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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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 periods indicated:
|  | Stock Options Outstanding |
|  |  |  |  | Weighted Average |  |  | Aggregate |  |  | Weighted Average |
|  |  |  |  | Exercise Price |  |  | Intrinsic |  |  | Remaining Contractual |
|  | Shares |  |  | Per Share |  |  | Value |  |  | Term (Years) |
Balance as of January 1, 2022 |  |  | 11,668 |  |  | $ | 26.87 |  |  |  |  |  |  |
Granted |  |  | 4,400 |  |  |  | 34.61 |  |  |  |  |  |  |
Exercised |  |  | (101 | ) |  |  | 13.75 |  |  | $ | 1,469 |  |  |  |
Forfeited/Expired |  |  | (198 | ) |  |  | 49.87 |  |  |  |  |  |  |
Balance as of December 31, 2022 |  |  | 15,769 |  |  |  | 28.83 |  |  |  |  |  |  |
Granted |  |  | 368 |  |  |  | 29.01 |  |  |  |  |  |  |
Exercised |  |  | (1,756 | ) |  |  | 17.38 |  |  | $ | 36,636 |  |  |  |
Forfeited/Expired |  |  | (1,445 | ) |  |  | 44.15 |  |  |  |  |  |  |
Balance as of December 31, 2023 |  |  | 12,936 |  |  |  | 28.68 |  |  |  |  |  |  |
Granted |  |  | 97 |  |  |  | 163.16 |  |  |  |  |  |  |
Exercised |  |  | (7,826 | ) |  |  | 23.55 |  |  | $ | 807,096 |  |  |  |
Forfeited/Expired |  |  | (251 | ) |  |  | 45.58 |  |  |  |  |  |  |
Balance as of December 31, 2024 |  |  | 4,956 |  |  | $ | 38.56 |  |  |  |  |  |  |
Exercisable as of December 31, 2024 |  |  | 2,484 |  |  | $ | 32.10 |  |  | $ | 639,759 |  |  |  | 5.9 |
Expected to vest as of December 31, 2024 |  |  | 2,472 |  |  | $ | 45.04 |  |  |  | 604,514 |  |  |  | 7.2 |
Total |  |  | 4,956 |  |  | $ | 38.56 |  |  | $ | 1,244,273 |  |  |  | 6.5 |
Schedule of Range of Exercise Prices per Share | Stock options outstanding as of December 31, 2024 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):
|  | Stock Options Outstanding at December 31, 2024 |
|  |  |  |  | Weighted Average |  |  | Weighted Average |
|  |  |  |  | Exercise Price |  |  | Remaining Contractual |
Range of Exercise Prices per Share |  | Shares |  |  | Per Share |  |  | Term (Years) |
$12.45 - $20.00 |  |  | 1,324 |  |  | $ | 15.64 |  |  |  | 5.1 |
$20.01 - $30.00 |  |  | 1,021 |  |  | $ | 24.94 |  |  |  | 7.8 |
$30.01 - $40.00 |  |  | 23 |  |  | $ | 30.16 |  |  |  | 8.4 |
$40.01 - $50.00 |  |  | 1,567 |  |  | $ | 41.18 |  |  |  | 7.0 |
$60.01 - $70.00 |  |  | 924 |  |  | $ | 69.12 |  |  |  | 6.1 |
$150.01 - $160.00 |  |  | 91 |  |  | $ | 159.47 |  |  |  | 9.2 |
$220.01 - $222.99 |  |  | 6 |  |  | $ | 222.99 |  |  |  | 9.8 |
Total |  |  | 4,956 |  |  | $ | 38.56 |  |  |  | 6.5 |
Assumptions Used in Pricing Model | The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $114.18, $19.49, and $20.16 for each share subject to a stock option granted during the years ended December 31, 2024, 2023, and 2022, respectively, based on the following assumptions:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Expected term of awards in years |  | 5.5 - 6.3 |  | 5.5 - 6.3 |  | 6.3
Expected volatility |  | 75.1% - 82.8% |  | 70.6% - 74.1% |  | 58.4% - 75.5%
Risk-free interest rate |  | 4.2% - 4.5% |  | 3.7% - 4.4% |  | 1.9% - 3.9%
Expected dividend yield |  | 0 |  | 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, 2022 |  |  | 1,051 |  |  |  |
Granted |  |  | 602 |  |  |  |
Vested |  |  | (282 | ) |  | $ | 6,604 |
Forfeited |  |  | (175 | ) |  |  |
Balance as of December 31, 2022 |  |  | 1,196 |  |  |  |
Granted |  |  | 1,229 |  |  |  |
Vested |  |  | (365 | ) |  | $ | 14,817 |
Forfeited |  |  | (208 | ) |  |  |
Balance as of December 31, 2023 |  |  | 1,852 |  |  |  |
Granted |  |  | 328 |  |  |  |
Vested |  |  | (571 | ) |  | $ | 112,476 |
Forfeited |  |  | (378 | ) |  |  |
Balance as of December 31, 2024 |  |  | 1,231 |  |  |  |
Expected to vest as of December 31, 2024 |  |  | 1,231 |  |  | $ | 356,427 |
Summary of Share-Settled Performance Stock Unit Activity | As of December 31, 2024, there were 306,939 performance stock units outstanding under the 2023 Equity Plan. The following table summarizes the Company’s performance stock unit activity (in thousands) for the period indicated:
|  | Share-Settled Performance Stock Units Outstanding |
|  |  |  |  | Aggregate |
|  | Units |  |  | Intrinsic Value |
Balance as of January 1, 2023 |  |  | 0 |  |  |  |
Granted |  |  | 267 |  |  |  |
Vested |  |  | 0 |  |  | $ | 0 |
Forfeited |  |  | (13 | ) |  |  |
Balance as of December 31, 2023 |  |  | 254 |  |  |  |
Granted |  |  | 60 |  |  |  |
Vested |  |  | 0 |  |  | $ | 0 |
Forfeited |  |  | (7 | ) |  |  |
Balance as of December 31, 2024 |  |  | 307 |  |  |  |
Expected to vest as of December 31, 2024 |  |  | 307 |  |  | $ | 177,791 |
Summary of Components of Tax (Benefit) Expense Related To Equity Plan | The following table summarizes the tax (benefit) expense related to the Company’s equity plans (in thousands) for the periods indicated:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax (benefit) expense related to: |  |  |  |  |  |  |  |  |
Share-based compensation expense |  | $ | (15,652 | ) |  | $ | (12,874 | ) |  | $ | (12,155 | )
Exercises of stock options and vesting of share-settled restricted stock units |  |  | (216,477 | ) |  |  | (3,367 | ) |  |  | 1,370 |
Total tax benefit related to the Company's equity plans |  | $ | (232,129 | ) |  | $ | (16,241 | ) |  | $ | (10,785 | )
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 $313.86 and $48.62 for each performance stock unit granted during the years ended December 31, 2024 and 2023, respectively, based on the following assumptions:
|  | Years ending December 31, |
|  | 2024 |  |  | 2023 |
Expected term of awards in years |  |  | 3.0 |  |  |  | 3.0 |
Expected volatility |  | 92.67% - 95.50% |  |  |  | 95.6 | %
Risk-free interest rate |  | 4.1% -4.4% |  |  |  | 4.1 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %

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