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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

The Company’s stock option activity for the six months ended June 30, 2023 was as follows:


	Number of Common Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In Thousands)




Outstanding as of December 31, 2022	8,162,850	$	1.74

Exercised	(987,653)	1.67
Cancelled/Forfeited	(254,010)	1.67
Outstanding as of June 30, 2023	6,921,187	1.75		6.49	$	36,209

Schedule of Restricted Stock Awards Activity

The Company’s RSAs activity for the six months ended June 30, 2023 was as follows:


	Shares	Weighted Average Grant Date Fair Value per Share




Outstanding as of December 31, 2022	64,486	$	1.29


Vested	(64,486)	1.29
Outstanding as of June 30, 2023	—	—

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity (the Company disclosed RSUs activity on an aggregated basis in filings prior to this Form 10-Q for the quarterly period ended June 30, 2023) for the six months ended June 30, 2023 was as follows:


	Time-Based RSUs			Performance-Based and Other RSUs
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	25,010,689	$	12.76	583,347	$	8.39
Granted	13,318,819	7.17		961,187	8.58
Forfeited	(1,598,623)	11.12		(12,832)	8.58
Vested	(7,481,325)	11.82		(31,282)	8.58
Change in units based on performance	—	—		(404,323)	9.90
Outstanding as of June 30, 2023	29,249,560	10.54		1,096,097	7.99

The Company’s management awards activity for the six months ended June 30, 2023 was as follows:


	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	11,800,000	$	8.48
Granted	370,000	6.80


Outstanding as of June 30, 2023	12,170,000	8.43

Schedule of Stock-based Compensation Expense by Function

Stock-based compensation expense by function was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	1,925	$	6,989	$	4,587	$	8,775
Research and development	20,541		8,714		38,012		15,816
Sales and marketing	9,792		2,741		15,620		5,609
General and administrative	26,937		20,181		56,930		35,123
Total	$	59,195	$	38,625	$	115,149	$	65,323

Stock-based compensation expense by type of award was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Equity Classified Awards:
Stock options	$	534	$	748	$	1,261	$	1,270
RSAs	1		187		61		21
RSUs	34,706		32,540		73,038		54,049
Management awards	5,840		—		11,499		—
ESPP	345		157		748		157
Liability Classified Awards:
Equity settled fixed value	3,035		1,741		5,916		3,521
Optogration	3,078		394		5,659		3,447
Freedom Photonics	4,977		2,800		9,532		2,800
Other	6,679		58		7,435		58
Total	$	59,195	$	38,625	$	115,149	$	65,323