Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Restricted Stock Unit and PSU Activity

The following table summarizes restricted stock awards activity for the year ended December 31, 2023:

	Time-Based					Market-Based
	Restricted Stock Awards					Restricted Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Unvested shares of restricted stock outstanding at December 31, 2022		479.1		$	315.04		1,677.0		$	116.36
Granted		667.2		$	279.85		87.6		$	316.12
Vested		(151.7	)	$	286.10		—		$	—
Forfeited		(90.6	)	$	316.90		(19.1	)	$	299.36
Unvested shares of restricted stock outstanding at December 31, 2023		904.0		$	293.74		1,745.5		$	124.38

	Time RSUs					PSUs
	Units			Weighted Average Grant Date Fair Value Per Unit		Units			Weighted Average Grant Date Fair Value Per Unit
Unvested restricted stock units outstanding at December 31, 2022		0.5		$	377.01		77.8		$	409.13
Granted		8.8		$	297.49		39.1		$	244.39
Vested		(0.1	)	$	377.01		(5.2	)	$	526.66
Forfeited		—		$	—		(74.5	)	$	364.82
Unvested restricted stock units outstanding at December 31, 2023(1)		9.2		$	300.74		37.2		$	308.05

(1)A maximum of 81,843 shares could be delivered upon settlement of PSUs based upon the Company’s achievement of the applicable performance goals over the applicable performance periods.

Summary of Aggregate Fair Value of Awards

The following table presents the aggregate fair value of awards that vested during the indicated period.

	Year Ended December 31,
	2023		2022		2021
Time-Based Restricted Stock Awards	$	42,991	$	63,970	$	97,242
Market-Based Restricted Stock Awards	$	—	$	—	$	76,153

Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested Restricted Stock Units

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested restricted stock unit awards as of December 31, 2023:

	Restricted Stock		Restricted Stock
	Awards		Units
Unrecognized compensation cost	$	258,518	$	5,592
Weighted average period for recognition (years)		2.3		0.7

Non-cash Stock-based Compensation Resulting From Restricted Stock Awards and Restricted Stock Units Awards

The following table presents our total non-cash stock-based compensation expense resulting from restricted stock awards and restricted stock unit awards in the aggregate, which is included in the following line items in the accompanying consolidated statements of comprehensive income:

	Year Ended December 31,
	2023		2022		2021
Operating expenses	$	10,613	$	4,671	$	4,570
Sales and marketing		23,870		18,659		13,801
Research and development		22,273		11,063		7,527
General and administrative		73,050		60,505		71,608
Total non-cash stock-based compensation expense	$	129,806	$	94,898	$	97,506

Restricted Stock [Member]

Summary of Grant-Date Fair Values of Restricted Stock / PSUs Granted and Related Assumptions

The following table presents a summary of the grant date fair values of restricted stock granted during the years ended December 31, 2023, 2022 and 2021 and the related assumptions:

	Year Ended December 31,
	2023	2022	2021
Grant date fair value of restricted stock	$167.76 - $337.44	$259.65 - $348.19	$315.95 - $521.17
Risk-free interest rate	3.58%	1.75%	0.95%
Estimated volatility	40.9%	40.0%	33.0%
Expected life (in years)	2.3	2.5	2.3

The following table presents a summary of the grant date fair values of restricted stock units granted during the years ended December 31, 2023, 2022 and 2021 and the related assumptions:

	Year Ended December 31,
	2023	2022	2021
Grant date fair value of restricted stock	$55.83 - $297.55	$252.16 - $377.01	$382.78 - $587.97
Risk-free interest rate	4.89%	1.25% - 1.51%	0.11% - 0.34%
Estimated volatility	42.5%	49.2%	50.3% - 51.2%
Expected life (in years)	1.0	2.7	2.6