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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Available for Future Grants
The following table summarizes the number of shares available for future grants under our 2021 Plan:
(in millions)As of December 31, 2024
Shares available for future grants2.0 
Schedule of Stock-Based Compensation Expense
The following table summarizes our stock-based compensation expense and the related income tax benefit we recorded in the past three years:
Year ended December 31,
(in millions)202420232022
Restricted stock units$38.4 $38.8 $35.9 
Market stock units16.2 7.5 10.1 
Performance stock units0.1 6.5 37.2 
Total stock-based compensation expense$54.7 $52.8 $83.2 
Income tax benefit related to the stock-based compensation expense$11.2 $10.3 $18.3 
Allocation of Stock-based Compensation Expense
The following table summarizes the stock-based compensation expense included in each of our operating expense categories for the past three years:
Year ended December 31,
(in millions)202420232022
Cost of revenue$23.3 $23.8 $21.6 
Sales and marketing9.0 8.3 8.5 
General and administrative22.4 20.7 53.1 
Total stock-based compensation expense$54.7 $52.8 $83.2 
Schedule of Uncategorized Stock-Based Compensation Expense
The following table summarizes the amount of unrecognized stock-based compensation expense as of December 31, 2024 and the expected number of months over which the expense will be recognized:
Unrecognized stock-based compensation expense (in millions)Weighted average expected amortization period (months)
Restricted stock units$50.2 30
Market stock units24.3 26
Performance stock units0.1 17
Total unrecognized stock-based compensation expense$74.6 29
Schedule of Restricted Stock Units Award Activity
The following table summarizes restricted stock unit activity during the year:
Restricted Stock Units (RSUs)TotalWeighted Average Grant Date Fair Value
RSUs Outstanding - December 31, 2023352,340 $218.96 
Granted166,380 301.20 
Vested(214,355)233.70 
Forfeited(23,506)239.01 
RSUs Outstanding - December 31, 2024280,859 $254.75 
Market Units, Valuation Assumptions
We used the following assumptions to estimate the fair value of our MSUs:
Assumptions for Monte Carlo Valuation Model
Grant DateExpected volatilityDividend yieldRisk-free interest rate
May 15, 202229.6 %0.59 %2.79 %
November 15, 202231.8 %0.60 %4.24 %
May 15, 202331.7 %0.79 %3.65 %
November 15, 202331.9 %0.56 %4.56 %
May 15, 202431.1 %0.54 %4.62 %
November 15, 202431.1 %0.47 %4.30 %
Schedule of Market Stocks Units
The following table summarizes market stock unit activity during the year:
Market Stock Units (MSUs)TotalWeighted Average Grant Date Fair Value
MSUs Outstanding - December 31, 2023148,799 $241.97 
Granted53,241 344.98 
Vested(26,076)215.47 
Forfeited(6,105)268.53 
MSUs Outstanding - December 31, 2024169,859 $277.37 
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]
The following table summarizes performance stock unit activity during the year:
Performance Stock Units (PSUs)TotalWeighted Average Grant Date Fair Value
PSUs Outstanding - December 31, 202331,268 $218.94 
Granted(1)
68,265 293.17 
Vested(29,355)217.38 
Forfeited(25,534)285.95 
PSUs Outstanding - December 31, 202444,644 $295.14 
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(1) Includes (i) 25,364 PSUs granted pursuant to the PitchBook Plan, which was terminated in July 2024 and resulted in the forfeiture of those shares and (ii) 42,901 stretch PSUs granted at the base amount of shares issuable under the agreement; for these awards, zero percent is earned for target performance and up to 200% of the base amount can be earned for performance exceeding target. The number of shares issuable under the stretch PSUs can range from zero to 85,802.