Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity

Summary of operational goals

Operational Goals (in millions)

Stock Price

Minimum Service Requirement

Tranche

Revenue

Adj. EBITDA

Goal

Employee XSP

CEO Award

Goal Expiration

1

$

1,834

or

$

393

and

$

247.40

and

June 2025

December 2028

December 31, 2026

2

2,293

or

508

and

309.25

and

December 2025

December 2028

December 31, 2027

3

2,866

or

655

and

386.56

and

June 2026

December 2029

December 31, 2028

4

3,583

or

845

and

483.20

and

December 2026

December 2029

December 31, 2029

5

4,479

or

1,088

and

604.00

and

June 2027

December 2030

December 31, 2030

6

5,599

or

1,400

and

755.00

and

December 2027

December 2030

December 31, 2031

7

6,999

or

1,750

and

943.75

and

June 2028

December 2030

December 31, 2032

Summary of restricted stock unit activity

The following table summarizes RSU activity for the six months ended June 30, 2024 (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	1,615	$	193.09
Granted	551		263.77
Released	(279)		194.31
Forfeited	(68)		198.73
Units outstanding, end of period	1,819	$	214.13	$	535,066

Summary of performance stock unit activity

The following table summarizes PSU activity for the six months ended June 30, 2024 (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	394	$	201.61
Granted	4,517		240.07
Released	(11)		149.49
Forfeited	(168)		255.47
Units outstanding, end of period	4,732	$	236.53	$	1,392,469

Schedule of share-based compensation

The following table summarizes the composition of stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of product sales and service sales	$	8,517	$	1,678	$	38,112	$	2,998
Sales, general and administrative expenses		38,633		14,901		61,788		30,346
Research and development expenses		27,671		15,312		50,036		32,897
Total stock-based compensation expense	$	74,821	$	31,891	$	149,936	$	66,241