v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
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
TrancheRevenue
Adj. EBITDA(2)
2024 Employee XSP2024 CEO Performance AwardGoal Expiration
1$1,834 or$382 and$247.40 andJune 2025December 2028December 31, 2026
22,293 or497 and309.25 andDecember 2025December 2028December 31, 2027
32,866 or633 and386.56 andJune 2026December 2029December 31, 2028
43,583 or823 and483.20 andDecember 2026December 2029December 31, 2029
54,479 or1,066 and604.00 andJune 2027December 2030December 31, 2030
65,599 or1,378 and755.00 andDecember 2027December 2030December 31, 2031
76,999 or1,728 and943.75 andJune 2028December 2030December 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,
20252024
Number of
Units		Weighted Average
Grant-Date Fair Value		Number of
Units		Weighted Average
Grant-Date Fair Value
Units outstanding, beginning of year1,684$356.31 1,615 $193.09 
Granted15580.51 478257.49
Released(186)281.66 (174)213.88
Forfeited(27)398.72 (42)186.93
Units outstanding, end of period1,486$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,
20252024
Number of
Units		Weighted Average
Grant-Date Fair Value		Number of
Units		Weighted Average
Grant-Date Fair Value
Units outstanding, beginning of year4,865$261.18394$201.61 
Granted16499.4715284.00
Released(15)256.23(1)180.89
Forfeited(48)224.83(7)93.32
Units outstanding, end of period4,818$262.34401$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,
20252024
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)
Options outstanding, beginning of year21$28.58531$28.58
Granted————
Exercised————
Expired / terminated————
Options outstanding and exercisable, end of period21$28.582.91531$28.583.9
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,
20252024
Cost of product and service sales$12,887 $29,595 
Selling, general and administrative expenses71,347 23,155 
Research and development expenses56,005 22,365 
Total stock-based compensation expense$140,239 $75,115