Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Restricted Stock Unit and PSU Activity

The following table summarizes restricted stock awards activity for the year ended December 31, 2024:

	Time-Based Restricted Stock Awards					Market-Based Restricted Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)			(in dollars)		(in thousands)			(in dollars)
Unvested shares of restricted stock outstanding at December 31, 2023		904.0		$	293.74		1,745.5		$	124.38
Granted		707.3		$	179.85		187.2		$	167.25
Vested		(256.2	)	$	293.40		(81.6	)	$	170.32
Forfeited		(214.8	)	$	257.23		(1,655.4	)(1)	$	112.80
Unvested shares of restricted stock outstanding at December 31, 2024		1,140.3		$	230.10		195.7		$	244.14

(1)The change in Mr. Richison’s position from Chief Executive Officer to Co-Chief Executive Officer, effective February 7, 2024, triggered the forfeiture of 1,610,000 shares of restricted stock granted to him on November 23, 2020, in accordance with the terms of the award. As a result, $117.5 million of previously recognized compensation costs that were recorded in reporting periods prior to 2024 were reversed to additional paid-in capital in the consolidated balance sheets and to general and administrative expenses in the consolidated statements of comprehensive income.

The following table summarizes RSU and PSU activity for the year ended December 31, 2024:

	RSUs		PSUs
	Units	Weighted Average Grant Date Fair Value Per Unit	Units	Weighted Average Grant Date Fair Value Per Unit
	(in thousands)	(in dollars)	(in thousands)	(in dollars)
Unvested restricted stock units outstanding at December 31, 2023	9.2	$300.74	37.2	$308.05
Granted	48.7	$187.02	50.5	$187.34
Vested	(3.0)	$300.76	(4.5)	$288.75
Forfeited	(31.3)	$200.62	(59.5)	$257.66
Unvested restricted stock units outstanding at December 31, 2024(1)	23.6	$198.54	23.7	$181.24

(1)A maximum of 23,715 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,
	2024		2023		2022
Time-Based Restricted Stock Awards	$	46.5	$	43.0	$	64.0
Market-Based Restricted Stock Awards	$	19.8	$	—	$	—

Summary of Non-cash Stock-based Compensation

The following table presents the non-cash stock-based compensation expense that is included within the specified line items in our consolidated statements of comprehensive income:

	Year Ended December 31,
	2024			2023		2022
Non-cash stock-based compensation expense:
Operating expenses	$	13.5		$	10.6	$	4.7
Sales and marketing		19.0			23.9		18.7
Research and development		26.3			22.3		11.1
General and administrative		(81.7	)		73.0		60.4
Total non-cash stock-based compensation expense	$	(22.9	)	$	129.8	$	94.9

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 (including RSUs and PSUs) as of December 31, 2024:

	Restricted Stock		Restricted Stock
	Awards		Units
Unrecognized compensation cost	$	186.7	$	3.2
Weighted average period for recognition (years)		2.4		1.1

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, 2024, 2023 and 2022 and the related assumptions:

	Year Ended December 31,
	2024	2023	2022
Grant date fair value of restricted stock	$144.16 - $210.65	$167.76 - $337.44	$259.65 - $348.19
Risk-free interest rate	4.27%	3.58%	1.75%
Estimated volatility	40.1%	40.9%	40.0%
Expected life (in years)	2.3	2.3	2.5

The following table presents a summary of the grant date fair values of restricted stock units granted during the years ended December 31, 2024, 2023 and 2022 and the related assumptions:

	Year Ended December 31,
	2024	2023	2022
Grant date fair value of restricted stock	$158.95 - $199.03	$55.83 - $297.55	$252.16 - $377.01
Risk-free interest rate	—	4.89%	1.25% - 1.51%
Estimated volatility	—	42.5%	49.2%
Expected life (in years)	1.4	1.0	2.7