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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Schedule of Equity Compensation Goals | The three independent vesting conditions are described in the following table:
|  | Operational Goals(1) (in millions) |  | Stock Price Goal |  |  | Minimum Service Requirement |  |
Tranche |  | Revenue |  | Adj. EBITDA(2) |  |  |  | 2024 Employee XSP |  | 2024 CEO Performance Award |  | Goal Expiration
1 |  | $ | 1,834 |  | or | $ | 382 |  | and | $ | 247.40 |  | and |  | June 2025 |  | December 2028 |  | December 31, 2026
2 |  | 2,293 |  | or | 497 |  | and | 309.25 |  | and |  | December 2025 |  | December 2028 |  | December 31, 2027
3 |  | 2,866 |  | or | 633 |  | and | 386.56 |  | and |  | June 2026 |  | December 2029 |  | December 31, 2028
4 |  | 3,583 |  | or | 823 |  | and | 483.20 |  | and |  | December 2026 |  | December 2029 |  | December 31, 2029
5 |  | 4,479 |  | or | 1,066 |  | and | 604.00 |  | and |  | June 2027 |  | December 2030 |  | December 31, 2030
6 |  | 5,599 |  | or | 1,378 |  | and | 755.00 |  | and |  | December 2027 |  | December 2030 |  | December 31, 2031
7 |  | 6,999 |  | or | 1,728 |  | and | 943.75 |  | and |  | June 2028 |  | December 2030 |  | December 31, 2032
(1) Operational goals are measured, as of any date, for the previous four consecutive fiscal quarters, beginning with the Company's first full fiscal quarter ending after the fiscal quarter in which the grant date occurred. (2) In connection with certain acquisitions which were completed during fiscal year 2024, the adjusted EBITDA goals were adjusted as required by the terms of the 2024 Employee XSP and 2024 CEO Performance Award. As the operational goals for tranches 1 and 2 were met as of December 31, 2024, no further adjustment to the adjusted EBITDA goals for these tranches was made in the current period, in accordance with the terms of the awards.
Schedule of Restricted Stock Unit Activity | The following table summarizes restricted stock unit (“RSU”) activity for the three months ended March 31, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
| Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year | 1,684 |  | $ | 356.31 |  |  | 1,615 |  |  | $ | 193.09 |
Granted | 15 |  | 580.51 |  |  | 478 |  | 257.49
Released | (186) |  | 281.66 |  |  | (174) |  |  | 213.88
Forfeited | (27) |  | 398.72 |  |  | (42) |  |  | 186.93
Units outstanding, end of period | 1,486 |  | $ | 367.15 |  |  | 1,877 |  |  | $ | 207.73 |
Aggregate intrinsic value at quarter end | $ | 781,511 |  |  |  |  | $ | 587,321 |  |  |
Schedule of Performance Stock Unit Activity | The following table summarizes performance stock unit (“PSU”) activity, inclusive of XSUs, for the three months ended March 31, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
| Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year | 4,865 |  | $ | 261.18 |  | 394 |  | $ | 201.61 |
Granted | 16 |  | 499.47 |  | 15 |  | 284.00
Released | (15) |  | 256.23 |  | (1) |  |  | 180.89
Forfeited | (48) |  | 224.83 |  | (7) |  |  | 93.32
Units outstanding, end of period | 4,818 |  | $ | 262.34 |  | 401 |  | $ | 206.75 |
Aggregate intrinsic value at quarter end | $ | 2,533,889 |  |  |  |  | $ | 125,533 |  |  |
Schedule of the Company's Stock Options Activity | The following table summarizes stock option activity for the three months ended March 31, 2025 and 2024 (number of units and aggregate intrinsic value in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years)
Options outstanding, beginning of year | 21 |  | $ | 28.58 |  |  |  | 531 |  | $ | 28.58 |  |
Granted | — |  | — |  |  |  | — |  | — |  |
Exercised | — |  | — |  |  |  | — |  | — |  |
Expired / terminated | — |  | — |  |  |  | — |  | — |  |
Options outstanding and exercisable, end of period | 21 |  | $ | 28.58 |  | 2.91 |  | 531 |  | $ | 28.58 |  | 3.9
Aggregate intrinsic value at quarter end | $ | 10,410 |  |  |  |  |  |  | $ | 150,944 |  |  |  |  |
Schedule of Reported Share-based Compensation | The following table summarizes the composition of stock-based compensation expense for the three months ended March 31, 2025 and 2024 (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Cost of product and service sales | $ | 12,887 |  |  | $ | 29,595 |
Selling, general and administrative expenses | 71,347 |  |  | 23,155 |
Research and development expenses | 56,005 |  |  | 22,365 |
Total stock-based compensation expense | $ | 140,239 |  |  | $ | 75,115 |

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