The following table shows a summary of stock-based compensation in the Company's condensed consolidated statements of operations and comprehensive income (loss) during the periods presented:


	Three months ended October 31,				Nine months ended October 31,
(in thousands)	2023		2022		2023		2022
Cost of revenue	$	4,673	$	3,662	$	13,222	$	10,667
Sales and marketing	3,506		2,569		9,763		7,136
Technology and development	5,923		4,045		15,098		10,388
General and administrative	7,560		7,894		21,856		22,119
Total stock-based compensation expense	$	21,662	$	18,170	$	59,939	$	50,310

Incentive Plan. The Company grants stock options and restricted stock units ("RSUs") under the HealthEquity, Inc. 2014 Equity Incentive Plan (as amended and restated, the "Incentive Plan"), which provided for the issuance of stock awards to the directors and team members of the Company to purchase up to an aggregate of 2.6 million shares of common stock.

In addition, under the Incentive Plan, the number of shares of common stock reserved for issuance under the Incentive Plan automatically increases on February 1 of each year, beginning as of February 1, 2015 and continuing through and including February 1, 2024, by 3% of the total number of shares of the Company’s capital stock outstanding on January 31 of the preceding fiscal year, or a lesser number of shares determined by the board of directors. As of October 31, 2023, 11.5 million shares were available for grant under the Incentive Plan.

A summary of stock option activity is as follows:


	Outstanding stock options
(in thousands, except for exercise prices and term)	Number of options	Range of exercise prices	Weighted- average exercise price		Weighted- average contractual term (in years)	Aggregate intrinsic value
Outstanding as of January 31, 2023	1,021	$14.00 - 82.39	$	36.06	3.2	$	27,293
Exercised	(99)	$14.00 - 59.63	$	30.68
Forfeited	(4)	$24.36 - 44.53	$	38.41
Outstanding as of October 31, 2023	918	$14.00 - 82.39	$	36.63	2.4	$	32,636
Vested and expected to vest as of October 31, 2023	918		$	36.63	2.4	$	32,636
Exercisable as of October 31, 2023	918		$	36.63	2.4	$	32,636

A summary of RSU 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, 2023	3,011	$	70.40
Granted	1,890	64.82
Vested	(925)	67.34
Forfeited	(307)	70.03
Outstanding as of October 31, 2023	3,669	$	68.33

Performance restricted stock units. During the three months ended April 30, 2023, the Company awarded 270,966 performance restricted stock units ("PRSUs") subject to a market condition based on the Company’s total shareholder return ("TSR") relative to the Russell 2000 index as measured on January 31, 2026. The Company used a Monte Carlo simulation to determine that the grant date fair value of the awards was $23.9 million. Compensation expense is recorded 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 Compensation Committee of the board of directors.