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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
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,
 202320222021
Cost of revenues$14,686 $11,535 $7,871 
General and administrative expenses21,574 20,016 16,396 
Selling and marketing expenses22,177 17,815 14,354 
Total$58,437 $49,366 $38,621 
Income tax benefit related to stock-based compensation (1)
$17,333 $9,785 $9,424 
(1) Includes $15,055, $5,881 and $3,651 during the years ended December 31, 2023, 2022 and 2021, 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, 202215,465 $5.52 $439 1.0
  Granted1,790,695 30.14 — 9.5
  Exercised(15,465)5.52 384 — 
  Forfeited— — — — 
Outstanding as of December 31, 20231,790,695 $30.14 $1,278 9.5
Vested and exercisable as of December 31, 2023— $— $— —
Weighted average grant date fair value of per unit of stock option granted during the period$12.03 
The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:
Year ended December 31,
202320222021
Grant date fair value
$30 $— $257 
Cash received$85 $— $710 
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 %
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, 2022238,115 $24.95 
  Granted— — 
  Vested— — 
  Forfeited(20,885)24.95 
Outstanding as of December 31, 2023217,230 $24.95 
The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested was as follows:
Year ended December 31,
202320222021
Weighted average fair value $33.99 $24.28 $18.25 
Grant date fair value$33,058 $24,002 $23,845 
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, 2022*
4,615,630 $19.74 
  Granted1,258,712 33.99 
  Vested*(1,784,973)18.52 
  Forfeited(357,857)21.60 
Outstanding as of December 31, 2023*
3,731,512 $24.96 
* As of December 31, 2023 and 2022, restricted stock units vested for which the underlying common stock is yet to be issued are 324,125 and 872,450, respectively.
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,
 202320222021
Dividend yield— — — 
Expected life (years)2.92.92.9
Risk free interest rate for expected life4.3 %1.7 %0.5 %
Volatility for expected life32.9 %38.3 %65.2 %
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, 2022247,955 $24.00 893,560 $26.94 
Granted219,740 34.56 329,245 44.72 
Adjustment upon final determination of level of performance goal achievement*— — 476,055 23.96 
Vested(245)25.94 (952,475)23.96 
Forfeited(29,450)25.94 (89,935)28.71 
Outstanding as of December 31, 2023438,000 $29.16 656,450 $37.78 
* Represents adjustment of shares vested in respect of MUs granted in February 2021 upon achievement of the performance targets for such awards for which the underlying common stock was issued subsequent to December 31, 2023.
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity
Activity under the Company’s 2022 ESPP is shown below:

NumberTotal Proceeds Received
Shares available for issuance as of December 31, 20224,000,000
Issuance of common stock related to the:
First offering period(38,180)$1,013 
Second offering period(130,495)$3,548 
Shares available for issuance as of December 31, 20233,831,325
Issuance of common stock related to the third offering
period made subsequent to December 31, 2023		71,645$1,948 
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:
Third offering period of
July 1, 2023 to December 31, 2023		Second offering period of
January 1, 2023 to June 30, 2023		First offering period of
October 1, 2022 to December 31, 2022
Dividend yield— — — 
Expected life (years)0.50.50.3
Risk free interest rate for expected life5.4 %4.7 %3.3 %
Volatility for expected life25.5 %38.9 %43.6 %
Discount for illiquidity8.9 %10.3 %9.9 %