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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | 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 |

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