Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 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 periods indicated:

	Stock Options Outstanding
				Weighted Average		Aggregate		Weighted Average
				Exercise Price		Intrinsic		Remaining Contractual
	Shares			Per Share		Value		Term (Years)
Balance as of January 1, 2022		11,668		$	26.87
Granted		4,400			34.61
Exercised		(101	)		13.75	$	1,469
Forfeited/Expired		(198	)		49.87
Balance as of December 31, 2022		15,769			28.83
Granted		368			29.01
Exercised		(1,756	)		17.38	$	36,636
Forfeited/Expired		(1,445	)		44.15
Balance as of December 31, 2023		12,936			28.68
Granted		97			163.16
Exercised		(7,826	)		23.55	$	807,096
Forfeited/Expired		(251	)		45.58
Balance as of December 31, 2024		4,956		$	38.56
Exercisable as of December 31, 2024		2,484		$	32.10	$	639,759		5.9
Expected to vest as of December 31, 2024		2,472		$	45.04		604,514		7.2
Total		4,956		$	38.56	$	1,244,273		6.5

Schedule of Range of Exercise Prices per Share

Stock options outstanding as of December 31, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

	Stock Options Outstanding at December 31, 2024
			Weighted Average		Weighted Average
			Exercise Price		Remaining Contractual
Range of Exercise Prices per Share	Shares		Per Share		Term (Years)
$12.45 - $20.00		1,324	$	15.64		5.1
$20.01 - $30.00		1,021	$	24.94		7.8
$30.01 - $40.00		23	$	30.16		8.4
$40.01 - $50.00		1,567	$	41.18		7.0
$60.01 - $70.00		924	$	69.12		6.1
$150.01 - $160.00		91	$	159.47		9.2
$220.01 - $222.99		6	$	222.99		9.8
Total		4,956	$	38.56		6.5

Assumptions Used in Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $114.18, $19.49, and $20.16 for each share subject to a stock option granted during the years ended December 31, 2024, 2023, and 2022, respectively, based on the following assumptions:

	Years Ended December 31,
	2024	2023	2022
Expected term of awards in years	5.5 - 6.3	5.5 - 6.3	6.3
Expected volatility	75.1% - 82.8%	70.6% - 74.1%	58.4% - 75.5%
Risk-free interest rate	4.2% - 4.5%	3.7% - 4.4%	1.9% - 3.9%
Expected dividend yield	0	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, 2022		1,051
Granted		602
Vested		(282	)	$	6,604
Forfeited		(175	)
Balance as of December 31, 2022		1,196
Granted		1,229
Vested		(365	)	$	14,817
Forfeited		(208	)
Balance as of December 31, 2023		1,852
Granted		328
Vested		(571	)	$	112,476
Forfeited		(378	)
Balance as of December 31, 2024		1,231
Expected to vest as of December 31, 2024		1,231		$	356,427

Summary of Share-Settled Performance Stock Unit Activity

As of December 31, 2024, there were 306,939 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the period indicated:

	Share-Settled Performance Stock Units Outstanding
				Aggregate
	Units			Intrinsic Value
Balance as of January 1, 2023		0
Granted		267
Vested		0		$	0
Forfeited		(13	)
Balance as of December 31, 2023		254
Granted		60
Vested		0		$	0
Forfeited		(7	)
Balance as of December 31, 2024		307
Expected to vest as of December 31, 2024		307		$	177,791

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 periods indicated:

	Years Ended December 31,
	2024			2023			2022
Tax (benefit) expense related to:
Share-based compensation expense	$	(15,652	)	$	(12,874	)	$	(12,155	)
Exercises of stock options and vesting of share-settled restricted stock units		(216,477	)		(3,367	)		1,370
Total tax benefit related to the Company's equity plans	$	(232,129	)	$	(16,241	)	$	(10,785	)

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 $313.86 and $48.62 for each performance stock unit granted during the years ended December 31, 2024 and 2023, respectively, based on the following assumptions:

	Years ending December 31,
	2024			2023
Expected term of awards in years		3.0			3.0
Expected volatility	92.67% - 95.50%				95.6	%
Risk-free interest rate	4.1% -4.4%				4.1	%
Expected dividend yield		0.0	%		0.0	%