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v3.25.1

Share-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 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 three months ended March 31, 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 |  |  | 47 |  |  | $ | 290.23 |  |  |  |  |  |  |
Exercised |  |  | (271 | ) |  | $ | 34.79 |  |  | $ | 76,994 |  |  |  |
Forfeited/Expired |  |  | (172 | ) |  | $ | 46.75 |  |  |  |  |  |  |
Balance as of March 31, 2025 |  |  | 4,560 |  |  | $ | 41.07 |  |  |  |  |  |  |
Exercisable as of March 31, 2025 |  |  | 3,172 |  |  | $ | 39.06 |  |  | $ | 790,531 |  |  |  | 5.7 |
Expected to vest as of March 31, 2025 |  |  | 1,388 |  |  | $ | 30.13 |  |  | $ | 337,652 |  |  |  | 7.4 |
Total |  |  | 4,560 |  |  | $ | 41.07 |  |  | $ | 1,128,183 |  |  |  | 6.2 |
Schedule of Range of Exercise Prices per Share | Stock options outstanding as of March 31, 2025 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):
|  | Stock Options Outstanding at March 31, 2025 |
|  |  |  |  | Weighted Average |  |  | Weighted Average |
|  |  |  |  | Exercise Price |  |  | Remaining Contractual |
Range of Exercise Prices per Share |  | Shares |  |  | Per Share |  |  | Term (Years) |
$12.45 - $20.00 |  |  | 1,211 |  |  | $ | 15.69 |  |  |  | 4.9 |
$20.01 - $30.00 |  |  | 970 |  |  | $ | 24.79 |  |  |  | 7.6 |
$30.01 - $40.00 |  |  | 23 |  |  | $ | 30.16 |  |  |  | 8.2 |
$40.01 - $50.00 |  |  | 1,357 |  |  | $ | 41.29 |  |  |  | 6.5 |
$60.01 - $70.00 |  |  | 868 |  |  | $ | 69.12 |  |  |  | 5.6 |
$70.01 - $220.00 |  |  | 79 |  |  | $ | 159.40 |  |  |  | 9.0 |
$220.01 - $300.00 |  |  | 41 |  |  | $ | 261.29 |  |  |  | 9.9 |
$330.01 - $364.20 |  |  | 11 |  |  | $ | 364.20 |  |  |  | 9.7 |
Total |  |  | 4,560 |  |  | $ | 41.07 |  |  |  | 6.2 |
Assumptions Used in Pricing Model | The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $221.70 and $111.44 for each share subject to a stock option granted during the three months ended March 31, 2025 and 2024, respectively, based on the following assumptions:
|  | Three Months Ended
|  | March 31,
|  | 2025 |  | 2024
Expected term of awards in years |  | 6.3 |  | 6.3
Expected volatility |  | 83.8% - 84.9% |  | 75.1%
Risk-free interest rate |  | 4.1% - 4.4% |  | 4.2%
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 |  |  | 129 |  |  |  |
Vested |  |  | (104 | ) |  | $ | 33,050 |
Forfeited |  |  | (110 | ) |  |  |
Balance as of March 31, 2025 |  |  | 1,146 |  |  |  |
Expected to vest as of March 31, 2025 |  |  | 1,146 |  |  | $ | 330,277 |
Summary of Share-Settled Performance Stock Unit Activity | As of March 31, 2025, there were 282,322 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 |  |  | (49 | ) |  |  |
Balance as of March 31, 2025 |  |  | 282 |  |  |  |
Expected to vest as of March 31, 2025 |  |  | 282 |  |  | $ | 162,770 |
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 months ended March 31, 2025 and 2024:
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Tax benefit related to: |  |  |  |  |  |
Share-based compensation expense |  | $ | (1,888 | ) |  | $ | (4,192 | )
Exercises of stock options and vesting of share-settled restricted stock units |  |  | (24,605 | ) |  |  | (104,306 | )
Total tax benefit related to the Company's equity plans |  | $ | (26,493 | ) |  | $ | (108,498 | )
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 three months ended March 31, 2025 and 2024, respectively, based on the following assumptions:
|  | Three Months Ended |
|  | March 31, |
|  | 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 | %

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