XML 48 R29.htm IDEA: XBRL DOCUMENT v3.25.3
Share-based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 nine

months ended September 30, 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

 

 

54

 

 

$

301.19

 

 

 

 

 

 

 

Exercised

 

 

(1,016

)

 

$

36.84

 

 

$

331,793

 

 

 

 

Forfeited/Expired

 

 

(238

)

 

$

45.81

 

 

 

 

 

 

 

Balance as of September 30, 2025

 

 

3,757

 

 

$

42.36

 

 

 

 

 

 

 

Exercisable as of September 30, 2025

 

 

2,780

 

 

$

38.26

 

 

$

789,282

 

 

 

5.5

 

Expected to vest as of September 30, 2025

 

 

977

 

 

$

54.05

 

 

$

262,887

 

 

 

7.1

 

Total

 

 

3,757

 

 

$

42.36

 

 

$

1,052,169

 

 

 

5.9

 
Schedule of Range of Exercise Prices per Share

Stock options outstanding as of September 30, 2025 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

 

 

Stock Options Outstanding at September 30, 2025

 

 

 

 

 

 

Weighted Average

 

 

Weighted Average

 

 

 

 

 

 

Exercise Price

 

 

Remaining Contractual

 

Range of Exercise Prices per Share

 

Shares

 

 

Per Share

 

 

Term (Years)

 

$12.45 - $20.00

 

 

988

 

 

$

15.53

 

 

 

4.3

 

$20.01 - $30.00

 

 

868

 

 

$

24.48

 

 

 

7.1

 

$30.01 - $40.00

 

 

15

 

 

$

30.16

 

 

 

7.7

 

$40.01 - $50.00

 

 

1,005

 

 

$

41.11

 

 

 

6.3

 

$50.01 - $70.00

 

 

748

 

 

$

69.12

 

 

 

5.4

 

$70.01 - $220.00

 

 

74

 

 

$

159.65

 

 

 

8.5

 

$220.01 - $300.00

 

 

41

 

 

$

261.29

 

 

 

9.4

 

$300.01 - $364.20

 

 

11

 

 

$

364.20

 

 

 

9.2

 

$364.21 and over

 

 

7

 

 

$

371.27

 

 

 

9.7

 

Total

 

 

3,757

 

 

$

42.36

 

 

 

5.9

 
Assumptions Used in Pricing Model The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $301.19 and $111.23 for each share subject to a stock option granted during the nine months ended September 30, 2025 and 2024, respectively, based on the following assumptions:

 

 

Nine Months Ended

 

 

September 30,

 

 

2025

 

2024

Expected term of awards in years

 

5.5 - 6.3

 

5.5 - 6.3

Expected volatility

 

83.8% - 91.5%

 

75.1% - 82.8%

Risk-free interest rate

 

3.9% - 4.4%

 

4.2% - 4.5%

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

 

 

149

 

 

 

 

Vested

 

 

(371

)

 

$

133,619

 

Forfeited

 

 

(200

)

 

 

 

Balance as of September 30, 2025

 

 

809

 

 

 

 

Expected to vest as of September 30, 2025

 

 

809

 

 

$

260,813

 
Summary of Share-Settled Performance Stock Unit Activity

As of September 30, 2025, there were 279,264 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

 

 

(52

)

 

 

 

Balance as of September 30, 2025

 

 

279

 

 

 

 

Expected to vest as of September 30, 2025

 

 

279

 

 

$

179,963

 
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 nine months ended September 30, 2025 and 2024, respectively, based on the following assumptions:

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

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

%