Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-37468 | |
Entity Registrant Name | AppFolio, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0359894 | |
Entity Address, Address Line One | 50 Castilian Drive | |
Entity Address, City or Town | Santa Barbara, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 93117 | |
City Area Code | 805 | |
Local Phone Number | 364-6093 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | APPF | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0001433195 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,712,280 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 17,536,442 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 56,779 | $ 15,813 |
Investment securities—current | 7,952 | 22,876 |
Accounts receivable, net | 9,617 | 7,562 |
Prepaid expenses and other current assets | 18,362 | 15,540 |
Total current assets | 92,710 | 61,791 |
Investment securities—noncurrent | 6,676 | 12,089 |
Property and equipment, net | 22,536 | 14,744 |
Operating lease right-of-use assets | 26,750 | 27,803 |
Capitalized software, net | 32,587 | 30,023 |
Goodwill | 58,425 | 58,425 |
Intangible assets, net | 20,121 | 21,377 |
Deferred taxes | 27,212 | 27,574 |
Other long-term assets | 6,410 | 6,276 |
Total assets | 293,427 | 260,102 |
Current liabilities | ||
Accounts payable | 2,509 | 1,927 |
Accrued employee expenses | 11,833 | 17,758 |
Accrued expenses | 11,419 | 10,833 |
Deferred revenue | 5,732 | 4,600 |
Other current liabilities | 5,636 | 11,139 |
Term loan, net—current portion | 1,520 | 1,208 |
Total current liabilities | 38,649 | 47,465 |
Operating lease liabilities | 34,143 | 33,312 |
Revolving facility | 49,000 | 0 |
Term loan, net | 46,760 | 47,375 |
Total liabilities | 168,552 | 128,152 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding at March 31, 2020 and December 31, 2019 | 0 | 0 |
Additional paid-in capital | 156,513 | 161,509 |
Accumulated other comprehensive income | 165 | 33 |
Treasury stock, at cost, 419 and 371 shares of Class A common stock at March 31, 2020 and December 31, 2019, respectively | (25,756) | (21,562) |
Accumulated deficit | (6,051) | (8,034) |
Total stockholders’ equity | 124,875 | 131,950 |
Total liabilities and stockholders’ equity | 293,427 | 260,102 |
Class A common stock, $0.0001 par value, 250,000 shares authorized at March 31, 2020 and December 31, 2019; 17,089 and 16,923 shares issued at March 31, 2020 and December 31, 2019, respectively; 16,670 and 16,552 shares outstanding at March 31, 2020 and December 31, 2019, respectively | ||
Stockholders’ equity: | ||
Common stock | 2 | 2 |
Class B common stock, $0.0001 par value, 50,000 shares authorized at March 31, 2020 and December 31, 2019; 17,536 and 17,594 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | ||
Stockholders’ equity: | ||
Common stock | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 419,000 | 371,000 |
Class A common stock | ||
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 17,089,000 | 16,923,000 |
Common stock, shares outstanding (in shares) | 16,670,000 | 16,552,000 |
Class B common stock | ||
Common stock, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 17,536,000 | 17,594,000 |
Common stock, shares outstanding (in shares) | 17,536,000 | 17,594,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 72,495 | $ 57,091 |
Costs and operating expenses: | ||
Cost of revenue (exclusive of depreciation and amortization) | 28,961 | 24,181 |
Sales and marketing | 14,506 | 11,219 |
Research and product development | 11,212 | 8,481 |
General and administrative | 8,572 | 8,192 |
Depreciation and amortization | 6,414 | 5,076 |
Total costs and operating expenses | 69,665 | 57,149 |
Income (loss) from operations | 2,830 | (58) |
Other income (expense), net | 22 | (1) |
Interest expense, net | (494) | (497) |
Income (loss) before provision for (benefit from) income taxes | 2,358 | (556) |
Provision for (benefit from) income taxes | 375 | (4,281) |
Net income | $ 1,983 | $ 3,725 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.11 |
Diluted (in dollars per share) | $ 0.06 | $ 0.11 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 34,175 | 33,913 |
Diluted (in shares) | 35,681 | 35,342 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,983 | $ 3,725 |
Other comprehensive income: | ||
Changes in unrealized gains on investment securities | 132 | 129 |
Comprehensive income | $ 2,115 | $ 3,854 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common StockClass A common stock | Common StockClass B common stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2018 | 15,789,000 | 18,109,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 91,846 | $ 2 | $ 2 | $ 157,898 | $ (178) | $ (21,562) | $ (44,316) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 14,000 | ||||||
Exercise of stock options | 90 | $ 0 | 90 | ||||
Stock-based compensation | 1,831 | 1,831 | |||||
Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 58,000 | ||||||
Vesting of restricted stock units, net of shares withheld for taxes | (2,572) | $ 0 | (2,572) | ||||
Vesting of early exercised shares | 6 | 6 | |||||
Conversion of Class B stock to Class A stock (in shares) | 38,000 | (38,000) | |||||
Conversion of Class B stock to Class A stock | 0 | ||||||
Other comprehensive income | 129 | 129 | |||||
Net income | 3,725 | 3,725 | |||||
Ending balance (in shares) at Mar. 31, 2019 | 15,899,000 | 18,071,000 | |||||
Ending balance at Mar. 31, 2019 | 95,055 | $ 2 | $ 2 | 157,253 | (49) | (21,562) | (40,591) |
Beginning balance (in shares) at Dec. 31, 2019 | 16,552,000 | 17,594,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 131,950 | $ 2 | $ 2 | 161,509 | 33 | (21,562) | (8,034) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 17,000 | 17,000 | |||||
Exercise of stock options | $ 97 | 97 | |||||
Stock-based compensation | 1,365 | 1,365 | |||||
Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 91,000 | ||||||
Vesting of restricted stock units, net of shares withheld for taxes | (6,458) | (6,458) | |||||
Conversion of Class B stock to Class A stock (in shares) | 58,000 | (58,000) | |||||
Conversion of Class B stock to Class A stock | 0 | ||||||
Other comprehensive income | $ 132 | 132 | |||||
Repurchase of common stock (in shares) | (48,002) | (48,000) | |||||
Repurchase of common stock | $ (4,194) | (4,194) | |||||
Net income | 1,983 | 1,983 | |||||
Ending balance (in shares) at Mar. 31, 2020 | 16,670,000 | 17,536,000 | |||||
Ending balance at Mar. 31, 2020 | $ 124,875 | $ 2 | $ 2 | $ 156,513 | $ 165 | $ (25,756) | $ (6,051) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash from operating activities | ||
Net income | $ 1,983 | $ 3,725 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,414 | 5,076 |
Amortization of operating lease right-of-use assets | 1,053 | 942 |
Deferred income taxes | 362 | (4,281) |
Stock-based compensation | 959 | 1,552 |
Other | (38) | 27 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,616) | (2,051) |
Prepaid expenses and other current assets | (2,822) | (3,577) |
Other assets | (148) | 660 |
Accounts payable | (362) | 100 |
Accrued employee expenses | (5,427) | (2,867) |
Accrued expenses | 726 | 1,580 |
Deferred revenue | 693 | 268 |
Operating lease liabilities | 784 | (735) |
Other liabilities | 522 | (124) |
Net cash provided by operating activities | 3,083 | 295 |
Cash from investing activities | ||
Purchases of available-for-sale investments | (649) | 0 |
Proceeds from sales of available-for-sale investments | 13,942 | 1,750 |
Proceeds from maturities of available-for-sale investments | 7,250 | 2,250 |
Purchases of property, equipment and intangible assets | (7,992) | (1,030) |
Additions to capitalized software | (6,822) | (4,658) |
Cash paid in business acquisition, net of cash acquired | 0 | (54,004) |
Net cash provided by (used in) investing activities | 5,729 | (55,692) |
Cash from financing activities | ||
Proceeds from stock option exercises | 97 | 90 |
Tax withholding for net share settlement | (6,458) | (1,315) |
Payment of contingent consideration | (5,977) | 0 |
Proceeds from issuance of debt | 49,437 | 597 |
Principal payments on debt | (749) | (909) |
Payment of debt issuance costs | 0 | (360) |
Purchase of treasury stock | (4,194) | 0 |
Net cash provided by (used in) financing activities | 32,156 | (1,897) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 40,968 | (57,294) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 16,247 | 74,506 |
End of period | 57,215 | 17,212 |
Noncash investing and financing activities | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 4,251 | 445 |
Additions of capitalized software included in accrued and accrued employee expenses | 687 | 391 |
Stock-based compensation capitalized for software development | 406 | 338 |
Tax withholding for net share settlement included in accrued employee expenses | 0 | 1,258 |
Purchase consideration for acquisitions included in other current liabilities | 0 | 6,000 |
Total cash, cash equivalents and restricted cash | $ 57,215 | $ 17,212 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business AppFolio, Inc.'s (the "Company,"“we,” "us" or "our") mission is to revolutionize vertical industry businesses by providing great software and services. Today we offer industry-specific, cloud-based business software solutions, services and data analytics to the real estate market, which represents over 90% of our revenue, and, to a lesser extent, to the legal market. Although specific functionality varies by product, our core solutions address common business operations and interactions of businesses in our targeted verticals. In addition to our core solutions, we offer a range of optional, but often business-critical, Value+ services. Our Value+ services are built to enhance, automate and streamline processes and support workflows essential to our customers' businesses. Our real estate software solutions provide our property management customers with a system of record to automate essential business processes, a system of engagement to enhance business interactions between our customers and their clients and other stakeholders, and a system of intelligence to leverage data to predict and optimize business workflows that enable superior customer experiences and increase efficiency across our customers' businesses. We also provide software solutions to the legal market that enable law firms to administer their practice and manage their caseloads more efficiently by centralizing case details in a single system of record and system of engagement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 2, 2020. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020 . Reclassifications We reclassified certain amounts in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows within the cash from operating activities section in the prior year to conform to the current year's presentation. Changes in Accounting Policies Except as described below under Recently Adopted Accounting Pronouncements , there have been no significant changes in our accounting policies from those disclosed in our annual consolidated financial statements and the related notes included in our Annual Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, fair value of financial instruments, capitalized software costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, income taxes, useful lives associated with property and equipment and intangible assets, contingencies, and valuation and assumptions underlying stock-based compensation and other equity instruments. In December 2019, a novel coronavirus disease ("COVID-19") was reported and has spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States government declared a national emergency with respect to COVID-19. COVID-19 has created and may continue to create significant uncertainty in global financial markets, which may reduce demand for our core solutions and/or Value+ services, impact the productivity of our workforce, reduce our access to capital, and harm our business and results of operations. In light of the currently unknown ultimate duration and severity of COVID-19, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts COVID-19 as of March 31, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, the carrying value of the goodwill and other long-lived assets, incentive-based compensation and income taxes. As of the date of our Condensed Consolidated Financial Statements, we are not aware of any specific event or circumstance that would require us to update our estimates or judgments or to revise the carrying value of our assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in our consolidated financial statements in future periods. While we considered the effects of COVID-19 in our estimates and assumptions, due to the current level of uncertainty over the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that were not currently considered. Such judgments and assumptions could result in a meaningful impact on our financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on our financial statements. Net Income per Common Share Net income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below. The following table presents a reconciliation of the weighted average number of shares of our Class A and Class B common stock used to compute net income per common share (in thousands): Three Months Ended 2020 2019 Weighted average common shares outstanding 34,180 33,918 Less: Weighted average unvested restricted shares subject to repurchase 5 5 Weighted average common shares outstanding; basic 34,175 33,913 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share 1,506 1,429 Weighted average common shares outstanding; diluted 35,681 35,342 For the three months ended March 31, 2020 and 2019 , an aggregate of 135,000 and 362,000 shares, respectively, underlying performance-based stock options ("PSOs") and performance-based restricted stock units ("PSUs"), were not included in the computations of diluted and anti-dilutive shares as they are considered contingently issuable upon the satisfaction of pre-defined performance measures and their respective performance measures have not been met. Restricted stock units ("RSUs") with anti-dilutive effect were excluded from the calculation of weighted average number of shares used to compute diluted net income per common share and they were not material for the three months ended March 31, 2020 and 2019 . Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for available-for-sale investment securities and purchased financial assets with credit deterioration. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , a series of amendments which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. We do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures. In March 2020, the FASB issued ASU No. 2020-04 , Facilitation of the Effects of Reference rate Reform on Financial Reporting. This guidance is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective beginning March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We are currently evaluating the effect of the adoption of this guidance on our financial condition, results of operations, cash flows and disclosures |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisition of Dynasty On January 7, 2019, we acquired 100% of the voting equity interest of Dynasty Marketplace, Inc. ("Dynasty") for $60.2 million . Dynasty is a provider of advanced AI solutions for the real estate market that automate leasing communications, replace manual tasks and help customers grow their portfolios. The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies and comparable companies, estimates of future revenue and cash flows, discount rates, and the software decay rate and database ramp up rate. The following table summarizes the final purchase price allocation (in thousands), as well as the estimated useful lives of the acquired intangible assets over which they are amortized on a straight-line basis, as this approximates the pattern in which economic benefits will be consumed: Amount Estimated Useful Life (in years) Total current assets $ 305 Identified intangible assets: Technology 5,730 4.0 Database 4,710 10.0 Customer relationships 1,110 5.0 Backlog 470 1.0 Trademark & trade name 1,390 10.0 Non-compete agreement 7,340 5.0 Total intangible assets subject to amortization 20,750 6.0 Goodwill 42,877 Indefinite Other noncurrent assets 35 Total assets acquired 63,967 Accrued and other liabilities 48 Deferred tax liability, net 3,711 Total liabilities assumed 3,759 Purchase consideration $ 60,208 Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is non-deductible for U.S. federal income tax purposes. We incurred a total of $291,000 in transaction costs related to the acquisition and expensed all transaction costs incurred during the period in which such service was received. Pro Forma Results The following unaudited pro forma information has been prepared for illustrative purposes only, and assumes that the aforementioned Dynasty acquisition occurred on January 1, 2018, and includes pro forma adjustments related to the amortization of acquired intangible assets, elimination of historical interest and amortization expense, income taxes, compensation arrangements, and the transaction costs incurred. The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable; however, they are not necessarily indicative of the consolidated results of operations had the acquisitions occurred at the beginning of the periods presented, or of future results of operations. The unaudited pro forma results are as follows (in thousands): Three Months Ended 2020 2019 Revenue $ 72,495 $ 57,126 Net income (loss) 1,983 (546 ) |
Investment Securities and Fair
Investment Securities and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Investment Securities and Fair Value Measurements | Investment Securities and Fair Value Measurements Investment Securities Investment securities classified as available-for-sale consisted of the following at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 1,597 $ 2 $ — $ 1,599 Agency securities 2,649 40 — 2,689 Treasury securities 10,205 135 — 10,340 Total available-for-sale investment securities $ 14,451 $ 177 $ — $ 14,628 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 9,597 $ 18 $ (1 ) $ 9,614 Agency securities 11,101 17 — 11,118 Treasury securities 14,222 12 (1 ) 14,233 Total available-for-sale investment securities $ 34,920 $ 47 $ (2 ) $ 34,965 For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security. No allowance for credit losses for available-for-sale investment securities was recorded as of March 31, 2020 . At March 31, 2020 and December 31, 2019 , the contractual maturities of our investments did not exceed 36 months . The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 7,897 $ 7,952 $ 22,846 $ 22,876 Due after one year through three years 6,554 6,676 12,074 12,089 Total available-for-sale investment securities $ 14,451 $ 14,628 $ 34,920 $ 34,965 During the three months ended March 31, 2020 and 2019 , we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Three Months Ended March 31, 2020 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 5 $ — $ 4,006 $ 4,000 Agency securities 24 — 7,878 1,250 Treasury securities 4 — 2,058 2,000 Total $ 33 $ — $ 13,942 $ 7,250 Three Months Ended March 31, 2019 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ (1 ) $ 1,750 $ 2,250 Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million and $0.2 million for the three months ended March 31, 2020 and 2019 , respectively. Fair Value Measurements Recurring Fair Value Measurements Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands): March 31, 2020 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 28,548 $ — $ — $ 28,548 Available-for-sale investment securities: Corporate bonds — 1,599 — 1,599 Agency securities — 2,689 — 2,689 Treasury securities 10,340 — — 10,340 Total $ 38,888 $ 4,288 $ — $ 43,176 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 337 $ — $ — $ 337 Available-for-sale investment securities: Corporate bonds — 9,614 — 9,614 Agency securities — 11,118 — 11,118 Treasury securities 14,233 — — 14,233 Total $ 14,570 $ 20,732 $ — $ 35,302 The carrying amounts of cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these items. The estimated fair value of the $50.0 million term loan issued by Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, and the lenders that are parties thereto ("Term Loan") and the $50.0 million revolving credit facility made available to us by Wells Fargo and the lenders that are parties thereto ("Revolving Facility," and together with the Term Loan, the "Credit Facility"), approximate their carrying values due to the variable interest rates. We consider the fair value of the Term Loan and the Revolving Facility to be Level 2 measurements as these debt instruments are not actively traded. We carry the Term Loan at face value less the unamortized discount. Refer to Note 8, Long-Term Debt, of our Condensed Consolidated Financial Statements for more information about our Term Loan and Revolving Facility. There were no changes to our valuation techniques used to measure financial asset and financial liability fair values on a recurring basis during the three months ended March 31, 2020 . The valuation techniques for the financial assets in the tables above are as follows: Cash Equivalents As of March 31, 2020 and December 31, 2019 , cash equivalents include cash invested in money market funds with a maturity of three months or less. Fair value is based on market prices for identical assets. Available-for-Sale Investment Securities Our Level 2 securities were priced by a pricing vendor. The pricing vendor utilizes the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, other observable inputs like market transactions involving comparable securities are used. Non-Recurring Fair Value Measurements Certain assets, including goodwill, intangible assets and our note receivable with SecureDocs, Inc., are also subject to measurement at fair value on a non-recurring basis using Level 3 measurement, but only when they are deemed to be impaired. For the three months ended March 31, 2020 and 2019 , no impairments were identified on those assets required to be measured at fair value on a non-recurring basis. |
Internal-Use Software Developme
Internal-Use Software Development Costs | 3 Months Ended |
Mar. 31, 2020 | |
Research and Development [Abstract] | |
Internal-Use Software Development Costs | Internal-Use Software Development Costs Internal-use software development costs as of March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, Internal use software development costs, gross $ 88,204 $ 81,475 Less: Accumulated amortization (55,617 ) (51,452 ) Internal use software development costs, net $ 32,587 $ 30,023 Capitalized software development costs were $6.7 million and $5.0 million for the three months ended March 31, 2020 and 2019 , respectively. Amortization expense with respect to software development costs totaled $4.2 million and $3.0 million for the three months ended March 31, 2020 and 2019 , respectively. Future amortization expense with respect to capitalized software development costs as of March 31, 2020 is estimated as follows (in thousands): Years Ending December 31, 2020 $ 12,283 2021 12,980 2022 6,935 2023 389 Total amortization expense $ 32,587 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands, except years): March 31, 2020 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 3,070 $ (1,438 ) $ 1,632 5.0 Database 8,330 (1,162 ) 7,168 10.0 Technology 10,541 (6,466 ) 4,075 5.0 Trademarks and trade names 2,690 (1,036 ) 1,654 6.0 Partner relationships 680 (680 ) — 3.0 Non-compete agreements 7,400 (1,854 ) 5,546 5.0 Domain names 301 (277 ) 24 5.0 Patents 252 (230 ) 22 5.0 $ 33,264 $ (13,143 ) $ 20,121 6.6 December 31, 2019 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 3,070 $ (1,296 ) $ 1,774 5.0 Database 8,330 (954 ) 7,376 10.0 Technology 10,541 (6,074 ) 4,467 5.0 Trademarks & trade names 2,690 (898 ) 1,792 6.0 Partner relationships 680 (680 ) — 3.0 Non-compete agreements 7,400 (1,484 ) 5,916 5.0 Domain names 301 (276 ) 25 5.0 Patents 252 (225 ) 27 5.0 Backlog 470 (470 ) — 1.0 $ 33,734 $ (12,357 ) $ 21,377 6.2 Amortization expense with respect to intangible assets totaled $1.3 million and $1.4 million for the three months ended March 31, 2020 and 2019 , respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands): Years Ending December 31, 2020 $ 3,623 2021 4,727 2022 4,665 2023 3,060 2024 1,197 Thereafter 2,849 Total amortization expense $ 20,121 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for our corporate offices and data centers. Our leases have remaining lease terms ranging from one to twelve years , some of which include options to extend the leases by up to 10 years . These options to extend have not been recognized as part of our operating lease right-of-use assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which we have elected to combine for all asset classes. The total lease cost associated with our operating leases for the three months ended March 31, 2020 and 2019 was $1.4 million and $1.2 million , respectively. Lease-related assets and liabilities were as follows at March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, Assets Prepaid expenses and other current assets $ 3,118 $ 3,908 Operating lease right-of-use assets 26,750 27,803 Liabilities Other current liabilities $ 2,779 $ 2,826 Operating lease liabilities 34,143 33,312 Total lease liabilities $ 36,922 $ 36,138 Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in thousands): Years ending December 31, 2020 (1) $ 1,663 2021 (1) 2,383 2022 4,085 2023 3,977 2024 3,908 Thereafter 29,590 Total future minimum lease payments 45,606 Less: imputed interest (11,802 ) Total (2) $ 33,804 (1) Future minimum lease payments are presented net of tenant improvement allowances of $2.8 million and $2.3 million , respectively. (2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $3.1 million which relates to certain of our leases for which the lease incentives to be received exceed the minimum lease payments to be paid over the next twelve months. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Debt Credit Agreement On December 24, 2018, we entered into Amendment Number Two to the Credit Agreement (the "Second Amendment") with Wells Fargo, as administrative agent, and the lenders that are parties thereto (as amended, the "Credit Agreement"). Under the terms of the Second Amendment, the lenders issued the Term Loan to us and increased the amount available under the Revolving Facility to $50.0 million . The maturity date of the Term Loan and Revolving Facility is December 24, 2023. In addition, pursuant to the Second Amendment, we are permitted to make certain restricted junior payments, including, without limitation, repurchases of our common stock, and to enter into acquisitions with no value limitation on such acquisitions, so long as we maintain specified liquidity requirements and maintain specified leverage ratios. The Second Amendment also modified certain financial covenants by, among other things, requiring us to maintain (i) an EBITDA to interest expense ratio of not less than 3.0 to 1.0, and (ii) a funded indebtedness to EBITDA ratio of not more than 3.5 to 1.0 (the "Required Leverage Ratio") (decreasing by 0.25 per year until the Required Leverage Ratio is 2.5 to 1.0); provided, however, that we are not required to maintain the foregoing ratios if our liquidity (defined as the sum of the remaining borrowing capacity under the Credit Agreement and available cash) has equaled or exceeded the greater of $20.0 million and 20% of the sum of the outstanding principal amount of the Term Loan and commitments under the Revolving Facility. If we enter into an Acquisition with a purchase price greater than or equal to $20.0 million , then the Required Leverage Ratio will be increased by 0.5 for the 12-month period immediately following the consummation of such Acquisition. The Credit Agreement contains customary affirmative, negative and financial covenants. The affirmative covenants require us to, among other things, disclose financial and other information to the lenders, maintain our business and properties, and maintain adequate insurance. The negative covenants restrict us from, among other things, incurring additional indebtedness, prepaying certain types of indebtedness, encumbering or disposing of our assets, making fundamental changes to our corporate structure, and making certain dividends and distributions. At March 31, 2020 , we were in compliance with the financial covenants under the Credit Agreement. Under the terms of the Second Amendment, borrowings under the Credit Agreement will bear interest at a fluctuating rate per annum equal to, at our option, (i) the adjusted LIBOR or (ii) an alternate base rate, in each case plus the applicable interest rate margin. Borrowings will fluctuate between adjusted LIBOR plus 1.5% per annum and adjusted LIBOR plus 2.0% per annum (or between the alternate base rate plus 0.5% per annum and the alternate base rate plus 1.0% per annum), based upon our leverage ratio. Fees payable on the unused portion of the Revolving Facility will be 25 basis points per annum, unless the average usage of the Revolving Facility is equal to or less than $30.0 million for the applicable period, in which case the fees on the unused portion of the Revolving Facility will be 375 basis points per annum. As of March 31, 2020 and December 31, 2019 we had $1.0 million and $50.0 million , respectively, of available credit under our Revolving Facility. Outstanding borrowings under the Revolving Facility were $49.0 million at March 31, 2020 and there were no outstanding borrowings under the Revolving Facility at December 31, 2019 . Debt Financing Costs As a result of the Second Amendment, we incurred $0.4 million in financing fees that were capitalized and will be amortized over the remaining life of the related debt, $0.2 million of which was related to the Term Loan and $0.2 million of which was related to the Revolving Facility. Pursuant to GAAP, the Second Amendment is accounted for as a debt modification. As a result, the unamortized deferred debt financing costs related to the Revolving Facility prior to the Second Amendment were added to the $0.2 million of deferred debt financing costs related to the Second Amendment and will be amortized over the remaining life of the Revolving Facility. Debt financing costs are deferred and amortized, using the straight-line method, which approximates the effective interest method, for costs related to the Term Loan and the straight-line method for costs related to the Revolving Facility over the term of the debt arrangement; such amortization is included in interest expense in our Condensed Consolidated Statements of Operations. Amortization of deferred debt financing costs was not material for the three months ended March 31, 2020 or 2019 . At March 31, 2020 and December 31, 2019 , the remaining unamortized deferred debt financing costs were $0.4 million , of which $0.2 million was offset against debt. At March 31, 2020 and December 31, 2019 , $0.2 million and $0.3 million , respectively, of the remaining unamortized deferred debt financing costs were recorded in Prepaid expenses and other current assets and other assets on our Condensed Consolidated Balance Sheets, as they pertained to the Revolving Facility. The following is a summary of our long-term debt at March 31, 2020 (in thousands): March 31, December 31, Principal amounts due under Term Loan $ 48,438 $ 48,750 Unamortized debt financing costs (158 ) (167 ) Long-term debt, net of unamortized debt financing costs $ 48,280 $ 48,583 Scheduled principal payments for the Term Loan at March 31, 2020 are as follows (in thousands): Years Ending December 31, 2020 $ 938 2021 2,500 2022 2,500 2023 42,500 Total principal payments $ 48,438 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established to provide our customers with the option to purchase legal liability to landlord insurance. If our customers choose to use this insurance service, they are issued an insurance policy underwritten by our third-party service provider. The policy has a limit of $100,000 per incident for each insured residence. We have entered into a reinsurance agreement with our third-party service provider and, as a result, we assume a 100% quota share of the legal liability to landlord insurance provided to our customers through our third-party service provider. We accrue for reported claims, and include an estimate of losses incurred but not reported by our property manager customers, in cost of revenue because we bear the risk related to all such claims. Our liability for reported claims and incurred but not reported claims as of March 31, 2020 and December 31, 2019 was $2.0 million and $1.8 million , respectively, and is included in other current liabilities on our Condensed Consolidated Balance Sheets. Included in prepaid expenses and other current assets as of March 31, 2020 and December 31, 2019 , are $1.6 million and $1.3 million , respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings In July 2019, we received a Request for Information from the Civil Rights Division (Housing and Civil Enforcement Section) of the U.S. Department of Justice ("DOJ") requesting certain information relating to our compliance with the Servicemembers Civil Relief Act in connection with our tenant screening Value+ service. We continue to fully cooperate with the DOJ, and do not presently have sufficient information to predict the outcome of, or any potential costs or penalties associated with, the DOJ investigation. In December 2018, we received a Civil Investigative Demand from the Federal Trade Commission ("FTC") requesting certain information relating to our compliance with the Fair Credit Reporting Act (the “FCRA”) in connection with our tenant screening Value+ service. On April 30, 2020, the FTC staff informed us of its belief that there is a reasonable basis for asserting claims against us for our alleged failure to comply with certain sections of the FCRA that could result in monetary penalty and/or injunctive relief. We disagree with the stated belief of the FTC and will vigorously defend our position. We expect to continue to have discussions with the FTC with the goal of quickly resolving the matter. We are unable to predict the outcome of, or any potential costs or penalties associated with this matter at this time, although it is possible any costs or penalties could be material. In addition, from time to time, we are involved in various other investigatory inquiries or legal proceedings arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, regulatory and contractual issues. Although the results of such investigatory inquiries and legal proceedings cannot be predicted with certainty, we believe that we are not currently a party to any investigatory inquiries or legal proceedings which, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, vendors, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of applicable agreements, services to be provided by us, or intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make may not be subject to maximum loss clauses and may therefore be indeterminable. We have never paid a material claim, nor have any legal claims been brought against us in connection with these indemnification arrangements. As of March 31, 2020 and December 31, 2019 , we had not accrued a liability for these indemnification obligations because we determined that the likelihood of incurring any payment obligation in connection with these indemnification arrangements is not probable or reasonably possible, and the amount or range of amounts of any such liability is not reasonably estimable. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase Program On February 20, 2019, our Board of Directors authorized a $100.0 million share repurchase program (the "Program") relating to our outstanding shares of Class A common stock. Under the Program, share repurchases may be made from time to time, as directed by a Committee consisting of three Directors, in open market purchases or privately negotiated transactions at a repurchase price that the members of the Committee unanimously believe is below intrinsic value conservatively determined. The Program does not obligate us to repurchase any specific dollar amount or number of shares, there is no expiration date for the Program, and it may be modified, suspended or terminated at any time and for any reason. During the three months ended March 31, 2020 , we repurchased a total of 48,002 shares of our Class A common stock through open market repurchases, and recorded a $4.2 million reduction to stockholders' equity, which includes broker commissions. We did not repurchase any shares of our Class A common stock under the Program during the three months ended March 31, 2019 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Options A summary of activity in connection with our stock options for the three months ended March 31, 2020 , is as follows (number of shares in thousands): Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Options outstanding at December 31, 2019 1,342 $ 11.84 5.9 Options granted — — Options exercised (17 ) 5.77 Options cancelled/forfeited (55 ) 23.80 Options outstanding at March 31, 2020 1,270 $ 11.39 5.6 During the three months ended March 31, 2020 , 77,000 PSOs vested based on the achievement of 95% of the pre-established free cash flow performance target for the year ended December 31, 2019 and 40,000 PSOs vested based on the achievement of 115% of the pre-established gross margin target for the year ended December 31, 2019. Our stock-based compensation expense for stock options for the three months ended March 31, 2020 was not material and for the three months ended March 31, 2019 was $0.2 million . At March 31, 2020 , the total estimated remaining stock-based compensation expense for unvested stock options was not material. The fair value of stock options is estimated on their date of grant using the Black-Scholes option-pricing model. No stock options were granted during the three months ended March 31, 2020 or 2019 . Restricted Stock Units A summary of activity in connection with our RSUs for the three months ended March 31, 2020 , is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at December 31, 2019 646 $ 52.42 Granted 103 109.60 Vested (146 ) 21.92 Forfeited (10 ) 50.19 Unvested at March 31, 2020 593 $ 69.93 During the three months ended March 31, 2020 , we granted 100,000 RSUs that are subject to time-based vesting in equal annual installments over four years , and 3,000 PSUs that are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2022, assuming continued employment throughout the performance period. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The actual number of shares to be issued at the end of the performance period will range from 0% to 100% of the initial target awards. Achievement of the performance metric between 100% and 150% of the performance target will result in a performance based cash bonus payment between 100% and 165% of the initial target awards. During the three months ended March 31, 2020 , 84,000 PSUs vested and 4,000 PSUs were cancelled based on the achievement of 95% of the pre-established free cash flow performance target for the year ended December 31, 2019. Included in the unvested RSUs as of March 31, 2020 are 37,000 and 95,000 PSUs granted in 2019 and 2018, respectively. Of these PSUs, 54,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2020, 49,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2021, and 29,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2022. The number of PSUs granted assumes achievement of the performance metric at 100% of the performance target. The actual number of shares to be issued at the end of the performance period will range from 0% to 100% of the initial target awards. Achievement of the performance metric between 100% and 150% of the performance target will result in a performance based cash bonus payment between 100% and 165% of the initial target awards. We recognize expense for the PSUs based on the grant date fair value of the PSUs that we determine are probable of vesting. Adjustments to compensation expense are made each period based on changes in our estimate of the number of PSUs that are probable of vesting. Our stock-based compensation expense for the RSUs and PSUs for the three months ended March 31, 2020 and 2019 was $1.2 million and $1.6 million , respectively. As of March 31, 2020 , the total estimated remaining stock-based compensation expense for the RSUs and PSUs was $26.1 million , which is expected to be recognized over a weighted average period of 2.5 years . Restricted Stock Awards A summary of activity in connection with our restricted stock awards for the three months ended March 31, 2020 is as follows (number of shares in thousands): Number of Weighted Average Unvested at December 31, 2019 5 $ 105.88 Granted — — Vested — — Forfeited — — Unvested at March 31, 2020 5 $ 105.88 We have the right to repurchase any unvested restricted stock awards subject to certain conditions. Restricted stock awards vest over a one -year period. We recognized stock-based compensation expense for restricted stock awards of $0.1 million for each of the three months ended March 31, 2020 and 2019 . As of March 31, 2020 , the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.2 million , which is expected to be recognized over a weighted average period of 0.5 years . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We calculate our provision for income taxes on a quarterly basis by applying an estimated annual effective tax rate to income from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three months ended March 31, 2020 , we recorded income tax expense of $0.4 million . The income tax expense recorded and the difference between the U.S. federal statutory rate of 21% was primarily due to the tax impact associated with stock-based compensation expense and research and development credits. For the three months ended March 31, 2019 , we recorded an income tax benefit of $4.3 million . The tax benefit recorded is primarily due to changes in the deferred tax asset valuation allowance resulting from $4.1 million of deferred tax liabilities acquired through the Dynasty acquisition. The acquired deferred tax liabilities are expected to provide a source of income to support realizability of our existing deferred tax assets. There were no material changes to the Company’s unrecognized tax benefits during the three months ended March 31, 2020 and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. |
Revenue and Other Information
Revenue and Other Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenue and Other Information | Revenue and Other Information The following table presents our revenue categories for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended 2020 2019 Core solutions $ 24,902 $ 20,822 Value+ services 44,138 33,698 Other 3,455 2,571 Total revenue $ 72,495 $ 57,091 During the three months ended March 31, 2020 and 2019 , we recognized $2.3 million and $1.7 million of revenue, respectively, that were included in the deferred revenue balances at December 31, 2019 and 2018 , respectively. Our revenue is generated primarily from customers in the United States. All of our property and equipment is located in the United States. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 |
Reclassifications | Reclassifications We reclassified certain amounts in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows within the cash from operating activities section in the prior year to conform to the current year's presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, fair value of financial instruments, capitalized software costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, income taxes, useful lives associated with property and equipment and intangible assets, contingencies, and valuation and assumptions underlying stock-based compensation and other equity instruments. In December 2019, a novel coronavirus disease ("COVID-19") was reported and has spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States government declared a national emergency with respect to COVID-19. COVID-19 has created and may continue to create significant uncertainty in global financial markets, which may reduce demand for our core solutions and/or Value+ services, impact the productivity of our workforce, reduce our access to capital, and harm our business and results of operations. In light of the currently unknown ultimate duration and severity of COVID-19, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts COVID-19 as of March 31, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, the carrying value of the goodwill and other long-lived assets, incentive-based compensation and income taxes. As of the date of our Condensed Consolidated Financial Statements, we are not aware of any specific event or circumstance that would require us to update our estimates or judgments or to revise the carrying value of our assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in our consolidated financial statements in future periods. While we considered the effects of COVID-19 in our estimates and assumptions, due to the current level of uncertainty over the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that were not currently considered. Such judgments and assumptions could result in a meaningful impact on our financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on our financial statements. |
Net Income per Common Share | Net Income per Common Share |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for available-for-sale investment securities and purchased financial assets with credit deterioration. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , a series of amendments which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. We do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures. In March 2020, the FASB issued ASU No. 2020-04 , Facilitation of the Effects of Reference rate Reform on Financial Reporting. This guidance is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective beginning March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. We are currently evaluating the effect of the adoption of this guidance on our financial condition, results of operations, cash flows and disclosures . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table presents a reconciliation of the weighted average number of shares of our Class A and Class B common stock used to compute net income per common share (in thousands): Three Months Ended 2020 2019 Weighted average common shares outstanding 34,180 33,918 Less: Weighted average unvested restricted shares subject to repurchase 5 5 Weighted average common shares outstanding; basic 34,175 33,913 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share 1,506 1,429 Weighted average common shares outstanding; diluted 35,681 35,342 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following table summarizes the final purchase price allocation (in thousands), as well as the estimated useful lives of the acquired intangible assets over which they are amortized on a straight-line basis, as this approximates the pattern in which economic benefits will be consumed: Amount Estimated Useful Life (in years) Total current assets $ 305 Identified intangible assets: Technology 5,730 4.0 Database 4,710 10.0 Customer relationships 1,110 5.0 Backlog 470 1.0 Trademark & trade name 1,390 10.0 Non-compete agreement 7,340 5.0 Total intangible assets subject to amortization 20,750 6.0 Goodwill 42,877 Indefinite Other noncurrent assets 35 Total assets acquired 63,967 Accrued and other liabilities 48 Deferred tax liability, net 3,711 Total liabilities assumed 3,759 Purchase consideration $ 60,208 |
Schedule of Pro Forma Information | The unaudited pro forma results are as follows (in thousands): Three Months Ended 2020 2019 Revenue $ 72,495 $ 57,126 Net income (loss) 1,983 (546 ) |
Investment Securities and Fai_2
Investment Securities and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Available-for-sale Securities | Investment securities classified as available-for-sale consisted of the following at March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 1,597 $ 2 $ — $ 1,599 Agency securities 2,649 40 — 2,689 Treasury securities 10,205 135 — 10,340 Total available-for-sale investment securities $ 14,451 $ 177 $ — $ 14,628 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 9,597 $ 18 $ (1 ) $ 9,614 Agency securities 11,101 17 — 11,118 Treasury securities 14,222 12 (1 ) 14,233 Total available-for-sale investment securities $ 34,920 $ 47 $ (2 ) $ 34,965 |
Available-for-sale Investments, by Remaining Contract Maturity | The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 7,897 $ 7,952 $ 22,846 $ 22,876 Due after one year through three years 6,554 6,676 12,074 12,089 Total available-for-sale investment securities $ 14,451 $ 14,628 $ 34,920 $ 34,965 |
Schedule of Sales, Calls, and Maturities | During the three months ended March 31, 2020 and 2019 , we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Three Months Ended March 31, 2020 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 5 $ — $ 4,006 $ 4,000 Agency securities 24 — 7,878 1,250 Treasury securities 4 — 2,058 2,000 Total $ 33 $ — $ 13,942 $ 7,250 Three Months Ended March 31, 2019 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ (1 ) $ 1,750 $ 2,250 |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize our financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands): March 31, 2020 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 28,548 $ — $ — $ 28,548 Available-for-sale investment securities: Corporate bonds — 1,599 — 1,599 Agency securities — 2,689 — 2,689 Treasury securities 10,340 — — 10,340 Total $ 38,888 $ 4,288 $ — $ 43,176 December 31, 2019 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 337 $ — $ — $ 337 Available-for-sale investment securities: Corporate bonds — 9,614 — 9,614 Agency securities — 11,118 — 11,118 Treasury securities 14,233 — — 14,233 Total $ 14,570 $ 20,732 $ — $ 35,302 |
Internal-Use Software Develop_2
Internal-Use Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Research and Development [Abstract] | |
Schedule of Capitalized Computer Software | Internal-use software development costs as of March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, Internal use software development costs, gross $ 88,204 $ 81,475 Less: Accumulated amortization (55,617 ) (51,452 ) Internal use software development costs, net $ 32,587 $ 30,023 |
Schedule of Capitalized Computer Software Future Amortization Expense | Future amortization expense with respect to capitalized software development costs as of March 31, 2020 is estimated as follows (in thousands): Years Ending December 31, 2020 $ 12,283 2021 12,980 2022 6,935 2023 389 Total amortization expense $ 32,587 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands, except years): March 31, 2020 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 3,070 $ (1,438 ) $ 1,632 5.0 Database 8,330 (1,162 ) 7,168 10.0 Technology 10,541 (6,466 ) 4,075 5.0 Trademarks and trade names 2,690 (1,036 ) 1,654 6.0 Partner relationships 680 (680 ) — 3.0 Non-compete agreements 7,400 (1,854 ) 5,546 5.0 Domain names 301 (277 ) 24 5.0 Patents 252 (230 ) 22 5.0 $ 33,264 $ (13,143 ) $ 20,121 6.6 December 31, 2019 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 3,070 $ (1,296 ) $ 1,774 5.0 Database 8,330 (954 ) 7,376 10.0 Technology 10,541 (6,074 ) 4,467 5.0 Trademarks & trade names 2,690 (898 ) 1,792 6.0 Partner relationships 680 (680 ) — 3.0 Non-compete agreements 7,400 (1,484 ) 5,916 5.0 Domain names 301 (276 ) 25 5.0 Patents 252 (225 ) 27 5.0 Backlog 470 (470 ) — 1.0 $ 33,734 $ (12,357 ) $ 21,377 6.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense with respect to intangible assets is estimated as follows (in thousands): Years Ending December 31, 2020 $ 3,623 2021 4,727 2022 4,665 2023 3,060 2024 1,197 Thereafter 2,849 Total amortization expense $ 20,121 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | Lease-related assets and liabilities were as follows at March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, Assets Prepaid expenses and other current assets $ 3,118 $ 3,908 Operating lease right-of-use assets 26,750 27,803 Liabilities Other current liabilities $ 2,779 $ 2,826 Operating lease liabilities 34,143 33,312 Total lease liabilities $ 36,922 $ 36,138 |
Schedule of Minimum Lease Payments Under Leases | Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in thousands): Years ending December 31, 2020 (1) $ 1,663 2021 (1) 2,383 2022 4,085 2023 3,977 2024 3,908 Thereafter 29,590 Total future minimum lease payments 45,606 Less: imputed interest (11,802 ) Total (2) $ 33,804 (1) Future minimum lease payments are presented net of tenant improvement allowances of $2.8 million and $2.3 million , respectively. (2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $3.1 million which relates to certain of our leases for which the lease incentives to be received exceed the minimum lease payments to be paid over the next twelve months. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | The following is a summary of our long-term debt at March 31, 2020 (in thousands): March 31, December 31, Principal amounts due under Term Loan $ 48,438 $ 48,750 Unamortized debt financing costs (158 ) (167 ) Long-term debt, net of unamortized debt financing costs $ 48,280 $ 48,583 |
Schedule of Principal payments for Term Loan | Scheduled principal payments for the Term Loan at March 31, 2020 are as follows (in thousands): Years Ending December 31, 2020 $ 938 2021 2,500 2022 2,500 2023 42,500 Total principal payments $ 48,438 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of activity in connection with our stock options for the three months ended March 31, 2020 , is as follows (number of shares in thousands): Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life in Years Options outstanding at December 31, 2019 1,342 $ 11.84 5.9 Options granted — — Options exercised (17 ) 5.77 Options cancelled/forfeited (55 ) 23.80 Options outstanding at March 31, 2020 1,270 $ 11.39 5.6 |
Schedule of Restricted Stock Units Activity | A summary of activity in connection with our RSUs for the three months ended March 31, 2020 , is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested at December 31, 2019 646 $ 52.42 Granted 103 109.60 Vested (146 ) 21.92 Forfeited (10 ) 50.19 Unvested at March 31, 2020 593 $ 69.93 |
Schedule of Restricted Stock Awards Activity | A summary of activity in connection with our restricted stock awards for the three months ended March 31, 2020 is as follows (number of shares in thousands): Number of Weighted Average Unvested at December 31, 2019 5 $ 105.88 Granted — — Vested — — Forfeited — — Unvested at March 31, 2020 5 $ 105.88 |
Revenue and Other Information (
Revenue and Other Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Product Information by Revenue Categories | The following table presents our revenue categories for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended 2020 2019 Core solutions $ 24,902 $ 20,822 Value+ services 44,138 33,698 Other 3,455 2,571 Total revenue $ 72,495 $ 57,091 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Net Income per Share Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average common shares outstanding (in shares) | 34,180 | 33,918 |
Less: Weighted average unvested restricted shares subject to repurchase (in shares) | 5 | 5 |
Weighted average common shares outstanding; basic (in shares) | 34,175 | 33,913 |
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares) | 1,506 | 1,429 |
Weighted average common shares outstanding; diluted (in shares) | 35,681 | 35,342 |
PSUs and PSOs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from net loss per share computation (in shares) | 135 | 362 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - Dynasty $ in Thousands | Jan. 07, 2019USD ($) |
Business Acquisition [Line Items] | |
Percentage of voting equity interest | 100.00% |
Consideration transferred | $ 60,200 |
Transaction costs | $ 291 |
Business Combinations - Purchas
Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 07, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 58,425 | $ 58,425 | |
Deferred tax liability, net | $ 4,100 | ||
Dynasty | |||
Business Acquisition [Line Items] | |||
Total current assets | $ 305 | ||
Total intangible assets subject to amortization | 20,750 | ||
Goodwill | 42,877 | ||
Other noncurrent assets | 35 | ||
Total assets acquired | $ 63,967 | ||
Estimated Useful Life (in years) | 6 years | ||
Accrued and other liabilities | $ 48 | ||
Deferred tax liability, net | 3,711 | ||
Total liabilities assumed | 3,759 | ||
Purchase consideration | 60,208 | ||
Dynasty | Technology | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 5,730 | ||
Estimated Useful Life (in years) | 4 years | ||
Dynasty | Database | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 4,710 | ||
Estimated Useful Life (in years) | 10 years | ||
Dynasty | Customer relationships | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 1,110 | ||
Estimated Useful Life (in years) | 5 years | ||
Dynasty | Backlog | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 470 | ||
Estimated Useful Life (in years) | 1 year | ||
Dynasty | Trademark and trade name | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 1,390 | ||
Estimated Useful Life (in years) | 10 years | ||
Dynasty | Non-compete agreement | |||
Business Acquisition [Line Items] | |||
Total intangible assets subject to amortization | $ 7,340 | ||
Estimated Useful Life (in years) | 5 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Combinations [Abstract] | ||
Revenue | $ 72,495 | $ 57,126 |
Net income (loss) | $ 1,983 | $ (546) |
Investment Securities and Fai_3
Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | $ 14,451 | $ 34,920 |
Gross Unrealized Gains | 177 | 47 |
Gross Unrealized Losses | 0 | (2) |
Estimated Fair Value | $ 14,628 | $ 34,965 |
Maximum contractual maturity period | 36 months | 36 months |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | $ 1,597 | $ 9,597 |
Gross Unrealized Gains | 2 | 18 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 1,599 | 9,614 |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | 2,649 | 11,101 |
Gross Unrealized Gains | 40 | 17 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,689 | 11,118 |
Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | 10,205 | 14,222 |
Gross Unrealized Gains | 135 | 12 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | $ 10,340 | $ 14,233 |
Investment Securities and Fai_4
Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in 1 year or less | $ 7,897 | $ 22,846 |
Due after 1 year through 3 years | 6,554 | 12,074 |
Total available-for-sale investment securities | 14,451 | 34,920 |
Estimated Fair Value | ||
Due in one year or less | 7,952 | 22,876 |
Due after one year through three years | 6,676 | 12,089 |
Total available-for-sale investment securities | $ 14,628 | $ 34,965 |
Investment Securities and Fai_5
Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Gross Realized Gains | $ 33 | |
Gross Realized Losses | 0 | |
Gross Proceeds from Sales | 13,942 | $ 1,750 |
Gross Proceeds from Maturities | 7,250 | 2,250 |
Interest income, net of amortization and accretion of premium and discount | 100 | 200 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Realized Gains | 5 | 0 |
Gross Realized Losses | 0 | (1) |
Gross Proceeds from Sales | 4,006 | 1,750 |
Gross Proceeds from Maturities | 4,000 | $ 2,250 |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Realized Gains | 24 | |
Gross Realized Losses | 0 | |
Gross Proceeds from Sales | 7,878 | |
Gross Proceeds from Maturities | 1,250 | |
Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Realized Gains | 4 | |
Gross Realized Losses | 0 | |
Gross Proceeds from Sales | 2,058 | |
Gross Proceeds from Maturities | $ 2,000 |
Investment Securities and Fai_6
Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | $ 14,628 | $ 34,965 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,599 | 9,614 |
Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,689 | 11,118 |
Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,340 | 14,233 |
Fair value, recurring measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 14,233 | |
Total | 43,176 | 35,302 |
Fair value, recurring measurements | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,599 | 9,614 |
Fair value, recurring measurements | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,689 | 11,118 |
Fair value, recurring measurements | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,340 | |
Fair value, recurring measurements | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 28,548 | 337 |
Fair value, recurring measurements | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 14,233 | |
Total | 38,888 | 14,570 |
Fair value, recurring measurements | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Fair value, recurring measurements | Level 1 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Fair value, recurring measurements | Level 1 | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 10,340 | |
Fair value, recurring measurements | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 28,548 | 337 |
Fair value, recurring measurements | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Total | 4,288 | 20,732 |
Fair value, recurring measurements | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 1,599 | 9,614 |
Fair value, recurring measurements | Level 2 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 2,689 | 11,118 |
Fair value, recurring measurements | Level 2 | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Fair value, recurring measurements | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair value, recurring measurements | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Total | 0 | 0 |
Fair value, recurring measurements | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Fair value, recurring measurements | Level 3 | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | 0 |
Fair value, recurring measurements | Level 3 | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 0 | |
Fair value, recurring measurements | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | $ 0 |
Term Loan | Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of credit, amount outstanding | 50,000 | |
Revolving Credit Facility | Credit Facility | Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of credit, amount outstanding | $ 50,000 |
Internal-Use Software Develop_3
Internal-Use Software Development Costs - Capitalized Computer Software (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Research and Development [Abstract] | ||
Internal use software development costs, gross | $ 88,204 | $ 81,475 |
Less: Accumulated amortization | (55,617) | (51,452) |
Internal use software development costs, net | $ 32,587 | $ 30,023 |
Internal-Use Software Develop_4
Internal-Use Software Development Costs - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Research and Development [Abstract] | ||
Capitalized software development costs | $ 6.7 | $ 5 |
Amortization expense | $ 4.2 | $ 3 |
Internal-Use Software Develop_5
Internal-Use Software Development Costs - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Years Ending December 31, | ||
2020 | $ 12,283 | |
2021 | 12,980 | |
2022 | 6,935 | |
2023 | 389 | |
Internal use software development costs, net | $ 32,587 | $ 30,023 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 33,264 | $ 33,734 | |
Accumulated Amortization | (13,143) | (12,357) | |
Net Carrying Value | 20,121 | $ 21,377 | |
Amortization expense | $ 1,300 | $ 1,400 | |
Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 6 years 7 months 6 days | 6 years 2 months 12 days | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 3,070 | $ 3,070 | |
Accumulated Amortization | (1,438) | (1,296) | |
Net Carrying Value | $ 1,632 | $ 1,774 | |
Customer relationships | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Database | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 8,330 | $ 8,330 | |
Accumulated Amortization | (1,162) | (954) | |
Net Carrying Value | $ 7,168 | $ 7,376 | |
Database | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 10 years | 10 years | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 10,541 | $ 10,541 | |
Accumulated Amortization | (6,466) | (6,074) | |
Net Carrying Value | $ 4,075 | $ 4,467 | |
Technology | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Trademarks and trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 2,690 | $ 2,690 | |
Accumulated Amortization | (1,036) | (898) | |
Net Carrying Value | $ 1,654 | $ 1,792 | |
Trademarks and trade names | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 6 years | 6 years | |
Partner relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 680 | $ 680 | |
Accumulated Amortization | (680) | (680) | |
Net Carrying Value | $ 0 | $ 0 | |
Partner relationships | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 3 years | 3 years | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 7,400 | $ 7,400 | |
Accumulated Amortization | (1,854) | (1,484) | |
Net Carrying Value | $ 5,546 | $ 5,916 | |
Non-compete agreements | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Domain names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 301 | $ 301 | |
Accumulated Amortization | (277) | (276) | |
Net Carrying Value | $ 24 | $ 25 | |
Domain names | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 252 | $ 252 | |
Accumulated Amortization | (230) | (225) | |
Net Carrying Value | $ 22 | $ 27 | |
Patents | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 5 years | 5 years | |
Backlog | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 470 | ||
Accumulated Amortization | (470) | ||
Net Carrying Value | $ 0 | ||
Backlog | Weighted Average Useful Life in Years | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Life | 1 year |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 3,623 | |
2021 | 4,727 | |
2022 | 4,665 | |
2023 | 3,060 | |
2024 | 1,197 | |
Thereafter | 2,849 | |
Net Carrying Value | $ 20,121 | $ 21,377 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Lease renewal term | 10 years | |
Total lease cost associated with operating leases | $ 1.4 | $ 1.2 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 12 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Prepaid expenses and other current assets | $ 3,118 | $ 3,908 |
Operating lease right-of-use assets | 26,750 | 27,803 |
Other current liabilities | 2,779 | 2,826 |
Operating lease liabilities | 34,143 | 33,312 |
Total lease liabilities | $ 36,922 | $ 36,138 |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Years ending December 31, | ||||
2020 | $ 1,663 | |||
2021 | 2,383 | |||
2022 | 4,085 | |||
2023 | 3,977 | |||
2024 | 3,908 | |||
Thereafter | 29,590 | |||
Total future minimum lease payments | 45,606 | |||
Less: imputed interest | (11,802) | |||
Total | 33,804 | |||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, current | 2,779 | $ 2,826 | ||
Forecast | ||||
Lessee, Lease, Description [Line Items] | ||||
Payments for tenant improvements | $ 2,300 | $ 2,800 | ||
Prepaid Expenses and Other Current Assets | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, current | $ 3,100 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | Dec. 24, 2018 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Capitalized deferred financing costs | $ 400,000 | ||
Other Assets | |||
Debt Instrument [Line Items] | |||
Capitalized deferred financing costs | $ 200,000 | $ 300,000 | |
Credit Facility | |||
Debt Instrument [Line Items] | |||
EBITDA to interest expense ratio | 3 | ||
Funded indebtedness to EBITDA ratio | 3.5 | ||
Annual decrease in required leverage ratio | 0.25 | ||
Required leverage ratio | 2.5 | ||
Floor plus 20% of the sum of the combined outstanding principal amounts | $ 20,000,000 | ||
Acquisition purchase price floor for 0.5 increase in required leverage ratio for 12 month period following the close date | $ 20,000,000 | ||
Capitalized deferred financing costs | 400,000 | 400,000 | |
Credit Facility | Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable rate, basis spread percent | 1.50% | ||
Credit Facility | Minimum | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Variable rate, basis spread percent | 0.50% | ||
Credit Facility | Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable rate, basis spread percent | 2.00% | ||
Credit Facility | Maximum | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Variable rate, basis spread percent | 1.00% | ||
Credit Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Capitalized deferred financing costs | $ 200,000 | 200,000 | 200,000 |
Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Commitment fee percentage | 0.25% | ||
Commitment fee | $ 30,000,000 | ||
Unused portion of the Revolving Facility, percentage | 3.75% | ||
Line of credit, remaining borrowing capacity | 1,000,000 | 50,000,000 | |
Line of credit, amount outstanding | $ 49,000,000 | $ 0 | |
Capitalized deferred financing costs | $ 200,000 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal amounts due under term loan | $ 48,438 | |
Term Loan | Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal amounts due under term loan | 48,438 | $ 48,750 |
Unamortized debt financing costs | (158) | (167) |
Long-term debt, net of unamortized debt financing costs | $ 48,280 | $ 48,583 |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Payments for Term Loan (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 938 |
2021 | 2,500 |
2022 | 2,500 |
2023 | 42,500 |
Total principal payments | $ 48,438 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Per incident policy limit | $ 100,000 | |
Quota share of tenant liability insurance provided, percent | 100.00% | |
Other current liabilities | ||
Loss Contingencies [Line Items] | ||
Liability for reported claims and claims incurred but not reported | $ 2,000,000 | $ 1,800,000 |
Other current assets | ||
Loss Contingencies [Line Items] | ||
Deposits held with a third party related to insurance services collateral | $ 1,600,000 | $ 1,300,000 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)directorshares | Feb. 20, 2019USD ($) | |
Equity [Abstract] | ||
Share repurchase program, authorized amount | $ 100,000,000 | |
Number of Directors to authorize repurchases | director | 3 | |
Repurchased shares (in shares) | shares | 48,002 | |
Reduction to stockholders' equity | $ 4,194,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Number of Shares | |||
Options outstanding, beginning balance (in shares) | 1,342,000 | ||
Options granted (in shares) | 0 | 0 | |
Options exercised (in shares) | (17,000) | ||
Options cancelled/forfeited (in shares) | (55,000) | ||
Options outstanding, ending balance (in shares) | 1,270,000 | 1,342,000 | |
Weighted Average Exercise Price per Share | |||
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 11.84 | ||
Options granted, weighted average exercise price (in dollars per share) | 0 | ||
Options exercised, weighted average exercise price (in dollars per share) | 5.77 | ||
Options cancelled/forfeited, weighted average exercise price (in dollars per share) | 23.80 | ||
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ 11.39 | $ 11.84 | |
Weighted average remaining contractual life, in years | 5 years 7 months 6 days | 5 years 10 months 24 days | |
Stock Options | |||
Weighted Average Exercise Price per Share | |||
Stock-based compensation expense | $ 0.2 | ||
PSOs | 2017 Performance Metric, Targeted Free Cash Flow Performance Metric | |||
Weighted Average Exercise Price per Share | |||
Share-based compensation options vested (in shares) | 77,000 | 40,000 | |
Percent of achievement of award target performance metric | 95.00% | 115.00% |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Activity (Details) - RSUs and PSUs shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 646 |
Granted (in shares) | shares | 103 |
Vested (in shares) | shares | (146) |
Forfeited (in shares) | shares | (10) |
Unvested, ending balance (in shares) | shares | 593 |
Weighted- Average Grant Date Fair Value per Share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 52.42 |
Granted (in dollars per share) | $ / shares | 109.60 |
Vested (in dollars per share) | $ / shares | 21.92 |
Forfeited (in dollars per share) | $ / shares | 50.19 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 69.93 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
RSUs and PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 103 | ||
Share-based compensation options vested in period (in shares) | 146 | ||
Stock-based compensation expense | $ 1.2 | $ 1.6 | |
Remaining stock-based compensation expense for unvested shares, not yet recognized | $ 26.1 | ||
Stock-based compensation expense, weighted average recognition period | 2 years 6 months | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 100 | ||
Vesting period | 4 years | ||
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 3 | ||
Percent of targeted performance metric | 100.00% | ||
Share-based compensation options vested in period (in shares) | 84 | ||
Percent of achievement of award target performance metric | 95.00% | ||
PSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 0.00% | ||
PSUs | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 100.00% | ||
PSUs | Vesting Tranche One | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 100.00% | ||
Performance based cash bonus payment percent | 100.00% | ||
PSUs | Vesting Tranche One | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 150.00% | ||
Performance based cash bonus payment percent | 165.00% | ||
PSUs | 2016 Performance Metric | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 4 | ||
PSUs Granted in 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 37 | ||
PSUs Granted in 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted in period (in shares) | 95 | ||
Performance Stock Units Granted in 2019 and 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 100.00% | ||
Performance Stock Units Granted in 2019 and 2018 | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 0.00% | ||
Percent of cash bonus payments on initial targets, percent | 100.00% | ||
Performance Stock Units Granted in 2019 and 2018 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 100.00% | ||
Percent of cash bonus payments on initial targets, percent | 165.00% | ||
Performance Stock Units Granted in 2019 and 2018 | Vesting Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation options vested in period (in shares) | 54 | ||
Performance Stock Units Granted in 2019 and 2018 | Vesting Tranche One | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 100.00% | ||
Performance Stock Units Granted in 2019 and 2018 | Vesting Tranche One | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of targeted performance metric | 150.00% | ||
Performance Stock Units Granted in 2019 and 2018 | Vesting Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation options vested in period (in shares) | 49 | ||
Performance Stock Units Granted in 2019 and 2018 | Vesting Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation options vested in period (in shares) | 29 |
Stock-Based Compensation - Re_3
Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Shares | ||
Unvested, beginning balance (in shares) | 5 | |
Granted (in shares) | 0 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Unvested, ending balance (in shares) | 5 | |
Weighted Average Grant Date Fair Value per Share | ||
Unvested, beginning balance (in dollars per share) | $ 105.88 | |
Granted (in dollars per share) | 0 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Unvested, ending balance (in dollars per share) | $ 105.88 | |
Vesting period | 1 year | |
Stock-based compensation expense | $ 0.1 | $ 0.1 |
Remaining stock-based compensation expense for unvested shares, not yet recognized | $ 0.2 | |
Stock-based compensation expense, weighted average recognition period | 6 months |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 375 | $ (4,281) |
Acquired deferred tax liabilities | $ 4,100 |
Revenue and Other Information_2
Revenue and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 72,495 | $ 57,091 |
Revenue recognized in deferred revenue | 2,300 | 1,700 |
Core solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 24,902 | 20,822 |
Value plus services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 44,138 | 33,698 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3,455 | $ 2,571 |
Uncategorized Items - appf33120
Label | Element | Value |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 429,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 436,000 |