Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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		51		$	296.15
Exercised		(624	)	$	36.94	$	196,136
Forfeited/Expired		(225	)	$	46.11
Balance as of June 30, 2025		4,158		$	41.54
Exercisable as of June 30, 2025		3,022		$	38.80	$	1,104,323		5.4
Expected to vest as of June 30, 2025		1,136		$	48.82	$	403,849		7.3
Total		4,158		$	41.54	$	1,508,172		5.9

Schedule of Range of Exercise Prices per Share

Stock options outstanding as of June 30, 2025 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

	Stock Options Outstanding at June 30, 2025
			Weighted Average		Weighted Average
			Exercise Price		Remaining Contractual
Range of Exercise Prices per Share	Shares		Per Share		Term (Years)
$12.45 - $20.00		1,114	$	15.55		4.5
$20.01 - $30.00		912	$	24.59		7.0
$30.01 - $40.00		23	$	30.16		5.3
$40.01 - $50.00		1,171	$	41.30		6.3
$50.01 - $70.00		807	$	69.12		5.7
$70.01 - $220.00		76	$	159.52		8.6
$220.01 - $300.00		41	$	261.29		9.6
$300.01 - $364.20		11	$	364.20		9.5
$364.21  and over		3	$	369.06		9.9
Total		4,158	$	41.54		5.9

Assumptions Used in Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $296.15 and $111.23 for each share subject to a stock option granted during the six months ended June 30, 2025 and 2024, respectively, based on the following assumptions:

	Six Months Ended
	June 30,
	2025	2024
Expected term of awards in years	5.5-6.3	5.5 - 6.3
Expected volatility	83.8% - 91.5%	75.1% - 82.8%
Risk-free interest rate	4.0% - 4.4%	4.2% - 4.5%
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		140
Vested		(334	)	$	120,067
Forfeited		(157	)
Balance as of June 30, 2025		880
Expected to vest as of June 30, 2025		880		$	355,748

Summary of Share-Settled Performance Stock Unit Activity

As of June 30, 2025, there were 279,264 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		(52	)
Balance as of June 30, 2025		279
Expected to vest as of June 30, 2025		279		$	225,774

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 and six months ended June 30, 2025 and 2024:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Tax benefit related to:
Share-based compensation expense	$	(2,443	)	$	(3,887	)	$	(4,331	)	$	(8,079	)
Exercises of stock options and vesting of share-settled restricted stock units		(40,192	)		(52,960	)		(64,797	)		(157,266	)
Total tax benefit related to the Company's equity plans	$	(42,635	)	$	(56,847	)	$	(69,128	)	$	(165,345	)

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 six months ended June 30, 2025 and 2024, respectively, based on the following assumptions:

	Six Months Ended
	June 30,
	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	%