The answer is yes. Tax on the difference between the market price and the exercise price as ordinary income for NSO's and "alternative minimum tax amount" for ISO's. Better to exercise at a lower price than a higher price and hold shares while SP rises.
Implication is that a near term sale is expected at considerably more than the current share price, or that a near term and permanent considerable rise in the SP is expected., making it better for tax management to wear the income hit now than later. It is possible that this has something to do with the performance stats we do not yet know about, but in any case the implication is that the option converters consider the risk is strongly to the upside rather than the downside.
It is likely that some portion of these will appear on the market to cover the tax, but if not then the implication is that either a sale is expected very soon, or the converters have sufficient cash to cover the tax.
US tax year ends December 31, and returns must be filed by April 15.
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