Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025:

	Stock Options Outstanding
				Weighted Average		Aggregate		Weighted Average
				Exercise Price		Intrinsic		Remaining Contractual
	Shares			Per Share		Value		Term (Years)
Balance as of January 1, 2025		4,956		$	38.56
Granted		47		$	290.23
Exercised		(271	)	$	34.79	$	76,994
Forfeited/Expired		(172	)	$	46.75
Balance as of March 31, 2025		4,560		$	41.07
Exercisable as of March 31, 2025		3,172		$	39.06	$	790,531		5.7
Expected to vest as of March 31, 2025		1,388		$	30.13	$	337,652		7.4
Total		4,560		$	41.07	$	1,128,183		6.2

Schedule of Range of Exercise Prices per Share

Stock options outstanding as of March 31, 2025 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

	Stock Options Outstanding at March 31, 2025
			Weighted Average		Weighted Average
			Exercise Price		Remaining Contractual
Range of Exercise Prices per Share	Shares		Per Share		Term (Years)
$12.45 - $20.00		1,211	$	15.69		4.9
$20.01 - $30.00		970	$	24.79		7.6
$30.01 - $40.00		23	$	30.16		8.2
$40.01 - $50.00		1,357	$	41.29		6.5
$60.01 - $70.00		868	$	69.12		5.6
$70.01 - $220.00		79	$	159.40		9.0
$220.01 - $300.00		41	$	261.29		9.9
$330.01 - $364.20		11	$	364.20		9.7
Total		4,560	$	41.07		6.2

Assumptions Used in Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $221.70 and $111.44 for each share subject to a stock option granted during the three months ended March 31, 2025 and 2024, respectively, based on the following assumptions:

	Three Months Ended
	March 31,
	2025	2024
Expected term of awards in years	6.3	6.3
Expected volatility	83.8% - 84.9%	75.1%
Risk-free interest rate	4.1% - 4.4%	4.2%
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, 2025		1,231
Granted		129
Vested		(104	)	$	33,050
Forfeited		(110	)
Balance as of March 31, 2025		1,146
Expected to vest as of March 31, 2025		1,146		$	330,277

Summary of Share-Settled Performance Stock Unit Activity

As of March 31, 2025, there were 282,322 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, 2025		307
Granted		24
Vested		0		$	0
Forfeited		(49	)
Balance as of March 31, 2025		282
Expected to vest as of March 31, 2025		282		$	162,770

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

The following table summarizes the tax benefit related to the Company’s equity plans (in thousands) for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
	2025			2024
Tax benefit related to:
Share-based compensation expense	$	(1,888	)	$	(4,192	)
Exercises of stock options and vesting of share-settled restricted stock units		(24,605	)		(104,306	)
Total tax benefit related to the Company's equity plans	$	(26,493	)	$	(108,498	)

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 $445.66 and $307.13 for each performance stock unit granted during the three months ended March 31, 2025 and 2024, respectively, based on the following assumptions:

	Three Months Ended
	March 31,
	2025			2024
Expected term of awards in years		3.0			3.0
Expected volatility		99.2	%		92.7	%
Risk-free interest rate		3.9	%		4.4	%
Expected dividend yield		0.0	%		0.0	%