Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Operating lease expense $ 2,250 $ 2,323 $ 6,875 $ 7,289 Sublease income (987) (813) (2,944) (1,795) Net operating lease expense $ 1,263 $ 1,510 $ 3,931 $ 5,494 Other income, net Other income, net, consisted of the following: Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Interest income $ 3,897 $ 3,713 $ 10,881 $ 7,795 Other income, net 851 28 385 530 Total other income, net $ 4,748 $ 3,741 $ 11,266 $ 8,325 Interest expense Based on the application of Accounting Standards Codification ("ASC") 470-50, Debt - Modifications and Extinguishments , the Company recorded $1.6 million and $1.2 million of loss on extinguishment of debt during the nine months ended October 31, 2024 and 2023, respectively, which is included within interest expense in the condensed consolidated statements of operations and comprehensive income. Supplemental cash flow information Supplemental cash flow information related to the Company's operating leases was as follows: Nine months ended October 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,354 $ 8,174 Right-of-use assets obtained in exchange for lease obligations $ 1,469 $ 2,109

Intangible assets and goodwill

Intangible assets and goodwill	9 Months Ended
	Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and goodwill	Intangible assets and goodwill Intangible assets The gross carrying amount and associated accumulated amortization of intangible assets were as follows: October 31, 2024 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Software and software development costs $ 298,052 $ (223,104) $ 74,948 Acquired HSA portfolios 737,011 (112,323) 624,688 Acquired customer relationships 759,782 (243,896) 515,886 Acquired developed technology 132,825 (119,871) 12,954 Acquired trade names 12,900 (12,900) — Total amortizable intangible assets $ 1,940,570 $ (712,094) $ 1,228,476 January 31, 2024 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Software and software development costs $ 267,498 $ (197,388) $ 70,110 Acquired HSA portfolios 264,445 (81,059) 183,386 Acquired customer relationships 759,782 (205,127) 554,655 Acquired developed technology 132,825 (105,049) 27,776 Acquired trade names 12,900 (12,879) 21 Total amortizable intangible assets $ 1,437,450 $ (601,502) $ 835,948 Amortization expense was $39.7 million and $119.5 million for the three and nine months ended October 31, 2024, respectively, and $36.0 million and $108.8 million for the three and nine months ended October 31, 2023, respectively. Goodwill There were no changes to the carrying value of goodwill during the nine months ended October 31, 2024.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Commitments The Company’s principal commitments consist of long-term debt, operating lease obligations for office space and data storage facilities, processing services agreements, software subscriptions, and other contractual commitments. In September 2023, the Company entered into an agreement to acquire the BenefitWallet HSA portfolio from Conduent Business Services, LLC ("Conduent"). The transfer closed in a series of three tranches, as presented in the following table: Transfers to HealthEquity Applicable purchase price (in thousands, except HSA Assets) HSAs HSA Assets Paid using cash on hand Paid using borrowings under the Prior Revolving Credit Facility Total purchase price March 7, 2024 266 $ 1,071 $ 163,974 $ — $ 163,974 April 11, 2024 134 555 34,925 50,000 84,925 May 9, 2024 216 1,047 1,101 175,000 176,101 Total 616 $ 2,673 $ 200,000 $ 225,000 $ 425,000 The BenefitWallet HSA portfolio acquisition was accounted for as an asset acquisition, and related acquisition costs were capitalized as part of the cost of the asset, which is included within intangible assets, net, on the Company's condensed consolidated balance sheet. The Company capitalized $27.2 million of transaction costs associated with the acquisition during the nine months ended October 31, 2024, which includes the reimbursement of $20.0 million of Conduent's transfer-related expenses. In addition, in May 2024, the Company assumed a contract with a depository partner representing approximately 7% of the total HSA Assets added through the acquisition, which provides a custodial yield that is below current market rates and expires in June 2026. The Company recorded deferred revenue of $20.3 million in May 2024 as a result of the assumed contract, which will be recorded as an increase to custodial revenue over the life of the assumed contract. On November 27, 2024, the Company agreed to pay $30.0 million to settle a lawsuit related to a lease termination, as described below in the section entitled "Legal matters." There were no other material changes during the nine months ended October 31, 2024, outside of the ordinary course of business, in the Company's commitments from those disclosed in its Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Legal matters In April 2021, WageWorks, Inc. ("WageWorks"), a wholly owned subsidiary of the Company, exercised its right to terminate a lease for office space in Mesa, Arizona that had not yet commenced, with aggregate lease payments of $63.1 million and a term of approximately 11 years, following the landlord's failure to fulfill its obligations under the lease agreement (the "Lease"). WageWorks' right to terminate the Lease was disputed by the landlord, Union Mesa 1, LLC (“Union Mesa”), which claimed that the Lease had commenced on December 1, 2020. On November 5, 2021, Union Mesa notified WageWorks that it was in default of the Lease for failure to pay rent, which Union Mesa claimed was due beginning in November 2021, after 11 months of abated rent. On November 24, 2021, Union Mesa drew $2.8 million, the full amount under the letter of credit that WageWorks had posted to secure its obligations under the Lease. On December 1, 2021, WageWorks filed a lawsuit against Union Mesa in the Maricopa County Superior Court in the State of Arizona. On January 4, 2022, WageWorks filed an amended complaint, seeking a declaratory judgment that the Lease was properly terminated and recourse against Union Mesa for breach of contract, breach of the duty of good faith and fair dealing, and conversion, including return of the funds drawn under the letter of credit. On November 27, 2024, the parties agreed to settle the lawsuit, with Union Mesa retaining the $2.8 million from the letter of credit and HealthEquity and WageWorks jointly agreeing to pay an additional $30.0 million to Union Mesa. The $30.0 million settlement amount was recorded as merger integration expense during the three months ended October 31, 2024, and is included within accrued liabilities on the Company's condensed consolidated balance sheet as of October 31, 2024. The $2.8 million letter of credit was previously recorded as merger integration expense during the period in which it was drawn by Union Mesa. As a result of a cybersecurity incident earlier this year in which a business partner's user account containing personally identifiable information was breached, the Company is subject to multiple putative class action lawsuits that have been filed in federal court in the District of Utah. The plaintiffs allege that the Company failed to implement reasonable data security practices, which resulted in a breach and disclosure of plaintiffs' and others' personally identifiable information and protected health information. The plaintiffs are seeking, among other damages, unspecified monetary damages, equitable relief, costs and attorneys' fees arising out of the incident. On August 22, 2024, the court issued an order granting a motion to consolidate the class action lawsuits. On October 15, 2024, a consolidated class action amended complaint was filed. The Company intends to vigorously defend these lawsuits. The amount of the potential loss associated with these lawsuits cannot be reasonably estimated based on currently available information. The Company and its subsidiaries are involved in various other litigation, governmental proceedings and claims, not described above, that arise in the normal course of business. It is not possible to determine the ultimate outcome or the duration of such litigation, governmental proceedings or claims, or the impact that such litigation, proceedings and claims will have on the Company’s financial position, results of operations, and cash flows. As required under GAAP, the Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Except with respect to the Lease settlement, described above, no loss accrual relating to these matters was recorded because, based on currently available information, the Company does not believe that any contingent liabilities relating to these matters are probable or that the amount of any resulting loss is estimable. However, litigation is subject to inherent uncertainties and the Company’s view of these matters may change in the future. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on the Company’s financial position, results of operations and cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods.

Indebtedness

Indebtedness	9 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Long-term debt consisted of the following: (in thousands) October 31, 2024 January 31, 2024 4.50% Senior Notes due 2029 $ 600,000 $ 600,000 Revolving Credit Facility 486,875 — Prior Term Loan Facility — 286,875 Principal amount 1,086,875 886,875 Less: unamortized discount and issuance costs (1) 5,836 11,903 Total debt, net 1,081,039 874,972 Less: current portion of long-term debt — — Long-term debt, net $ 1,081,039 $ 874,972 (1) In addition to the $5.8 million and $11.9 million of unamortized discount and issuance costs related to long-term debt as of October 31, 2024 and January 31, 2024, respectively, $8.1 million and $2.5 million of unamortized issuance costs related to the Company's Revolving Credit Facility and Prior Revolving Credit Facility (as defined below) are included within other assets on the condensed consolidated balance sheets as of October 31, 2024 and January 31, 2024, respectively. 4.50% Senior Notes due 2029 On October 8, 2021, the Company completed its offering of $600 million aggregate principal amount of its 4.50% Senior Notes due 2029 (the “Notes”). The Notes were issued under an indenture (the “Indenture”), dated October 8, 2021, among the Company, the guarantors party thereto, and Wells Fargo Bank, National Association, as trustee. The Notes are guaranteed by each of the Company’s existing, wholly owned domestic subsidiaries that guarantees its obligations under the Credit Agreement (as defined below) and are required to be guaranteed by any of the Company’s future subsidiaries that guarantee its obligations under the Credit Agreement or certain of its other indebtedness. The Notes will mature on October 1, 2029. Interest on the Notes is payable on April 1 and October 1 of each year. As of October 31, 2024 and January 31, 2024, the balance of accrued interest on the Notes was $2.3 million and $9.3 million, respectively, which is included within accrued liabilities on the Company's condensed consolidated balance sheets. The effective interest rate on the Notes is 4.72%. The Notes are unsecured senior obligations of the Company and rank equally in right of payment to all of its existing and future senior unsecured debt and senior in right of payment to all of its future subordinated debt. The Notes are redeemable at the Company’s option, in whole or in part, at any time on or after October 1, 2024, at a redemption price if redeemed during the 12 months beginning (i) October 1, 2024 of 102.250%, (ii) October 1, 2025 of 101.125%, and (iii) October 1, 2026 and thereafter of 100.000%, in each case of the principal amount of the Notes being redeemed, and together with accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company may be required to make an offer to purchase the Notes upon the sale of certain assets or upon specific kinds of changes of control. The Indenture contains covenants that impose significant operational and financial restrictions on the Company; however, these covenants generally align with the covenants contained in the Credit Agreement. See "Credit Agreement" below for a description of these covenants. Credit Agreement On August 23, 2024, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as borrower, each lender from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent and the Swing Line Lender (as defined in the Credit Agreement), and each L/C Issuer (as defined therein) party thereto, pursuant to which the Company established a new five-year senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $1.0 billion (with a $25 million sub-limit for the issuance of letters of credit). The Company borrowed $511.9 million under the Revolving Credit Facility to refinance the Prior Credit Agreement (as defined below). The Revolving Credit Facility may be used in the future for working capital and general corporate purposes, including the financing of acquisitions and other investments. As of October 31, 2024, the outstanding balance under the Revolving Credit Facility was $486.9 million, which is included within long-term debt, net of issuance costs, on the condensed consolidated balance sheet. The maturity date of the Revolving Credit Facility is August 23, 2029. Subject to the terms and conditions set forth in the Credit Agreement (including obtaining additional commitments from one or more new or existing lenders), the Company may in the future incur additional loans or commitments under the Credit Agreement in an aggregate principal amount of up to $450 million, plus an additional amount so long as the Company’s pro forma first lien net leverage ratio would not exceed 3.85 to 1.00 as of the date such loans or commitments are incurred. Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to, at the Company’s option, either (i) the secured overnight financing rate published by the CME Group Benchmark Administration Limited (“Term SOFR”) (subject to a 0.10% “credit spread adjustment”) plus a margin ranging from 1.25% to 2.50% or (ii) an alternate base rate plus a margin ranging from 0.25% to 1.50%, with the applicable margin determined by reference to a leverage-based pricing grid set forth in the Credit Agreement. The Company is also required to pay certain fees to the Lenders, including, among others, a quarterly commitment fee on the average unused amount of the Revolving Credit Facility at a rate ranging from 0.25% to 0.50%, with the applicable rate also determined by reference to a leverage-based pricing grid set forth in the Credit Agreement. As of October 31, 2024, the interest rate on the Revolving Credit Facility was 6.34%. The loans under the Revolving Credit Facility may be prepaid, and the commitments thereunder may be reduced by the Company without penalty or premium, subject to the reimbursement of customary “breakage costs.” The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, make distributions and dividends and prepayments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year and modify its organizational documents, in each case, subject to customary exceptions, thresholds, qualifications and “baskets.” In addition, the Credit Agreement contains financial performance covenants, which require the Company to maintain (i) a maximum total net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 5.00 to 1.00 beginning with the fiscal quarter ending January 31, 2025, and (ii) a minimum consolidated interest coverage ratio, measured as of the last day of each fiscal quarter, of no less than 3.00 to 1.00 beginning with the fiscal quarter ending January 31, 2025. The Company was in compliance with all covenants under the Credit Agreement as of October 31, 2024 and for the period then ended. The repayment obligation under the Credit Agreement may be accelerated upon the occurrence of an event of default thereunder, including, among other things, failure to pay principal, interest or fees on a timely basis, material inaccuracy of any representation or warranty, failure to comply with covenants, cross-default to other material debt, material judgments, change of control and certain insolvency or bankruptcy-related events, in each case, subject to any certain grace and/or cure periods. The Company’s obligations under the Credit Agreement are required to be unconditionally guaranteed by each of its existing or subsequently acquired or organized direct and indirect domestic subsidiaries and are secured by security interests in substantially all assets of the Company and the guarantors, in each case, subject to certain customary exceptions. Prior Credit Agreement On October 8, 2021, the Company entered into a credit agreement (as amended, the “Prior Credit Agreement”) among the Company, as borrower, each lender from time to time party thereto (the “Prior Lenders”), JPMorgan Chase Bank, N.A., as administrative agent and the Swing Line Lender (as defined in the Prior Credit Agreement), and each L/C Issuer (as defined therein) party thereto, pursuant to which the Company established: (i) a five-year senior secured term loan A facility (the “Prior Term Loan Facility”), in an aggregate principal amount of $350 million; and (ii) a five-year senior secured revolving credit facility (the “Prior Revolving Credit Facility” and, together with the Prior Term Loan Facility, the “Prior Credit Facilities”), in an aggregate principal amount of up to $1.0 billion (with a $25 million sub-limit for the issuance of letters of credit). Prior to June 1, 2023, borrowings under the Prior Credit Facilities bore interest at an annual rate equal to, at the option of the Company, either (i) LIBOR (adjusted for reserves) plus a margin ranging from 1.25% to 2.25% or (ii) an alternate base rate plus a margin ranging from 0.25% to 1.25%, with the applicable margin determined in either scenario by reference to a leverage-based pricing grid set forth in the Prior Credit Agreement. On June 1, 2023, the Company entered into an amendment to the Prior Credit Agreement which replaced interest rate provisions based on LIBOR with the forward-looking term rate based on Term SOFR. As a result, borrowings under the Prior Credit Agreement as so amended bore interest at an annual rate equal to, at the option of the Company, either (i) Term SOFR, plus a 0.10% credit spread adjustment, plus a margin ranging from 1.25% to 2.25%, or (ii) an alternate base rate, plus a margin ranging from 0.25% to 1.25%, with the applicable margin determined in either scenario by reference to a leverage-based pricing grid set forth in the Prior Credit Agreement (as amended). The Company was also required to pay certain fees to the Prior Lenders, including, among others, a quarterly commitment fee on the average unused amount of the Prior Revolving Credit Facility at a rate ranging from 0.20% to 0.40%, with the applicable rate also determined by reference to a leverage-based pricing grid set forth in the Prior Credit Agreement. The Prior Credit Agreement contained significant customary affirmative and negative covenants. The Company was in compliance with all covenants under the Prior Credit Agreement through the date on which the Prior Credit Agreement was terminated. On August 23, 2024, in connection with the entry into the Credit Agreement, the Company repaid all outstanding obligations in the amount of $511.9 million under the Prior Credit Agreement and terminated all commitments thereunder.

Income taxes

Income taxes	9 Months Ended
	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company follows ASC 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 pre-tax income through the end of the latest fiscal quarter to determine the interim income tax provision. For the three and nine months ended October 31, 2024, the Company recorded an income tax provision of $0.5 million and $15.7 million, respectively. This resulted in an effective income tax rate of 8.3% and 18.3% for the three and nine months ended October 31, 2024, respectively, compared with an effective income tax rate of 30.4% and 35.2% for the three and nine months ended October 31, 2023, respectively. For the three and nine months ended October 31, 2024, discrete tax items impacting the effective tax rate were primarily due to differences in tax deductible stock-based compensation compared to GAAP stock-based compensation expense, return-to-provision adjustments on research and development tax credits, and an increase in unrecognized tax benefits. For the three and nine months ended October 31, 2023, discrete tax items impacting the effective tax rate were primarily due to return-to-provision adjustments on research and development tax credits, an increase in unrecognized tax benefits, adjustments from settlement of an Internal Revenue Service examination, and differences in tax deductible stock-based compensation compared to GAAP stock-based compensation expense. As of October 31, 2024 and January 31, 2024, the Company’s total gross unrecognized tax benefit was $24.0 million and $19.2 million, respectively. If recognized, $20.7 million of the total gross unrecognized tax benefits would affect the Company's effective tax rate as of October 31, 2024. The Company files income tax returns with U.S. federal and state taxing jurisdictions and is currently under examination by California and Texas. These examinations may lead to ordinary course adjustments or proposed adjustments to the Company's taxes, net operating losses, and/or tax credit carryforwards. As a result of the Company's net operating loss carryforwards and tax credit carryforwards, the Company remains subject to examination by one or more jurisdictions for tax years after 2006.

Stock-based compensation

Stock-based compensation	9 Months Ended
	Oct. 31, 2024
Share-Based Payment Arrangement [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 October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Cost of revenue $ 3,751 $ 4,343 $ 11,210 $ 12,342 Sales and marketing 3,700 3,506 11,873 9,763 Technology and development 6,353 5,923 18,747 15,098 General and administrative 7,319 7,890 32,887 22,736 Total stock-based compensation expense $ 21,123 $ 21,662 $ 74,717 $ 59,939 Stock award plans Incentive Plan. During the nine months ended October 31, 2024, the Company adopted the HealthEquity, Inc. 2024 Equity Incentive Plan (the "Incentive Plan"), which provides for the issuance of stock awards to team members, consultants, and directors of the Company. Subject to adjustment as provided in the Incentive Plan, as of October 31, 2024, the aggregate number of shares of the Company’s common stock reserved and available for issuance pursuant to awards granted under the Incentive Plan was 4.1 million. No further awards will be made under the Company’s 2014 Equity Incentive Plan. Stock options 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, 2024 726 $14.00 - 73.61 $ 36.91 2.5 $ 28,067 Exercised (249) $14.00 - 47.21 $ 18.59 Outstanding as of October 31, 2024 477 $21.27 - 73.61 $ 46.47 2.6 $ 18,499 Vested and expected to vest as of October 31, 2024 477 $ 46.47 2.6 $ 18,499 Exercisable as of October 31, 2024 477 $ 46.47 2.6 $ 18,499 Restricted stock units A summary of restricted stock unit ("RSU") and performance restricted stock unit ("PRSU") activity is as follows: RSUs and PRSUs (in thousands, except weighted-average grant date fair value) Shares Weighted-average grant date fair value Outstanding as of January 31, 2024 3,363 $ 67.96 Granted 1,046 84.99 Vested (1,164) 65.50 Forfeited (192) 71.02 Outstanding as of October 31, 2024 3,053 $ 74.54 Performance restricted stock units. During the nine months ended October 31, 2024, the Company awarded 182,044 PRSUs subject to a market condition based on the Company’s total shareholder return relative to the Russell 2000 index as measured on January 31, 2027. The Company used a Monte Carlo simulation to determine that the grant date fair value of the awards was $20.2 million. Compensation expense is recorded over the requisite service period if the service condition is met regardless of whether the market condition is satisfied. The market condition allows for a range of vesting from 0% to 200% based on the level of performance achieved. The PRSUs cliff vest upon approval by the Talent, Compensation and Culture Committee of the board of directors. In addition, during the nine months ended October 31, 2024, the Company awarded 60,682 PRSUs subject to the achievement of certain financial criteria measured on January 31, 2027. The PRSUs cliff vest and are issued upon approval by the Talent, Compensation and Culture Committee. The Company records stock-based compensation related to PRSUs over the requisite service period when it is considered probable that the performance conditions will be met. 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. Each of the PRSUs granted during the nine months ended October 31, 2024 contains a provision such that upon the award holder's eligible retirement, the PRSUs would remain outstanding and eligible to vest based on achievement of their respective market or performance conditions without regard to the award holder’s continued employment on the vesting date. Based on the application of ASC 718, Compensation - Stock Compensation , expense is recognized over the requisite service period, which ends on the earlier of (1) the date of approval by the Talent, Compensation and Culture Committee or (2) the date the award holder becomes eligible for retirement (defined as at least 55 years old with least 10 years of service at the Company). As a result, the expense associated with PRSUs granted to retirement-eligible individuals was recorded on the grant date.

Stockholders' equity

Stockholders' equity	9 Months Ended
	Oct. 31, 2024
Equity [Abstract]
Stockholders' equity	Stockholders' equity Stock repurchase program In September 2024, the Company announced that its Board of Directors authorized a common stock repurchase program. Under the program, the Company may purchase up to $300.0 million of its common stock, as market conditions warrant. The common stock may be repurchased at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. Such repurchases may be effected through open market purchases, privately negotiated transactions or otherwise, including repurchase plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time. The following table sets forth the common stock repurchased and subsequently retired during the periods presented: Three months ended October 31, 2024 Nine months ended October 31, 2024 (in thousands) Shares Amount Shares Amount Common stock repurchases (1) 732 $ 60,013 732 $ 60,013 (1) Shares repurchased include unsettled repurchases as of October 31, 2024. All repurchases were made in open market transactions. The excess of repurchase price over par value was allocated between additional paid-in capital and retained earnings. As of October 31, 2024, $240.0 million of common stock remained authorized for repurchase under the Company's stock repurchase program.

Fair value

Fair value	9 Months Ended
	Oct. 31, 2024
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. Cash and cash equivalents are considered Level 1 instruments and are valued based on publicly available daily net asset values. The carrying values of cash and cash equivalents approximate fair values due to the short-term nature of these instruments. The Notes are valued based upon quoted market prices and are considered Level 2 instruments because the markets in which the Notes trade are not considered active markets. As of October 31, 2024, the fair value of the Notes was $571.0 million. Borrowings under the Revolving Credit Facility are considered Level 2 instruments and recorded at book value in the Company's condensed consolidated financial statements. The Revolving Credit Facility reprices frequently due to variable interest rate terms and entails no significant changes in credit risk. As a result, the fair value of the Revolving Credit Facility approximates carrying value.

Subsequent events

Subsequent events	9 Months Ended
	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent events	Subsequent events As described in Note 5—Commitments and contingencies, on November 27, 2024, the Company agreed to settle a lawsuit related to the termination of an office lease and agreed to pay $30.0 million as part of the settlement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net income	$ 5,703	$ 14,673	$ 70,338	$ 29,348

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of business and signi_2

Summary of business and significant accounting policies (Policies)	9 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications
Principles of consolidation	Principles of consolidation The Company consolidates entities in which the Company has a controlling financial interest, which includes all of its wholly owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Basis of presentation	Basis of presentation
Recent adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements None. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount and description of other segment items, interim disclosure of a reportable segment’s profit or loss and assets, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU requires public companies with a single reportable segment to provide the segment disclosures required by Topic 280 and will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the ASU to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the ASU to determine its impact on our income tax disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses . The ASU requires a public business entity to disclose additional information about specific expense categories in the notes to the financial statements for interim and annual reporting periods. The ASU is effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our disclosures.
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.

Summary of business and signi_3

Summary of business and significant accounting policies (Tables)	9 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Impact of Reclassifications	The following table presents the impact of the reclassifications: Three months ended October 31, 2023 Nine months ended October 31, 2023 (in thousands) Prior presentation Reclassifications Current presentation Prior presentation Reclassifications Current presentation Service revenue $ 107,512 $ 6,570 $ 114,082 $ 318,343 $ 18,772 $ 337,115 Custodial revenue 106,575 (6,570) 100,005 299,933 (18,772) 281,161 Interchange revenue 35,132 — 35,132 118,924 — 118,924 Total revenue 249,219 — 249,219 737,200 — 737,200 Total cost of revenue 90,811 (774) 90,037 280,036 (2,153) 277,883 Gross profit 158,408 774 159,182 457,164 2,153 459,317 Total operating expenses 127,517 774 128,291 378,352 2,153 380,505 Total other expense (9,804) — (9,804) (33,489) — (33,489) Income tax provision 6,414 — 6,414 15,975 — 15,975 Net income $ 14,673 $ — $ 14,673 $ 29,348 $ — $ 29,348

Net income per share (Tables)

Net income per share (Tables)	9 Months Ended
	Oct. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share: Three months ended October 31, Nine months ended October 31, (in thousands, except per share data) 2024 2023 2024 2023 Numerator (basic and diluted): Net income $ 5,703 $ 14,673 $ 70,338 $ 29,348 Denominator (basic): Weighted-average common shares outstanding 87,193 85,697 86,935 85,424 Denominator (diluted): Weighted-average common shares outstanding 87,193 85,697 86,935 85,424 Weighted-average dilutive effect of stock options and restricted stock units 1,441 1,425 1,764 1,283 Diluted weighted-average common shares outstanding 88,634 87,122 88,699 86,707 Net income per share: Basic $ 0.07 $ 0.17 $ 0.81 $ 0.34 Diluted $ 0.06 $ 0.17 $ 0.79 $ 0.34

Supplemental financial statem_2

Supplemental financial statement information (Tables)	9 Months Ended
	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: (in thousands) October 31, 2024 January 31, 2024 Leasehold improvements $ 13,879 $ 14,455 Furniture and fixtures 6,707 7,087 Computer equipment 22,921 25,489 Property and equipment, gross 43,507 47,031 Accumulated depreciation (39,617) (41,018) Property and equipment, net $ 3,890 $ 6,013
Schedule of Components of Operating Lease Costs and Supplemental Cash Flow Information	The components of operating lease costs were as follows: Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Operating lease expense $ 2,250 $ 2,323 $ 6,875 $ 7,289 Sublease income (987) (813) (2,944) (1,795) Net operating lease expense $ 1,263 $ 1,510 $ 3,931 $ 5,494 Supplemental cash flow information related to the Company's operating leases was as follows: Nine months ended October 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,354 $ 8,174 Right-of-use assets obtained in exchange for lease obligations $ 1,469 $ 2,109
Schedule of Other Income, Net	Other income, net, consisted of the following: Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Interest income $ 3,897 $ 3,713 $ 10,881 $ 7,795 Other income, net 851 28 385 530 Total other income, net $ 4,748 $ 3,741 $ 11,266 $ 8,325

Intangible assets and goodwill

Intangible assets and goodwill (Tables)	9 Months Ended
	Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Associated Accumulated Amortization of Intangible Assets	The gross carrying amount and associated accumulated amortization of intangible assets were as follows: October 31, 2024 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Software and software development costs $ 298,052 $ (223,104) $ 74,948 Acquired HSA portfolios 737,011 (112,323) 624,688 Acquired customer relationships 759,782 (243,896) 515,886 Acquired developed technology 132,825 (119,871) 12,954 Acquired trade names 12,900 (12,900) — Total amortizable intangible assets $ 1,940,570 $ (712,094) $ 1,228,476 January 31, 2024 (in thousands) Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Software and software development costs $ 267,498 $ (197,388) $ 70,110 Acquired HSA portfolios 264,445 (81,059) 183,386 Acquired customer relationships 759,782 (205,127) 554,655 Acquired developed technology 132,825 (105,049) 27,776 Acquired trade names 12,900 (12,879) 21 Total amortizable intangible assets $ 1,437,450 $ (601,502) $ 835,948

Commitments and contingencies (

Commitments and contingencies (Tables)	9 Months Ended
	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Transfers to HealthEquity	The transfer closed in a series of three tranches, as presented in the following table: Transfers to HealthEquity Applicable purchase price (in thousands, except HSA Assets) HSAs HSA Assets Paid using cash on hand Paid using borrowings under the Prior Revolving Credit Facility Total purchase price March 7, 2024 266 $ 1,071 $ 163,974 $ — $ 163,974 April 11, 2024 134 555 34,925 50,000 84,925 May 9, 2024 216 1,047 1,101 175,000 176,101 Total 616 $ 2,673 $ 200,000 $ 225,000 $ 425,000

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: (in thousands) October 31, 2024 January 31, 2024 4.50% Senior Notes due 2029 $ 600,000 $ 600,000 Revolving Credit Facility 486,875 — Prior Term Loan Facility — 286,875 Principal amount 1,086,875 886,875 Less: unamortized discount and issuance costs (1) 5,836 11,903 Total debt, net 1,081,039 874,972 Less: current portion of long-term debt — — Long-term debt, net $ 1,081,039 $ 874,972 (1) In addition to the $5.8 million and $11.9 million of unamortized discount and issuance costs related to long-term debt as of October 31, 2024 and January 31, 2024, respectively, $8.1 million and $2.5 million of unamortized issuance costs related to the Company's Revolving Credit Facility and Prior Revolving Credit Facility (as defined below) are included within other assets on the condensed consolidated balance sheets as of October 31, 2024 and January 31, 2024, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of 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 October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Cost of revenue $ 3,751 $ 4,343 $ 11,210 $ 12,342 Sales and marketing 3,700 3,506 11,873 9,763 Technology and development 6,353 5,923 18,747 15,098 General and administrative 7,319 7,890 32,887 22,736 Total stock-based compensation expense $ 21,123 $ 21,662 $ 74,717 $ 59,939
Schedule 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, 2024 726 $14.00 - 73.61 $ 36.91 2.5 $ 28,067 Exercised (249) $14.00 - 47.21 $ 18.59 Outstanding as of October 31, 2024 477 $21.27 - 73.61 $ 46.47 2.6 $ 18,499 Vested and expected to vest as of October 31, 2024 477 $ 46.47 2.6 $ 18,499 Exercisable as of October 31, 2024 477 $ 46.47 2.6 $ 18,499
Schedule of Restricted Stock Unit and Performance Restricted Stock Unit Activity	A summary of restricted stock unit ("RSU") and performance restricted stock unit ("PRSU") activity is as follows: RSUs and PRSUs (in thousands, except weighted-average grant date fair value) Shares Weighted-average grant date fair value Outstanding as of January 31, 2024 3,363 $ 67.96 Granted 1,046 84.99 Vested (1,164) 65.50 Forfeited (192) 71.02 Outstanding as of October 31, 2024 3,053 $ 74.54

Stockholders' equity (Tables)

Stockholders' equity (Tables)	9 Months Ended
	Oct. 31, 2024
Equity [Abstract]
Schedule of Common Stock Repurchased and Subsequently Retired	The following table sets forth the common stock repurchased and subsequently retired during the periods presented: Three months ended October 31, 2024 Nine months ended October 31, 2024 (in thousands) Shares Amount Shares Amount Common stock repurchases (1) 732 $ 60,013 732 $ 60,013 (1) Shares repurchased include unsettled repurchases as of October 31, 2024.

Summary of business and signi_4

Summary of business and significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue	$ 300,432	$ 249,219	$ 887,957	$ 737,200
Total cost of revenue	103,406	90,037	299,741	277,883
Gross profit	197,026	159,182	588,216	459,317
Total operating expenses	177,401	128,291	468,032	380,505
Total other expense	(13,407)	(9,804)	(34,111)	(33,489)
Income tax provision	515	6,414	15,735	15,975
Net income	5,703	14,673	70,338	29,348
Service
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue	119,174	114,082	354,108	337,115
Total cost of revenue	86,860	75,721	246,122	233,498
Custodial
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue	140,953	100,005	401,281	281,161
Total cost of revenue	10,241	8,029	29,406	24,104
Interchange
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue	40,305	35,132	132,568	118,924
Total cost of revenue	$ 6,305	6,287	$ 24,213	20,281
Prior presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		249,219		737,200
Total cost of revenue		90,811		280,036
Gross profit		158,408		457,164
Total operating expenses		127,517		378,352
Total other expense		(9,804)		(33,489)
Income tax provision		6,414		15,975
Net income		14,673		29,348
Prior presentation | Service
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		107,512		318,343
Prior presentation | Custodial
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		106,575		299,933
Prior presentation | Interchange
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		35,132		118,924
Reclassifications
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		0		0
Total cost of revenue		(774)		(2,153)
Gross profit		774		2,153
Total operating expenses		774		2,153
Total other expense		0		0
Income tax provision		0		0
Net income		0		0
Reclassifications | Service
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		6,570		18,772
Reclassifications | Custodial
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		(6,570)		(18,772)
Reclassifications | Interchange
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenue		$ 0		$ 0

Net income per share (Details)

Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Numerator (basic and diluted):
Net income	$ 5,703	$ 14,673	$ 70,338	$ 29,348
Denominator (basic):
Weighted-average common shares outstanding (in shares)	87,193	85,697	86,935	85,424
Denominator (diluted):
Weighted-average common shares outstanding (in shares)	87,193	85,697	86,935	85,424
Weighted-average dilutive effect of stock options and restricted stock units (in shares)	1,441	1,425	1,764	1,283
Diluted weighted-average common shares outstanding (in shares)	88,634	87,122	88,699	86,707
Net income per share:
Basic (in usd per share)	$ 0.07	$ 0.17	$ 0.81	$ 0.34
Diluted (in usd per share)	$ 0.06	$ 0.17	$ 0.79	$ 0.34
Antidilutive securities excluded from computation of earnings per share (in shares)	100	600	100	1,000

Supplemental financial statem_3

Supplemental financial statement information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Prepaid expenses	$ 42,100		$ 42,100		$ 31,200
Depreciation expense	1,000	$ 1,800	3,700	$ 6,400
Remaining performance obligation	19,200		19,200		$ 6,200
Revenue recognition	$ 1,100		3,900
Loss on extinguishment of debt			$ 1,576	$ 1,157
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage (as a percent)	61%		61%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Supplemental financial statem_4

Supplemental financial statement information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43,507	$ 47,031
Accumulated depreciation	(39,617)	(41,018)
Property and equipment, net	3,890	6,013
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,879	14,455
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,707	7,087
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,921	$ 25,489

Supplemental financial statem_5

Supplemental financial statement information - Schedule of Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease expense	$ 2,250	$ 2,323	$ 6,875	$ 7,289
Sublease income	(987)	(813)	(2,944)	(1,795)
Net operating lease expense	$ 1,263	$ 1,510	$ 3,931	$ 5,494

Supplemental financial statem_6

Supplemental financial statement information - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 3,897	$ 3,713	$ 10,881	$ 7,795
Other income, net	851	28	385	530
Total other income, net	$ 4,748	$ 3,741	$ 11,266	$ 8,325

Supplemental financial statem_7

Supplemental financial statement information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,354	$ 8,174
Right-of-use assets obtained in exchange for lease obligations	$ 1,469	$ 2,109

Intangible assets and goodwil_2

Intangible assets and goodwill - Schedule of Gross Carrying Amount and Associated Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,940,570	$ 1,437,450
Accumulated amortization	(712,094)	(601,502)
Net carrying amount	1,228,476	835,948
Software and software development costs
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	298,052	267,498
Accumulated amortization	(223,104)	(197,388)
Net carrying amount	74,948	70,110
Acquired HSA portfolios
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	737,011	264,445
Accumulated amortization	(112,323)	(81,059)
Net carrying amount	624,688	183,386
Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	759,782	759,782
Accumulated amortization	(243,896)	(205,127)
Net carrying amount	515,886	554,655
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	132,825	132,825
Accumulated amortization	(119,871)	(105,049)
Net carrying amount	12,954	27,776
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	12,900	12,900
Accumulated amortization	(12,900)	(12,879)
Net carrying amount	$ 0	$ 21

Intangible assets and goodwil_3

Intangible assets and goodwill - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 39,700,000	$ 36,000,000	$ 119,500,000	$ 108,800,000
Change in goodwill			$ 0

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) $ in Millions			1 Months Ended		3 Months Ended	9 Months Ended
	Nov. 27, 2024 USD ($)	Nov. 05, 2021	May 31, 2024 USD ($)	Sep. 30, 2023 tranche	Oct. 31, 2024 USD ($)	Oct. 31, 2024 USD ($)	Nov. 24, 2021 USD ($)	Apr. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Number of transfers | tranche				3
WageWorks, Inc
Loss Contingencies [Line Items]
Lease payments, not yet commenced								$ 63.1
Operating lease not yet commenced term of contract								11 years
WageWorks, Inc | Union Mesa
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party					$ 30
Abated rent, period		11 months
Letters of credit outstanding							$ 2.8
WageWorks, Inc | Union Mesa | Subsequent Event
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 30
Letters of credit outstanding	$ 2.8
Custodial
Loss Contingencies [Line Items]
Deferred revenue			$ 20.3
BenefitWallet HSA Portfolio
Loss Contingencies [Line Items]
Asset acquisition, transferred, transaction cost						$ 27.2
Expense reimbursement						$ 20
Percentage of assets deposited with third party			7%

Commitments and contingencies_2

Commitments and contingencies - Schedule of Transfers to HealthEquity (Details) - BenefitWallet HSA Portfolio hSA in Thousands, $ in Thousands				2 Months Ended
	May 09, 2024 USD ($) hSA	Apr. 11, 2024 USD ($) hSA	Mar. 07, 2024 USD ($) hSA	May 09, 2024 USD ($) hSA
Loss Contingencies [Line Items]
Number of HSAs transferred | hSA	216	134	266	616
Health savings account (HSA) assets, transferred amount	$ 1,047,000	$ 555,000	$ 1,071,000	$ 2,673,000
Paid using cash on hand	1,101	34,925	163,974	200,000
Paid using borrowings under the Prior Revolving Credit Facility	175,000	50,000	0	225,000
Total purchase price	$ 176,101	$ 84,925	$ 163,974	$ 425,000

Indebtedness - Schedule of Long

Indebtedness - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Principal amount	$ 1,086,875	$ 886,875
Less: unamortized discount and issuance costs	5,836	11,903
Total debt, net	1,081,039	874,972
Less: current portion of long-term debt	0	0
Long-term debt, net	$ 1,081,039	874,972
4.50% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.50%
Principal amount	$ 600,000	600,000
Revolving Credit Facility And Prior Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net	8,100	2,500
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Principal amount	486,875	0
Prior Term Loan Facility | Credit Agreement
Debt Instrument [Line Items]
Principal amount	$ 0	$ 286,875

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)					9 Months Ended
	Aug. 23, 2024 USD ($)	Jun. 01, 2023	May 31, 2023	Oct. 08, 2021 USD ($)	Oct. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
4.50% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)					4.50%
4.50% Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)				4.50%
Principal amount				$ 600,000,000
Accrued interest					$ 2,300,000	$ 9,300,000
Effective interest rate (as a percent)					4.72%
4.50% Senior Notes due 2029 | Senior Notes | October 1, 2024
Debt Instrument [Line Items]
Redemption price (as a percent)				102.25%
4.50% Senior Notes due 2029 | Senior Notes | October 1, 2025
Debt Instrument [Line Items]
Redemption price (as a percent)				101.125%
4.50% Senior Notes due 2029 | Senior Notes | October 1, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price (as a percent)				100%
Credit Agreement
Debt Instrument [Line Items]
Effective interest rate (as a percent)					6.34%
Maximum borrowing capacity of future commitments	$ 450,000,000
Maximum leverage ratio	3.85				5
Minimum interest coverage ratio					3
Credit Agreement | Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit spread adjustment on variable rate (as a percent)	0.10%
Credit Agreement | Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	1.25%
Credit Agreement | Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	2.50%
Credit Agreement | Secured Revolving Credit Facility | Customary Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	0.25%
Credit Agreement | Secured Revolving Credit Facility | Customary Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)	1.50%
Credit Agreement | Line of Credit | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Facility term (in years)	5 years
Credit facility, amount	$ 1,000,000,000
Proceeds from revolving credit facility	$ 511,900,000
Credit Agreement | Line of Credit | Secured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused capacity commitment fee	0.25%
Credit Agreement | Line of Credit | Secured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused capacity commitment fee	0.50%
Credit Agreement | Letter of Credit | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, amount	$ 25,000,000
Prior Credit Agreement
Debt Instrument [Line Items]
Repayments of debt	$ 511,900,000
Prior Credit Agreement | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit spread adjustment on variable rate (as a percent)		0.10%
Prior Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)		1.25%
Prior Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)		2.25%
Prior Credit Agreement | Customary Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)		0.25%	0.25%
Prior Credit Agreement | Customary Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)		1.25%	1.25%
Prior Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)			1.25%
Prior Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable rate borrowing spread (as a percent)			2.25%
Prior Credit Agreement | Line of Credit | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Facility term (in years)				5 years
Credit facility, amount				$ 1,000,000,000
Long-term line of credit					$ 486,900,000
Prior Credit Agreement | Line of Credit | Secured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused capacity commitment fee					0.20%
Prior Credit Agreement | Line of Credit | Secured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused capacity commitment fee					0.40%
Prior Credit Agreement | Letter of Credit | Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, amount				$ 25,000,000
Prior Credit Agreement | Secured Debt | Prior Term Loan Facility
Debt Instrument [Line Items]
Facility term (in years)				5 years
Credit facility, amount				$ 350,000,000

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income tax provision	$ 515	$ 6,414	$ 15,735	$ 15,975
Effective tax rate (as a percent)	8.30%	30.40%	18.30%	35.20%
Gross unrecognized tax benefits	$ 24,000		$ 24,000		$ 19,200
Unrecognized tax benefits that would impact the effective tax rate	$ 20,700		$ 20,700

Stock-based compensation - Sche

Stock-based compensation - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 21,123	$ 21,662	$ 74,717	$ 59,939
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,751	4,343	11,210	12,342
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,700	3,506	11,873	9,763
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,353	5,923	18,747	15,098
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,319	$ 7,890	$ 32,887	$ 22,736

Stock-based compensation - Narr

Stock-based compensation - Narrative (Details) $ in Millions	9 Months Ended
	Oct. 31, 2024 USD ($) shares
Performance Restricted Stock Units, Subject To Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units awards (in shares)	182,044
Grant date fair value | $	$ 20.2
Performance Restricted Stock Units, Subject To Market Conditions | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (as a percent)	0%
Performance Restricted Stock Units, Subject To Market Conditions | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (as a percent)	200%
Performance Restricted Stock Units, Subject To Certain Financial Criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance units awards (in shares)	60,682
Performance Restricted Stock Units, Subject To Certain Financial Criteria | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (as a percent)	0%
Performance Restricted Stock Units, Subject To Certain Financial Criteria | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (as a percent)	200%
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under incentive plan (in shares)	4,100,000

Stock-based compensation - Sc_2

Stock-based compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 31, 2024	Jan. 31, 2024
Number of options
Outstanding, beginning balance (in shares)	726
Exercised (in shares)	(249)
Outstanding, ending balance (in shares)	477	726
Vested and expected to vest (in shares)	477
Exercisable (in shares)	477
Range of exercise prices
Beginning balance, minimum (in usd per share)	$ 14
Beginning balance, maximum (in usd per share)	73.61
Exercised, minimum (in usd per share)	14
Exercised, maximum (in usd per share)	47.21
Ending balance, minimum (in usd per share)	21.27	$ 14
Ending balance, maximum (in usd per share)	73.61	73.61
Weighted- average exercise price
Opening balance (in usd per share)	36.91
Exercised (in usd per share)	18.59
Ending balance (in usd per share)	46.47	$ 36.91
Vested and expected to vest, weighted-average exercise price (in usd per share)	46.47
Exercisable, weighted-average exercise price (in usd per share)	$ 46.47
Outstanding stock options, weighted-average contractual term (in years)	2 years 7 months 6 days	2 years 6 months
Vested and expected to vest, weighted-average contractual term (in years)	2 years 7 months 6 days
Exercisable, weighted-average contractual term (in years)	2 years 7 months 6 days
Aggregate intrinsic value	$ 18,499	$ 28,067
Vested and expected to vest, aggregate intrinsic value (in usd per share)	18,499
Exercisable, aggregate intrinsic value	$ 18,499

Stock-based compensation - Sc_3

Stock-based compensation - Schedule of Restricted Stock Unit and Performance Restricted Stock Unit Activity (Details) - RSUs & PRSUs shares in Thousands	9 Months Ended
	Oct. 31, 2024 $ / shares shares
Shares
Outstanding, beginning balance (in shares) | shares	3,363
Granted (in shares) | shares	1,046
Vested (in shares) | shares	(1,164)
Forfeited (in shares) | shares	(192)
Outstanding, ending balance (in shares) | shares	3,053
Weighted-average grant date fair value
Outstanding, beginning balance (in usd per share) | $ / shares	$ 67.96
Granted (in usd per share) | $ / shares	84.99
Vested (in usd per share) | $ / shares	65.50
Forfeited (in usd per share) | $ / shares	71.02
Outstanding, ending balance (in usd per share) | $ / shares	$ 74.54

Stockholders' equity - Narrativ

Stockholders' equity - Narrative (Details) - USD ($)	Oct. 31, 2024	Sep. 30, 2024
Equity [Abstract]
Share repurchase program, authorized amount		$ 300,000,000
Remaining authorized repurchase amount	$ 240,000,000

Stockholders' equity - Common S

Stockholders' equity - Common Stock Repurchased and Subsequently Retired (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2024
Equity [Abstract]
Common stock repurchases (in shares)	732	732
Common stock repurchases	$ 60,013	$ 60,013

Fair value (Details)

Fair value (Details) $ in Millions	Oct. 31, 2024 USD ($)
Level 2 | 4.50% Senior Notes due 2029
Defined Benefit Plan Disclosure [Line Items]
Fair value of the notes	$ 571

Subsequent events (Details)

Subsequent events (Details) - Union Mesa - WageWorks, Inc - USD ($) $ in Millions		3 Months Ended
	Nov. 27, 2024	Oct. 31, 2024
Subsequent Event [Line Items]
Litigation settlement, amount awarded to other party		$ 30
Subsequent Event
Subsequent Event [Line Items]
Litigation settlement, amount awarded to other party	$ 30