Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The Company’s stock option activity for the three months ended March 31, 2024 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, 2023	6,199,453	$	1.76
Exercised	(223,401)	1.67
Cancelled/Forfeited	(25,805)	4.27
Outstanding as of March 31, 2024	5,950,247	1.75		5.71	$	1,749

Schedule of Restricted Stock Awards Activity

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the three months ended March 31, 2024 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, 2023	31,251,698	$	8.60	266,921	$	8.91
Granted	7,030,338	2.26		179,452	1.92
Forfeited	(1,371,438)	8.28		(14,229)	8.58
Vested	(6,352,879)	6.86		(179,452)	1.92
Change in units based on performance	—	—		—	—
Outstanding as of March 31, 2024	30,557,719	7.52		252,692	8.93

The Company’s management awards activity for the three months ended March 31, 2024 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2023	11,800,000	$	8.48
Outstanding as of March 31, 2024	11,800,000	8.48

Schedule of Stock-based Compensation Expense by Function

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

	Three Months Ended March 31,
	2024		2023
Cost of sales	$	3,395	$	2,662
Research and development	14,484		17,471
Sales and marketing	5,223		5,828
General and administrative	21,363		29,993
Total	$	44,465	$	55,954

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

	Three Months Ended March 31,
	2024		2023
Equity Classified Awards:
Stock options	$	262	$	727
RSAs	—		60
RSUs	31,339		38,332
Management awards	5,716		5,659
ESPP	364		403
Liability Classified Awards:
Equity-settled fixed value	4,013		2,881
Optogration	—		2,581
Freedom Photonics	2,214		4,555
Other	557		756
Total	$	44,465	$	55,954