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Stockholders' Equity (Tables) | 9 Months Ended
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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

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