Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the nine months ended September 30, 2024:

	Stock Options Outstanding
				Weighted Average		Aggregate		Weighted Average
				Exercise Price		Intrinsic		Remaining Contractual
	Shares			Per Share		Value		Term (Years)
Balance as of January 1, 2024		12,936		$	28.68
Granted		91		$	159.47
Exercised		(7,141	)	$	22.06	$	634,522
Forfeited/Expired		(208	)	$	45.25
Balance as of September 30, 2024		5,678		$	38.50
Exercisable as of September 30, 2024		3,052		$	34.21	$	410,163		6.0
Expected to vest as of September 30, 2024		2,626		$	43.48	$	328,599		7.5
Total		5,678		$	38.50	$	738,762		6.7

Schedule of Range of Exercise Prices per Share

Stock options outstanding as of September 30, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

	Stock Options Outstanding at September 30, 2024
			Weighted Average		Weighted Average
			Exercise Price		Remaining Contractual
Range of Exercise Prices per Share	Shares		Per Share		Term (Years)
$12.45 - $20.00		1,650	$	15.64		5.3
$20.01 - $30.00		1,038	$	24.98		8.1
$30.01 - $40.00		23	$	30.16		8.7
$40.01 - $50.00		1,688	$	41.14		7.3
$60.01 - $70.00		1,188	$	69.12		6.4
$150.01 - $159.93		91	$	159.47		9.5
Total		5,678	$	38.50		6.7

Assumptions Used in Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $111.23 and $19.09 for each share subject to a stock option granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions:

	Nine Months Ended
	September 30,
	2024	2023
Expected term of awards in years	5.5 - 6.3	5.5 - 6.3
Expected volatility	75.1% - 82.8%	71.8% - 74.1%
Risk-free interest rate	4.2% - 4.5%	3.7% - 3.9%
Expected dividend yield	0.0%	0.0%

Summary of Share-Settled Restricted Stock Unit Activity

The following table summarizes the Company’s share-settled restricted stock unit activity (in thousands) for the periods indicated:

	Share-Settled Restricted Stock Units Outstanding
				Aggregate
	Units			Intrinsic Value
Balance as of January 1, 2024		1,852
Granted		322
Vested		(428	)	$	63,386
Forfeited		(318	)
Balance as of September 30, 2024		1,428
Expected to vest as of September 30, 2024		1,428		$	240,828

Summary of Share-Settled Performance Stock Unit Activity

As of September 30, 2024, there were 302,850 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the periods indicated:

	Share-Settled Performance Stock Units Outstanding
				Aggregate
	Units			Intrinsic Value
Balance as of January 1, 2024		254
Granted		56
Vested		0		$	0
Forfeited		(7	)
Balance as of September 30, 2024		303
Expected to vest as of September 30, 2024		303		$	102,121

Summary of Components of Tax (Benefit) Expense Related To Equity Plan

The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Tax (benefit) expense related to:
Share-based compensation expense	$	(3,407	)	$	(3,417	)	$	(11,486	)	$	(9,396	)
Exercises of stock options and vesting of share-settled restricted stock units		(2,726	)		813			(159,992	)		1,098
Total tax benefit related to the Company's equity plans	$	(6,133	)	$	(2,604	)	$	(171,478	)	$	(8,298	)

Share-settled Performance Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Assumptions Used in Pricing Model

The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $307.13 and $48.62 for each performance stock unit granted during the nine months ended September 30, 2024 and 2023, respectively, based on the following assumptions:

	Nine Months Ended
	September 30,
	2024			2023
Expected term of awards in years		3.0			3.0
Expected volatility		92.7	%		95.6	%
Risk-free interest rate		4.4	%		4.1	%
Expected dividend yield		0.0	%		0.0	%