Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity

Equity Compensation Goals

Revenue Goal (1) (in thousands)	Achievement Status	Adjusted EBITDA (in thousands)	Achievement Status
Goal #1, $710,058	Achieved	Goal #1, $125,000	Achieved
Goal #2, $860,058	Achieved	Goal #2, $155,000	Achieved
Goal #3, $1,010,058	Achieved	Goal #3, $175,000	Achieved
Goal #4, $1,210,058	Achieved	Goal #4, $190,000	Achieved
Goal #5, $1,410,058	Not Applicable	Goal #5, $200,000	Achieved
Goal #6, $1,610,058	Not Applicable	Goal #6, $210,000	Achieved
Goal #7, $1,810,058	Not Applicable	Goal #7, $220,000	Achieved
Goal #8, $2,010,058	Not Applicable	Goal #8, $230,000	Achieved

(1) In connection with the business acquisition that was completed during the three months ended September 30, 2018, the revenue goals were adjusted for the acquiree’s Target Revenue, as defined in the CEO Performance Award agreement.

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity for the three months ended March 31, 2023 (number of units and aggregate intrinsic value in thousands):

	Number of	Weighted Average		Aggregate
	Units	Grant-Date Fair Value		Intrinsic Value
Units outstanding, beginning of year	1,565	$	145.38
Granted	73		192.07
Released	(103)		135.31
Forfeited	(32)		152.72
Units outstanding, end of period	1,503		148.20	$	338,003

Summary of Performance Stock Unit Activity

The following table summarizes PSU activity, inclusive of XSUs, for the three months ended March 31, 2023 (number of units and aggregate intrinsic value in thousands):

	Number of	Weighted Average		Aggregate
	Units	Grant-Date Fair Value		Intrinsic Value
Units outstanding, beginning of year	1,369	$	43.43
Granted	—		—
Released	(401)		33.95
Forfeited	(12)		30.24
Units outstanding, end of period	956		47.58	$	214,939

Summary of the Company's Stock Options Activity

The following table summarizes stock option activity for the three months ended March 31, 2023 (number of options and aggregate intrinsic value in thousands):

				Weighted
		Weighted		Average
	Number	Average		Remaining
	of	Exercise		Contractual	Aggregate
	Options	Price		Life (years)	Intrinsic Value
Options outstanding, beginning of year	2,438	$	28.58
Granted	—		—
Exercised	(1,901)		—
Expired / terminated	—		—
Options outstanding, end of period	537		28.58	4.91	$	105,284
Options exercisable, end of period	6		28.58	4.91		1,165

Reported Share-Based Compensation

The following table summarizes the composition of stock-based compensation expense for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	2023		2022
Cost of product sales and service sales	$	1,320	$	1,108
Sales, general and administrative expenses		15,445		12,982
Research and development expenses		17,585		10,998
Total stock-based compensation expense	$	34,350	$	25,088