v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Costs Related to Company's Stock-based Compensation Plan
Stock-based compensation expense by nature of function, as below, are included in the consolidated statements of income:
 Year ended December 31,
 202420232022
Cost of revenues$15,762 $14,686 $11,535 
General and administrative expenses28,612 21,574 20,016 
Selling and marketing expenses28,284 22,177 17,815 
Total$72,658 $58,437 $49,366 
Income tax benefit related to stock-based compensation (1)
$17,576 $17,333 $9,785 
(1) Includes $9,714, $15,055 and $5,881 during the years ended December 31, 2024, 2023 and 2022, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.
Schedule of Stock Options Activity
Stock option activity under the Company’s stock-based compensation plans is shown below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic ValueWeighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 20231,790,695 $30.14 $1,278 9.5
  Granted— — — — 
  Exercised (22,390)30.14 274 — 
  Forfeited— — — — 
Outstanding as of December 31, 20241,768,305 $30.14 $25,187 8.5
Vested and exercisable as of December 31, 2024425,265 $30.14 $6,058 8.5
Weighted average grant date fair value of per unit of stock option granted during the period$— 
The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:
Year ended December 31,
202420232022
Grant date fair value
$269 $30 $— 
Cash received$675 $85 $— 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of each stock option granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Year ended December 31, 2023
Dividend yield— 
Expected life (years)6.25
Risk free interest rate for expected life3.8 %
Volatility for expected life32.4 %
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Restricted stock unit activity under the Company’s stock-based compensation plans is shown below:
 Restricted Stock Units
 NumberWeighted Average
Fair Value
Outstanding as of December 31, 2023*
3,731,512 $24.96 
  Granted1,625,550 30.23 
  Vested*(1,818,180)22.26 
  Forfeited(298,682)28.22 
Outstanding as of December 31, 2024*
3,240,200 $28.82 
* As of December 31, 2024 and 2023, restricted stock units vested for which the underlying common stock is yet to be issued are 289,547 and 324,125, respectively.
Restricted Stock Activity Under Company's Stock Plans
Restricted stock unit activity under the SMP is shown below:
 Restricted Stock Units (SMP)
 NumberWeighted Average
Fair Value
Outstanding as of December 31, 2023*
217,230 $24.95 
  Granted— — 
  Vested*(72,385)24.95 
  Forfeited— — 
Outstanding as of December 31, 2024*
144,845 $24.95 
*As of December 31, 2024 and 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 72,385 and nil, respectively.
The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested (including SMP) was as follows:
Year ended December 31,
202420232022
Weighted average fair value of restricted stock units granted$30.23 $33.99 $24.28 
Grant date fair value of restricted stock units vested$42,279 $33,058 $24,002 
Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units
The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:
 Year ended December 31,
 202420232022
Dividend yield— — — 
Expected life (years)2.92.92.9
Risk free interest rate for expected life4.5 %4.3 %1.7 %
Volatility for expected life29.9 %32.9 %38.3 %
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity
PRSU activity under the Company’s stock plans is shown below:
 Revenue-Based PRSUsMarket Condition-Based PRSUs
 NumberWeighted Average
Fair Value		NumberWeighted Average
Fair Value
Outstanding as of December 31, 2023438,000 $29.16 656,450 $37.78 
Granted344,535 28.91 516,692 42.11 
Adjustment upon final determination of level of performance goal achievement*213,435 24.00 319,975 31.13 
Vested**(426,870)24.00 (639,950)31.13 
Forfeited(31,156)29.73 (46,648)40.10 
Outstanding as of December 31, 2024537,944 $31.02 806,519 $43.06 
* Represents adjustment of shares vested in respect of PUs and MUs granted in 2022 upon achievement of the performance targets for such awards.
** Represents PUs and MUs vested for which the underlying common stock was issued subsequent to December 31, 2024.
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity
Activity under the Company’s 2022 ESPP is shown below:

Employee Stock Purchase Plan Unit’s
NumberTotal Proceeds Received
Shares available for issuance as of December 31, 20233,831,325
Issuance of common stock related to the:
Third offering period71,645$1,948 
Fourth offering period86,936$2,414 
Shares available for issuance as of December 31, 20243,672,744
Issuance of common stock related to the fifth offering
period made subsequent to December 31, 2024		64,939$1,823 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The fair value of common stock to be issued under the ESPP was determined using the Black-Scholes option pricing model with the following assumptions:
Fifth offering period of
July 1, 2024 to December 31, 2024		Fourth offering period of
January 1, 2024 to June 30, 2024		Third offering period of
July 1, 2023 to December 31, 2023
Dividend yield— — — 
Expected life (years)0.50.50.5
Risk free interest rate for expected life5.3 %5.2 %5.4 %
Volatility for expected life25.5 %30.1 %25.5 %
Discount for illiquidity7.4 %7.5 %8.9 %