v3.26.1
Fair value measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of April 30, 2026
Assets
Money market mutual funds$38,699 $— $— $38,699 
Cardholder receivables(1)
— — 89,234 89,234 
Deferred purchase price receivable— — 29,901 29,901 
Total assets$38,699 $— $119,135 $157,834 
Liabilities
Foreign currency forward contracts$— $238 $— $238 
Due to healthcare providers(2)
— — 91,157 91,157 
Total liabilities$— $238 $91,157 $91,395 
(1) The aggregate unpaid principal balance of cardholder receivables was $149,020 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $150,822 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of January 31, 2026
Assets
Money market mutual funds$44,945 $— $— $44,945 
Cardholder receivables(1)
— — 86,053 86,053 
Deferred purchase price receivable— — 23,425 23,425 
Total assets$44,945 $— $109,478 $154,423 
Liabilities
Foreign currency forward contracts$— $148 $— $148 
Due to healthcare providers(2)
— — 83,385 83,385 
Total liabilities$— $148 $83,385 $83,533 
(1) The aggregate unpaid principal balance of cardholder receivables was $147,471 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $144,802 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
The carrying value of the Company’s accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. As of April 30, 2026, the carrying value of the Company's debt approximated fair value because the interest rates approximated market rates and the related maturities are relatively short-term.
The Company did not have any transfers of assets and liabilities between levels of the fair value measurement hierarchy during the three months ended April 30, 2026.
The Company did not have any nonrecurring fair value measurements as of April 30, 2026 and January 31, 2026.
There were no changes in valuation techniques for any class of assets or liabilities measured at fair value during the periods presented.
Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)
The Company’s cardholder receivables, deferred purchase price receivable, and amounts due to healthcare providers do not trade in active markets with readily observable prices. Accordingly, fair value is determined using valuation techniques that incorporate significant unobservable inputs and require significant management judgment. These assets and liabilities are classified as Level 3 within the fair value hierarchy.
Cardholder receivables
The fair value of cardholder receivables is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors, including default assumptions, recovery rates on defaulted assets, and repayment rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based yield range based on current personal loan market rates, with emphasis on yields observed for consumer credit grades comparable to the underlying receivable pool. The most significant assumptions include the discount rate and the expected default rate. Because the valuation incorporates significant unobservable inputs, cardholder receivables are classified as Level 3 within the fair value hierarchy.
Deferred purchase price receivable
The fair value of the deferred purchase price receivable is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors, including discount rates and expected repayment rates. Other assumptions and inputs considered in estimating the fair value of deferred purchase price receivables include the applied credit facility advance rate, funded and unfunded monthly repayment rates, funded and unfunded monthly recourse/default rates, funded and unfunded monthly finance charge rates, funded and unfunded monthly late fee rates, issuer‑level default rates, and issuer‑level recovery rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based applied yield informed by the deferred purchase price receivable’s relative risk/return profile and return requirements for comparable market investments. Because significant unobservable inputs are used, the deferred purchase price receivable is classified as Level 3 within the fair value hierarchy.
Due to healthcare providers
The fair value of due to healthcare providers is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors similar to the related cardholder receivables including the discount rate and the expected default rate. Other inputs and assumptions considered in estimating the fair value of due to healthcare providers include recovery rates on defaulted assets and repayment rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based yield range based on current personal loan market rates, with emphasis on yields observed for consumer credit grades comparable to the underlying receivable pool. Due to healthcare providers is settled using cash received from collections of the cardholder receivables or extinguished when cardholder receivables are repurchased by healthcare providers if patients default. Because the valuation incorporates significant unobservable inputs, due to healthcare providers are classified as Level 3 within the fair value hierarchy.
Cardholder receivables
The following table summarizes the activity related to the aggregate fair value of the Company’s cardholder receivables for the three months ended April 30, 2026:
Beginning balance$86,053 
Originations27,717 
Acquisitions-measurement period adjustments1,335 
Sales and settlements(11,188)
Cash collections(15,353)
Adjust asset to fair value through earnings670 
Ending balance$89,234 
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
For the three months ended April 30, 2026, the Company did not recognize significant gains or losses attributable to changes in instrument‑specific credit risk for cardholder receivables. During the period, credit‑related inputs did not change materially relative to the assumptions as of January 31, 2026, and changes in fair value primarily reflected movements in discount rates and lower expected cash flows associated with decreases in the unfunded cardholder receivables balance. The Company estimates the portion of a period’s fair value change attributable to instrument‑specific credit risk by remeasuring fair value using its discounted cash flow model while holding discount rate assumptions constant and isolating the effect of credit‑specific assumptions.
Deferred purchase price receivable
The following table summarizes the activity related to the aggregate fair value of the Company’s deferred purchase price receivable for the three months ended April 30, 2026:
Beginning balance$23,425 
Additions6,476 
Cash Collections— 
Adjust asset to fair value through earnings— 
Ending balance$29,901 
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
Due to healthcare providers
The following table summarizes the activity related to the aggregate fair value of amounts due to healthcare providers for the three months ended April 30, 2026:
Beginning balance$83,385 
Additions(1)
27,717 
Cash remittances to healthcare providers(20,615)
Adjust liability to fair value through earnings670 
Ending balance$91,157 
(1) Represents new obligations arising from patient payments or receivable activity before remittance.
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
Significant Unobservable Inputs and Sensitivity—Level 3 Measurements
The following tables present the range and weighted‑average of the significant unobservable inputs used in Level 3 fair value measurements:
Cardholder receivables
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Deferred purchase price receivable
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Due to healthcare providers
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
The Company’s Level 3 fair value measurements are sensitive to changes in the significant unobservable inputs used in the valuation models. Changes in these inputs, in isolation or in combination, could result in materially different fair value measurements. The following discussion describes the directional impact of changes in key unobservable inputs on the fair value of the Company’s Level 3 assets and liabilities.
Cardholder receivables
The fair value of cardholder receivables is primarily sensitive to assumptions related to the discount rate and default rate. Increases in the discount rate or default rate would result in a lower fair value measurement. Conversely, decreases in the discount rate or default rate would result in a higher fair value measurement.
Deferred purchase price receivable
The fair value of the deferred purchase price receivable is primarily sensitive to assumptions related to the discount rate and repayment rates. Increases in the discount rate would result in a lower fair value measurement, while increases in repayment rates would result in a higher fair value measurement. Conversely, decreases in the discount rate would result in a higher fair value measurement, and decreases in repayment rates would result in a lower fair value measurement.
Due to healthcare providers
The fair value of amounts due to healthcare providers is primarily sensitive to assumptions related to the discount rate and default rate. Increases in the discount rate or default rate would result in a lower fair value measurement of the liability. Conversely, decreases in the discount rate or default rate would result in a higher fair value measurement of the liability.