Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Equity awards compensation expense recorded in the consolidated statements of operations was as follows:
| | | | | | | | | | | | | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | | (in thousands) | Research and Development | $ | (44,461) | | | $ | (44,438) | | | Sales and Operations | (15,703) | | | (15,240) | | | General and Administrative | (22,029) | | | (16,675) | | | Total equity awards compensation expense (1) | $ | (82,193) | | | $ | (76,353) | | | | Tax benefit from equity awards compensation expense | 7,920 | | | 6,084 | | | | Total equity awards compensation expense, net of tax effect | $ | (74,273) | | | $ | (70,269) | | |
(1) The nine months ended September 30, 2024 are presented net of $2.9 million capitalized stock-based compensation relating to internally developed software. The breakdown of the equity award compensation expense by instrument type was as follows:
| | | | | | | | | | | | | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | | (in thousands) | | Share options | $ | (46) | | | $ | (80) | | | | Lock-up shares | (29,790) | | | (28,326) | | | | Restricted stock units / Performance stock units | (51,058) | | | (46,519) | | | | Non-employee warrants | (1,299) | | | (1,428) | | | Total equity awards compensation expense (1) | $ | (82,193) | | | $ | (76,353) | | | | Tax benefit from equity awards compensation expense | 7,920 | | | 6,084 | | | | Total equity awards compensation expense, net of tax effect | $ | (74,273) | | | $ | (70,269) | | |
(1) Presented net of $2.9 million capitalized stock-based compensation relating to internally developed software.
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| Schedule of Stock Options Roll Forward |
| | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Number of Shares Underlying Outstanding Options | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | | | | Outstanding as of December 31, 2023 | 319,238 | | | | | | | | | Options granted | — | | | | | | | | | Options exercised | (79,993) | | | | | | | | | Options forfeited | (9,439) | | | | | | | | | Options canceled | — | | | | | | | | | Options expired | (6,320) | | | | | | | | Outstanding as of September 30, 2024 | 223,486 | | | | | | | | | | | | | | | | Vested and exercisable as of September 30, 2024 | 223,486 | | | € | 18.72 | | | 4.62 | | € | 17.94 | |
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| Schedule of Nonvested Share Activity |
| | | | | | | | | | | | | Shares | | Weighted-Average Grant date Fair Value Per Share | | | Outstanding as of December 31, 2023 | 1,953,761 | | | — | | | Granted | — | | | — | | | Vested | (1,351,880) | | | — | | | Forfeited | — | | | — | | Outstanding as of September 30, 2024 | 601,881 | | | $ | 23.73 | |
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| Schedule of Nonvested Restricted Stock Units Activity |
| | | | | | | | | | | | | Shares (RSU) | | Weighted-Average Grant date Fair Value Per Share | | | Outstanding as of December 31, 2023 | 5,293,263 | | | — | | | Granted | 1,492,022 | | | — | | | Vested | (1,595,513) | | | — | | | Forfeited | (294,566) | | | — | | Outstanding as of September 30, 2024 | 4,895,206 | | | € | 30.86 | |
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| Share-Based Payment Arrangement, Performance Shares, Activity |
| | | | | | | | | | | | | Shares (PSU) | | Weighted-Average Grant date Fair Value Per Share | | | Outstanding as of December 31, 2023 | 660,395 | | | — | | | Granted | 568,081 | | | — | | Performance share adjustment | 64,152 | | | | | Vested | (202,637) | | | — | | | Forfeited | — | | | — | | Outstanding as of September 30, 2024 | 1,089,991 | | | € | 30.54 | |
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| Share Based Compensation Performance Shares Award Total Shareholder Return Unvested Activity |
The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions: | | | | | | | Expected volatility of the Company | 42.73 | % | | Expected volatility of the benchmark | 71.18 | % | | Risk-free rate | 4.27 | % | | Expected dividend yield | — | % |
The number of shares granted, vested and outstanding subject to market conditions is as follows: | | | | | | | | | | | | | Shares (TSR) | | Weighted-Average Grant date Fair Value Per Share | | | Outstanding as of December 31, 2023 | — | | | — | | | Granted | 268,226 | | | — | | | Vested | — | | | — | | | Forfeited | — | | | — | | Outstanding as of September 30, 2024 | 268,226 | | | € | 47.42 | |
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| Schedule of Stockholders' Equity Note, Warrants or Rights |
| | | | | | | | | | | | | | | | | | | | | | | | | Shares | | Weighted-Average Grant date Fair Value Per Share | | Weighted-Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | | | | | | | Outstanding as of December 31, 2023 | 244,457 | | | | | | | | | Granted | — | | | | | | | | | Exercised | (84,560) | | | | | | | | | Canceled | — | | | | | | | | | Expired | — | | | | | | | | Outstanding as of September 30, 2024 | 159,897 | | | € | 16.59 | | | 3.80 | | € | 20.11 | | | | | | | | | | Vested and exercisable - September 30, 2024 | 159,897 | | | | | | | |
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