STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Plans

The Company's 2015 Long-Term Incentive Plan ("2015 Stock Plan") and 2021 Incentive Award Plan (“2021 Stock Plan” and, together, “Stock Plans”) permit the grant of stock options, restricted stock units (“RSUs”), and other stock-based awards to employees, non-employee directors, and consultants.

The following table summarizes the Company’s stock option and restricted stock unit activity during the three months ended March 31, 2023:


	Stock Options						RSUs
	Number of Shares (in millions)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)		Number of Shares (in millions)	Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2022	61	$	12.98				37	$	38.72
Granted	1	13.02					13	16.71
Exercised / Vested	(1)	4.24					(12)	23.60
Forfeited / Cancelled	—	—					(1)	40.26

Outstanding at March 31, 2023	61	$	13.09	6.6	$	356	37	$	35.68
Vested and expected to vest at March 31, 2023	61	$	13.09	6.6	$	356	37	$	35.68
Exercisable at March 31, 2023	30	$	5.06	5.5	$	322	—	$	—

The following table summarizes the Company’s stock-based compensation expense for the Stock Plans and 2021 Employee Stock Purchase Plan (“ESPP”) by line item in the Condensed Consolidated Statements of Operations (in millions):




	Three Months Ended March 31,
	2022		2023
Cost of revenues	$	10	$	18
Research and development	138		84
Selling, general, and administrative	169		81
Total stock-based compensation expense	$	317	$	183

As of March 31, 2023, the Company’s unrecognized stock-based compensation expense for unvested awards was approximately $1,347 million, which is expected to be recognized over a weighted-average period of 5.8 years for stock options and 2.2 years for RSUs.