Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of operational goals

The tranches will vest upon certification by the Compensation Committee of the Board of Directors upon achievement of three independent vesting conditions, described in the following table:

Operational Goals(1) (in millions)

Stock Price Goal

Minimum Service Requirement

Tranche

Revenue

Adj. EBITDA

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

(1) Operational goals are measured, as of any date, for the previous four consecutive fiscal quarters, beginning with the Company's first full fiscal quarter ending after the fiscal quarter in which the grant date occurred

Summary of restricted stock unit activity

The following table summarizes RSU activity for the nine months ended September 30, 2024 (number of units and aggregate intrinsic value in thousands):

	Number of Units	Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value
Units outstanding, beginning of year	1,615	$	193.09
Granted	595	269.18
Released	(488)	185.33
Forfeited	(128)	202.01
Units outstanding, end of period	1,594	$	223.16	$	636,869

Summary of performance stock unit activity

The following table summarizes PSU activity for the nine months ended September 30, 2024 (number of units and aggregate intrinsic value in thousands):

	Number of Units	Weighted Average Grant-Date Fair Value		Aggregate Intrinsic Value
Units outstanding, beginning of year	394	$	201.61
Granted	4,517	240.07
Released	(11)	149.49
Forfeited	(345)	232.01
Units outstanding, end of period	4,555	$	237.57	$	1,820,338

Schedule of share-based compensation

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of product sales and service sales	$	10,123	$	1,687	$	48,235	$	4,685
Sales, general and administrative expenses	55,248		12,886		117,036		43,232
Research and development expenses	36,409		15,414		86,445		48,311
Total stock-based compensation expense	$	101,780	$	29,987	$	251,716	$	96,228

Schedule of option activity

The following table summarizes stock option activity for the nine months ended September 30, 2024 (number of options and aggregate intrinsic value in thousands):

	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Options outstanding, beginning of year	531	$	28.58
Granted	—	—
Exercised	(350)	28.58
Expired / terminated	—	—
Options outstanding and exercisable, end of period	181	$	28.58	3.41	$	67,085