Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value | |
Trading Symbol | APPF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001433195 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 18,991,205 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,620,784 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 48,610 | $ 140,263 |
Investment securities—current | 102,978 | 28,256 |
Accounts receivable, net | 14,973 | 10,057 |
Prepaid expenses and other current assets | 23,306 | 20,777 |
Total current assets | 189,867 | 199,353 |
Investment securities—noncurrent | 11,541 | 6,770 |
Property and equipment, net | 27,324 | 26,439 |
Operating lease right-of-use assets | 40,983 | 30,561 |
Capitalized software development costs, net | 39,225 | 35,459 |
Goodwill | 56,147 | 56,147 |
Intangible assets, net | 14,017 | 16,357 |
Deferred income taxes—noncurrent | 12,774 | 12,181 |
Other long-term assets | 7,194 | 6,213 |
Total assets | 399,072 | 389,480 |
Current liabilities | ||
Accounts payable | 2,411 | 1,040 |
Accrued employee expenses—current | 27,504 | 18,888 |
Accrued expenses | 11,403 | 14,069 |
Deferred revenue | 3,205 | 2,262 |
Income tax payable | 66 | 9,095 |
Other current liabilities | 4,196 | 4,451 |
Total current liabilities | 48,785 | 49,805 |
Accrued employee expenses—noncurrent | 968 | 0 |
Operating lease liabilities | 53,936 | 40,146 |
Deferred income taxes—noncurrent | 8,116 | 13,609 |
Total liabilities | 111,805 | 103,560 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 0 | 0 |
Additional paid-in capital | 160,160 | 161,247 |
Accumulated other comprehensive (loss) income | (10) | 56 |
Treasury stock, at cost, 419 shares of Class A common stock as of June 30, 2021 and December 31, 2020 | (25,756) | (25,756) |
Retained earnings | 152,869 | 150,369 |
Total stockholders’ equity | 287,267 | 285,920 |
Total liabilities and stockholders’ equity | 399,072 | 389,480 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | 2 | 2 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 19,408,000 | 19,148,000 |
Common stock, shares outstanding (in shares) | 18,989,000 | 18,729,000 |
Treasury stock (in shares) | 419,000 | 419,000 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,621,000 | 15,659,000 |
Common stock, shares outstanding (in shares) | 15,621,000 | 15,659,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 89,040 | $ 81,043 | $ 167,961 | $ 153,538 |
Costs and operating expenses: | ||||
Cost of revenue (exclusive of depreciation and amortization) | 32,819 | 27,411 | 66,117 | 56,372 |
Sales and marketing | 17,714 | 13,717 | 33,893 | 28,223 |
Research and product development | 15,506 | 12,128 | 29,889 | 23,340 |
General and administrative | 14,206 | 14,785 | 27,567 | 23,357 |
Depreciation and amortization | 7,649 | 6,657 | 15,018 | 13,071 |
Total costs and operating expenses | 87,894 | 74,698 | 172,484 | 144,363 |
Income (loss) from operations | 1,146 | 6,345 | (4,523) | 9,175 |
Other income (loss), net | 496 | (10) | 1,058 | 12 |
Interest income (expense), net | 55 | (562) | 108 | (1,056) |
Income (loss) before benefit from income taxes | 1,697 | 5,773 | (3,357) | 8,131 |
Benefit from income taxes | (324) | (13,484) | (5,857) | (13,109) |
Net income | $ 2,021 | $ 19,257 | $ 2,500 | $ 21,240 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.56 | $ 0.07 | $ 0.62 |
Diluted (in dollars per share) | $ 0.06 | $ 0.54 | $ 0.07 | $ 0.60 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 34,548 | 34,254 | 34,479 | 34,214 |
Diluted (in shares) | 35,674 | 35,614 | 35,697 | 35,647 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,021 | $ 19,257 | $ 2,500 | $ 21,240 |
Other comprehensive income: | ||||
Changes in unrealized (losses) gains on investment securities | (48) | (34) | (66) | 98 |
Comprehensive income | $ 1,973 | $ 19,223 | $ 2,434 | $ 21,338 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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 | Retained Earnings/(Accumulated Deficit) |
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 | ||||||
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) | |||||
Other comprehensive income (loss) | $ 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) |
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] | |||||||
Net income | 21,240 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 16,952,000 | 17,339,000 | |||||
Ending balance at Jun. 30, 2020 | 144,504 | $ 2 | $ 2 | 156,919 | 131 | (25,756) | 13,206 |
Beginning balance (in shares) at Mar. 31, 2020 | 16,670,000 | 17,536,000 | |||||
Beginning balance at Mar. 31, 2020 | 124,875 | $ 2 | $ 2 | 156,513 | 165 | (25,756) | (6,051) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 32,000 | ||||||
Exercise of stock options | 232 | 232 | |||||
Stock-based compensation | 3,406 | 3,406 | |||||
Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 50,000 | ||||||
Vesting of restricted stock units, net of shares withheld for taxes | (3,232) | (3,232) | |||||
Conversion of Class B stock to Class A stock (in shares) | 197,000 | (197,000) | |||||
Issuance of restricted stock awards (in shares) | 3,000 | ||||||
Other comprehensive income (loss) | (34) | (34) | |||||
Net income | 19,257 | 19,257 | |||||
Ending balance (in shares) at Jun. 30, 2020 | 16,952,000 | 17,339,000 | |||||
Ending balance at Jun. 30, 2020 | 144,504 | $ 2 | $ 2 | 156,919 | 131 | (25,756) | 13,206 |
Beginning balance (in shares) at Dec. 31, 2020 | 18,729,000 | 15,659,000 | |||||
Beginning balance at Dec. 31, 2020 | 285,920 | $ 2 | $ 2 | 161,247 | 56 | (25,756) | 150,369 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 23,000 | ||||||
Exercise of stock options | 100 | 100 | |||||
Stock-based compensation | 3,295 | 3,295 | |||||
Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 42,000 | ||||||
Vesting of restricted stock units, net of shares withheld for taxes | (3,992) | (3,992) | |||||
Conversion of Class B stock to Class A stock (in shares) | 108,000 | (108,000) | |||||
Other comprehensive income (loss) | (18) | (18) | |||||
Net income | 479 | 479 | |||||
Ending balance (in shares) at Mar. 31, 2021 | 18,902,000 | 15,551,000 | |||||
Ending balance at Mar. 31, 2021 | 285,784 | $ 2 | $ 2 | 160,650 | 38 | (25,756) | 150,848 |
Beginning balance (in shares) at Dec. 31, 2020 | 18,729,000 | 15,659,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 285,920 | $ 2 | $ 2 | 161,247 | 56 | (25,756) | 150,369 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 120,000 | ||||||
Net income | $ 2,500 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 18,989,000 | 15,621,000 | |||||
Ending balance at Jun. 30, 2021 | 287,267 | $ 2 | $ 2 | 160,160 | (10) | (25,756) | 152,869 |
Beginning balance (in shares) at Mar. 31, 2021 | 18,902,000 | 15,551,000 | |||||
Beginning balance at Mar. 31, 2021 | 285,784 | $ 2 | $ 2 | 160,650 | 38 | (25,756) | 150,848 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options (in shares) | 13,000 | 84,000 | |||||
Exercise of stock options | 545 | 545 | |||||
Stock-based compensation | 3,873 | 3,873 | |||||
Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 56,000 | ||||||
Vesting of restricted stock units, net of shares withheld for taxes | (4,908) | (4,908) | |||||
Conversion of Class B stock to Class A stock (in shares) | 14,000 | (14,000) | |||||
Issuance of restricted stock awards (in shares) | 4,000 | ||||||
Other comprehensive income (loss) | (48) | (48) | |||||
Net income | 2,021 | 2,021 | |||||
Ending balance (in shares) at Jun. 30, 2021 | 18,989,000 | 15,621,000 | |||||
Ending balance at Jun. 30, 2021 | $ 287,267 | $ 2 | $ 2 | $ 160,160 | $ (10) | $ (25,756) | $ 152,869 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash from operating activities | ||
Net income | $ 2,500 | $ 21,240 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,018 | 13,071 |
Amortization of operating lease right-of-use assets | 1,399 | 2,071 |
Deferred income taxes | (6,086) | (13,137) |
Stock-based compensation | 5,990 | 3,712 |
Other | (579) | (30) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,007) | (5,136) |
Prepaid expenses and other current assets | (2,171) | (292) |
Other assets | (982) | (107) |
Accounts payable | 1,301 | 193 |
Accrued employee expenses—current | 7,638 | 717 |
Accrued expenses | (3,047) | 4,534 |
Deferred revenue | 33 | 532 |
Income tax payable | (9,029) | 0 |
Other current liabilities | 30 | 100 |
Accrued employee expenses—noncurrent | 968 | 0 |
Operating lease liabilities | 1,685 | (92) |
Net cash provided by operating activities | 10,661 | 27,376 |
Cash from investing activities | ||
Purchases of available-for-sale investments | (148,293) | (13,389) |
Proceeds from sales of available-for-sale investments | 42,198 | 13,942 |
Proceeds from maturities of available-for-sale investments | 26,750 | 7,750 |
Purchases of property, equipment and intangible assets | (2,804) | (14,306) |
Capitalization of software development costs | (11,911) | (12,709) |
Net cash used in investing activities | (94,060) | (18,712) |
Cash from financing activities | ||
Proceeds from stock option exercises | 646 | 329 |
Tax withholding for net share settlement | (8,900) | (9,690) |
Payment of contingent consideration | 0 | (5,977) |
Proceeds from issuance of debt | 0 | 50,190 |
Principal payments on debt | 0 | (1,818) |
Purchase of treasury stock | 0 | (4,194) |
Net cash (used in) provided by financing activities | (8,254) | 28,840 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (91,653) | 37,504 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 140,699 | 16,247 |
End of period | 49,046 | 53,751 |
Noncash investing and financing activities | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 822 | 2,678 |
Capitalization of software development costs included in accrued expenses and accrued employee expenses | 1,361 | 1,281 |
Stock-based compensation capitalized for software development | 1,178 | 1,059 |
Cash and cash equivalents | 48,610 | 53,315 |
Restricted cash included in other assets | 436 | 436 |
Total cash, cash equivalents and restricted cash | $ 49,046 | $ 53,751 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business AppFolio, Inc. (the "Company," "we," "us" or "our") provides innovative software, services and data analytics to the real estate industry. Our cloud-based solutions are used primarily by property managers, but also by numerous other constituencies in the property management business ecosystem. These other constituencies include property owners, rental prospects, tenants and service providers, whom we refer to collectively as "users". Although specific functionality varies by product, our core solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. In addition to our core solutions, we offer an array of optional, but often business-critical, Value+ services that are designed to enhance, automate and streamline processes and workflows that are essential to our customers' businesses. Our Value+ services are generally available on an as-needed basis and enable our customers to adapt our offerings to their specific operational requirements. Our solutions and services are designed to be a system of record to automate essential business processes, a system of engagement to enhance business interactions between our customers and users and a system of intelligence to leverage data to predict and optimize business workflows in order to enable exceptional customer experiences and increase efficiency across our customers' businesses. Our mobile-optimized software solutions are designed for use across multiple devices and operating systems. Our software solutions are offered as a service, are hosted using a modern cloud-based architecture, and in part, use artificial intelligence technologies. This architecture leads to rich data sets that have a consistent schema across our customer and user base and enables us to deploy data-powered products and services for our customers and users. During the six months ended June 30, 2020, we also provided software solutions and services to the legal industry via MyCase, a software solution primarily designed for small and mid-sized law firms. As previously disclosed, we completed our divestiture of MyCase, Inc. on September 30, 2020. For additional details, see Note 3, Divestitures . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, which was filed with the SEC on March 1, 2021. 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 six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. Reclassifications We reclassified certain amounts in our 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, expenses, other income, and provision for income taxes 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, assumptions underlying performance-based compensation (whether cash or stock-based), and valuation and assumptions underlying stock-based compensation and other equity instruments. In light of the unknown 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. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of June 30, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of goodwill and other long-lived assets, performance-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 level of uncertainty regarding the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that we have not 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 Condensed Consolidated 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 Six Months Ended 2021 2020 2021 2020 Weighted average common shares outstanding 34,553 34,259 34,484 34,219 Less: Weighted average unvested restricted shares subject to repurchase 5 5 5 5 Weighted average common shares outstanding; basic 34,548 34,254 34,479 34,214 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share 1,126 1,360 1,218 1,433 Weighted average common shares outstanding; diluted 35,674 35,614 35,697 35,647 For the three and six months ended June 30, 2021 and 2020, an aggregate of 120,000 and 146,000 shares, respectively, underlying 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 predefined performance measures and their performance measures have not been met. Restricted stock units ("RSUs") with an 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 and six months ended June 30, 2021 and 2020. Recent Accounting Pronouncements Adopted in 2020 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 ("ASU 2016-13"), 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. We adopted ASU 2016-13 on January 1, 2020. 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 ("ASU 2018-15"), 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. We adopted ASU 2018-15 on January 1, 2020. 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 Adopted in 2021 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. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. We adopted ASU 2019-12 on January 1, 2021. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures Divestiture of MyCase On September 30, 2020, we completed our divestiture of 100% of our issued and outstanding equity interests of MyCase, Inc. ("MyCase"), a former wholly owned subsidiary that provided legal practice and case management software solutions to our legal customers, for $193.0 million, consisting of $192.2 million of cash proceeds, plus a $2.2 million employee retention bonus pool funded by us, less cash divested of $0.8 million and a preliminary working capital adjustment of $0.6 million (the "MyCase Transaction"). The retention bonus pool is refundable to the Company to the extent that MyCase employees are terminated prior to the retention period, which is one year from the closing date of the MyCase Transaction. We recognized a pre-tax gain on the sale of $188.0 million on the MyCase Transaction, consisting of cash proceeds of $192.2 million, less net assets divested of $4.6 million, plus an adjustment in the employee retention bonus pool of $0.4 million. Net assets divested is primarily comprised of capitalized software of $3.9 million, deferred revenue of $2.8 million and goodwill allocated to MyCase of $2.3 million. The gain on the sale was recorded within Other income (loss), net in our Condensed Consolidated Statements of Operations during the three months ended September 30, 2020. Income received during the three and six months ended June 30, 2021 in relation to the transition services provided by us to MyCase was $0.3 million and $0.7 million, and is included within Other income (loss), net |
Investment Securities and Fair
Investment Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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 as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 49,442 $ 4 $ (7) $ 49,439 Agency securities 11,842 13 (7) 11,848 Treasury securities 53,225 18 (11) 53,232 Total available-for-sale investment securities $ 114,509 $ 35 $ (25) $ 114,519 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Agency securities $ 17,104 $ 29 $ (1) $ 17,132 Treasury securities 17,847 47 — 17,894 Total available-for-sale investment securities $ 34,951 $ 76 $ (1) $ 35,026 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 June 30, 2021 or December 31, 2020. As of June 30, 2021 and December 31, 2020, 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): June 30, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 102,950 $ 102,978 $ 28,197 $ 28,256 Due after one year through three years 11,559 11,541 6,754 6,770 Total available-for-sale investment securities $ 114,509 $ 114,519 $ 34,951 $ 35,026 During the six months ended June 30, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Six Months Ended June 30, 2021 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Agency securities $ — $ — $ — $ 5,250 Treasury securities 6 — 42,198 21,500 Total $ 6 $ — $ 42,198 $ 26,750 Six Months Ended June 30, 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 2,500 Total $ 33 $ — $ 13,942 $ 7,750 Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million for the three months ended June 30, 2021 and 2020, and $0.1 million for the six months ended June 30, 2021 and $0.2 million for the six months ended June 30, 2020. 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 June 30, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 5,030 $ — $ — $ 5,030 Treasury securities 9,500 — — 9,500 Commercial paper — 3,000 — 3,000 Available-for-sale investment securities: Corporate bonds — 49,439 — 49,439 Agency securities — 11,848 — 11,848 Treasury securities 53,232 — — 53,232 Total $ 67,762 $ 64,287 $ — $ 132,049 December 31, 2020 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 4,749 $ — $ — $ 4,749 Treasury securities 97,433 — — 97,433 Available-for-sale investment securities: Agency securities — 17,132 — 17,132 Treasury securities 17,894 — — 17,894 Total $ 120,076 $ 17,132 $ — $ 137,208 The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these items. There were no changes to our valuation techniques used to measure financial asset and financial liability fair values on a recurring basis during the six months ended June 30, 2021. The valuation techniques for the financial assets in the tables above are as follows: Cash Equivalents As of June 30, 2021 and December 31, 2020, cash equivalents include cash invested in money market funds, commercial paper, and treasury securities with a maturity of three months or less. Fair value is based on market prices for identical assets. Available-for-Sale Investment Securities Fair value for our Level 1 investment securities is based on market prices for identical assets. 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 six months ended June 30, 2021 and 2020, no impairments were identified on those assets required to be measured at fair value on a non-recurring basis. |
Capitalized Software Developmen
Capitalized Software Development Cost, net | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Capitalized Software Development Cost, net | Capitalized Software Development Costs, net Capitalized software development costs were as follows (in thousands): June 30, December 31, Capitalized software development costs, gross $ 111,042 $ 96,974 Less: Accumulated amortization (71,817) (61,515) Capitalized software development costs, net $ 39,225 $ 35,459 Capitalized software development costs were $7.0 million and $7.1 million for the three months ended June 30, 2021 and 2020, respectively, and $14.1 million and $13.8 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense with respect to capitalized software development costs totaled $5.3 million and $4.5 million for the three months ended June 30, 2021 and 2020, respectively, and $10.3 million and $8.7 million for the six months ended June 30, 2021 and 2020, respectively. Future amortization expense with respect to capitalized software development costs is estimated as follows (in thousands): Years Ending December 31, 2021 $ 10,545 2022 17,432 2023 9,357 2024 1,891 Total amortization expense $ 39,225 |
Intangible Assets, net
Intangible Assets, net | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net Intangible assets consisted of the following (in thousands, except years): June 30, 2021 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (1,778) $ 1,062 5.0 Database 8,330 (2,203) 6,127 10.0 Technology 6,539 (4,391) 2,148 4.0 Trademarks and trade names 1,890 (930) 960 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (3,704) 3,696 5.0 Domain names 90 (73) 17 5.0 Patents 252 (245) 7 5.0 Total intangible assets, net $ 28,021 $ (14,004) $ 14,017 6.3 December 31, 2020 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (1,550) $ 1,290 5.0 Database 8,330 (1,787) 6,543 10.0 Technology 6,539 (3,641) 2,898 4.0 Trademarks and trade names 1,890 (732) 1,158 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (2,964) 4,436 5.0 Domain names 90 (70) 20 5.0 Patents 252 (240) 12 5.0 Total intangible assets, net $ 28,021 $ (11,664) $ 16,357 6.3 Amortization expense with respect to intangible assets totaled $1.2 million for the three months ended June 30, 2021 and 2020, and $2.3 million and $2.5 million for the six months ended June 30, 2021 and 2020, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands): Years Ending December 31, 2021 $ 2,306 2022 4,605 2023 3,060 2024 835 2025 833 Thereafter 2,378 Total amortization expense $ 14,017 |
Accrued Employee Expenses
Accrued Employee Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Compensation Related Costs [Abstract] | |
Accrued Employee Expenses | Accrued Employee Expenses Accrued employee expenses consisted of the following (in thousands): June 30, December 31 2021 2020 Accrued vacation $ 9,891 $ 8,277 Accrued bonuses 7,024 5,638 Accrued commissions 2,191 1,995 Accrued payroll 7,169 1,921 Accrued payroll taxes and other 1,229 1,057 Total accrued employee expenses—current $ 27,504 $ 18,888 Accrued employee expenses—noncurrent $ 968 $ — The Company has adopted several long-term executive cash incentive plans (the “Plan(s)”), which are designed to reward certain executives, including certain of our named executive officers, for their contributions toward our long-term strategic objectives (the “Performance Conditions”), which vary by Plan. We are required to estimate the probable payout under the Plans based on management’s judgment using, among other things, an internally developed rolling three year plan (the “Three Year Plan”). Compensation costs are recorded on a straight-line basis over the relevant service period to the extent we believe it is probable the Performance Conditions in an applicable Plan will be achieved over the course of such performance period. Adjustments to projected compensation costs are recognized on a prospective basis over the remaining service period based on changes in our estimate of the probability of achieving the various Performance Conditions. During the three months ended March 31, 2021, the Board of Directors approved the 2021 Three Year Plan, which allowed us to assess the probability of achieving the Performance Conditions under the Plans through December 31, 2023. During the three months ended June 30, 2021, the Company re-assessed the probability of achieving the Performance Conditions under the Plans. Based on that updated assessment, we recorded $0.5 million and $1.0 million in Accrued employee expenses-current and Accrued employee expenses-noncurrent , respectively, in the Condensed Consolidated Balance Sheet related to the Plans. There are Plans for which no accrual has been recorded as it was determined that it is not currently probable that the related Performance Conditions will be achieved. Amounts recorded under the Plans are based on assumptions and estimates subject to uncertainties and may fluctuate significantly each reporting period. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Operating leases for our corporate offices have remaining lease terms ranging from one The components of lease expense recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating lease cost $ 1,202 $ 1,412 $ 2,297 $ 2,848 Variable lease cost 394 399 700 792 Total lease cost $ 1,596 $ 1,811 $ 2,997 $ 3,640 Lease-related assets and liabilities were as follows as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Assets Prepaid expenses and other current assets $ 6,599 $ 3,972 Operating lease right-of-use assets 40,983 30,561 Liabilities Other current liabilities $ 1,561 $ 1,845 Operating lease liabilities 53,936 40,146 Total lease liabilities $ 55,497 $ 41,991 Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows (in thousands): Years ending December 31, 2021 (1) $ (4,645) 2022 (1) 4,022 2023 (1) 4,850 2024 (1) 5,814 2025 6,481 Thereafter 46,783 Total future minimum lease payments 63,305 Less: imputed interest (14,407) Total (2) $ 48,898 (1) Future minimum lease payments for the years ending December 31, 2021, 2022, 2023, and 2024 are presented net of tenant improvement allowances of $6.9 million, $0.6 million, $0.8 million, and $0.2 million, respectively. (2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $6.6 million on our Condensed Consolidated Balance Sheets, 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 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 thousand 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 June 30, 2021 and December 31, 2020 was $1.5 million and $1.5 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 June 30, 2021 and December 31, 2020 are $1.8 million and $2.7 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings There have been no changes in the Company’s material legal proceedings during the three months ended June 30, 2021. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2021 | |
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 "Share Repurchase Program") relating to our outstanding shares of Class A common stock. Under the Share Repurchase 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 Share Repurchase Program does not obligate us to repurchase any specific dollar amount or number of shares, and there is no expiration date for the Share Repurchase Program, which 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 have not made any repurchases under the Share Repurc hase Program subsequent to the three months ended March 31, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2020 1,168 $ 11.77 5.0 Options granted — — Options exercised (120) 5.37 Options cancelled/forfeited — — Options outstanding as of June 30, 2021 1,048 $ 12.50 3.2 Our stock-based compensation expense for stock options for the three and six months ended June 30, 2021 and 2020 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 six months ended June 30, 2021 or 2020. Restricted Stock Units A summary of activity in connection with our RSUs for the six months ended June 30, 2021, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2020 483 $ 80.20 Granted 194 140.30 Vested (158) 60.18 Forfeited (21) 105.98 Unvested as of June 30, 2021 498 $ 108.77 During the six months ended June 30, 2021, we granted 159,000 RSUs that are subject to time-based vesting in equal annual installments over four years, and 35,000 PSUs that are subject to vesting based on the achievement of pre-established consolidated net revenue growth targets for the years ending December 31, 2022 and 2023, 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 0% and 65% of the initial target awards. During the six months ended June 30, 2021, 50,000 PSUs vested based on the achievement of 106% of the pre-established consolidated net revenue growth performance target for the year ended December 31, 2020 and additional performance-based cash bonuses equal to 12% of the target value of such vested PSUs were also paid. Included in the unvested RSUs as of June 30, 2021 are 34,000, 12,000, 31,000 and 35,000 PSUs granted in 2021, 2020, 2019 and 2018, respectively. Of these PSUs, 45,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2021, 39,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2022, and 28,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2023. 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 0% and 65% of the initial target awards. We recognize expense for 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 RSUs and PSUs for the three months ended June 30, 2021 and 2020 was $3.7 million a nd $3.2 million, respectively, and $6.8 million and $4.4 million for the six months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021, we granted an award of 7,688 PSUs to an executive that vest based on achievement of certain pre-established individual performance metrics during fiscal year 2021, for which the achievement is approved on a pass/fail basis by the Board of Directors in its sole discretion after taking into account the recommendation of the President and Chief Executive Officer. The service inception date precedes the grant date for this award as (a) the award was authorized prior to establishing an accounting grant date, (b) the recipient began providing services prior to the grant date and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the award. As the service inception date precedes the grant date, we recognize stock-based compensation expense on a straight-line basis over the requisite service period based on the fair value at each reporting date. Our stock-based compensation expense for this award for the six months ended June 30, 2021 was $0.5 million. As of June 30, 2021, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $39.4 million , which is expected to be recognized over a weighted average period of 2.6 years. Restricted Stock Awards A summary of activity in connection with our restricted stock awards for the six months ended June 30, 2021 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2020 5 $ 153.41 Granted 4 144.33 Vested (3) 160.34 Forfeited — — Unvested as of June 30, 2021 6 $ 143.74 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 $0.2 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and $0.3 million and $0.3 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.7 million, which is expected to be recognized over a weighted average period of 0.9 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We calculate our benefit from 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 and six months ended June 30, 2021, we recorded an income tax benefit of $0.3 million and $5.9 million, respectively. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to the significance of the benefits associated with stock-based compensation expense and research and development tax credits in relation to the forecasted pre-tax results for the year. For the three and six months ended June 30, 2020, we recorded income tax benefit of $13.5 million and $13.1 million, respectively. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to the significance of the benefits associated with stock-based compensation expense and research and development tax credits in relation to the forecasted pre-tax results for the year. There were no material changes to our unrecognized tax benefits during the six months ended June 30, 2021 and we do 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 | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenue and Other Information | Revenue and Other Information The following table presents our revenue categories for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Core solutions $ 25,363 $ 26,061 $ 49,537 $ 50,963 Value+ services 60,447 51,592 111,957 95,730 Other 3,230 3,390 6,467 6,845 Total revenue $ 89,040 $ 81,043 $ 167,961 $ 153,538 Our revenue is generated primarily from customers in the United States. All of our property and equipment is located in the United States. Deferred Revenue During the six months ended June 30, 2021 and 2020, we recognized $1.8 million and $3.5 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2020 and 2019, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting PoliciesThe 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, which was filed with the SEC on March 1, 2021. 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. |
Reclassifications | ReclassificationsWe reclassified certain amounts in our 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, expenses, other income, and provision for income taxes 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, assumptions underlying performance-based compensation (whether cash or stock-based), and valuation and assumptions underlying stock-based compensation and other equity instruments. In light of the unknown 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. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of June 30, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of goodwill and other long-lived assets, performance-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 level of uncertainty regarding the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that we have not 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 Condensed Consolidated Financial Statements. |
Net Income per Common Share | Net Income per Common ShareNet 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. |
Recent Accounting Pronouncements Adopted in 2020 and 2021 | Recent Accounting Pronouncements Adopted in 2020 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 ("ASU 2016-13"), 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. We adopted ASU 2016-13 on January 1, 2020. 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 ("ASU 2018-15"), 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. We adopted ASU 2018-15 on January 1, 2020. 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 Adopted in 2021 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. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. We adopted ASU 2019-12 on January 1, 2021. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six Months Ended 2021 2020 2021 2020 Weighted average common shares outstanding 34,553 34,259 34,484 34,219 Less: Weighted average unvested restricted shares subject to repurchase 5 5 5 5 Weighted average common shares outstanding; basic 34,548 34,254 34,479 34,214 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share 1,126 1,360 1,218 1,433 Weighted average common shares outstanding; diluted 35,674 35,614 35,697 35,647 |
Investment Securities and Fai_2
Investment Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Available-for-sale Securities | Investment securities classified as available-for-sale consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 49,442 $ 4 $ (7) $ 49,439 Agency securities 11,842 13 (7) 11,848 Treasury securities 53,225 18 (11) 53,232 Total available-for-sale investment securities $ 114,509 $ 35 $ (25) $ 114,519 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Agency securities $ 17,104 $ 29 $ (1) $ 17,132 Treasury securities 17,847 47 — 17,894 Total available-for-sale investment securities $ 34,951 $ 76 $ (1) $ 35,026 |
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): June 30, 2021 December 31, 2020 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 102,950 $ 102,978 $ 28,197 $ 28,256 Due after one year through three years 11,559 11,541 6,754 6,770 Total available-for-sale investment securities $ 114,509 $ 114,519 $ 34,951 $ 35,026 |
Schedule of Sales, Calls, and Maturities | During the six months ended June 30, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Six Months Ended June 30, 2021 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Agency securities $ — $ — $ — $ 5,250 Treasury securities 6 — 42,198 21,500 Total $ 6 $ — $ 42,198 $ 26,750 Six Months Ended June 30, 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 2,500 Total $ 33 $ — $ 13,942 $ 7,750 |
Fair Value, Assets Measured on Recurring Basis | The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 5,030 $ — $ — $ 5,030 Treasury securities 9,500 — — 9,500 Commercial paper — 3,000 — 3,000 Available-for-sale investment securities: Corporate bonds — 49,439 — 49,439 Agency securities — 11,848 — 11,848 Treasury securities 53,232 — — 53,232 Total $ 67,762 $ 64,287 $ — $ 132,049 December 31, 2020 Level 1 Level 2 Level 3 Total Fair Cash equivalents: Money market funds $ 4,749 $ — $ — $ 4,749 Treasury securities 97,433 — — 97,433 Available-for-sale investment securities: Agency securities — 17,132 — 17,132 Treasury securities 17,894 — — 17,894 Total $ 120,076 $ 17,132 $ — $ 137,208 |
Capitalized Software Developm_2
Capitalized Software Development Cost, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Schedule of Capitalized Computer Software | Capitalized software development costs were as follows (in thousands): June 30, December 31, Capitalized software development costs, gross $ 111,042 $ 96,974 Less: Accumulated amortization (71,817) (61,515) Capitalized software development costs, net $ 39,225 $ 35,459 |
Schedule of Capitalized Computer Software Future Amortization Expense | Future amortization expense with respect to capitalized software development costs is estimated as follows (in thousands): Years Ending December 31, 2021 $ 10,545 2022 17,432 2023 9,357 2024 1,891 Total amortization expense $ 39,225 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following (in thousands, except years): June 30, 2021 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (1,778) $ 1,062 5.0 Database 8,330 (2,203) 6,127 10.0 Technology 6,539 (4,391) 2,148 4.0 Trademarks and trade names 1,890 (930) 960 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (3,704) 3,696 5.0 Domain names 90 (73) 17 5.0 Patents 252 (245) 7 5.0 Total intangible assets, net $ 28,021 $ (14,004) $ 14,017 6.3 December 31, 2020 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (1,550) $ 1,290 5.0 Database 8,330 (1,787) 6,543 10.0 Technology 6,539 (3,641) 2,898 4.0 Trademarks and trade names 1,890 (732) 1,158 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (2,964) 4,436 5.0 Domain names 90 (70) 20 5.0 Patents 252 (240) 12 5.0 Total intangible assets, net $ 28,021 $ (11,664) $ 16,357 6.3 |
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, 2021 $ 2,306 2022 4,605 2023 3,060 2024 835 2025 833 Thereafter 2,378 Total amortization expense $ 14,017 |
Accrued Employee Expenses (Tabl
Accrued Employee Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation Related Costs [Abstract] | |
Schedule of Accrued Employee Expenses | Accrued employee expenses consisted of the following (in thousands): June 30, December 31 2021 2020 Accrued vacation $ 9,891 $ 8,277 Accrued bonuses 7,024 5,638 Accrued commissions 2,191 1,995 Accrued payroll 7,169 1,921 Accrued payroll taxes and other 1,229 1,057 Total accrued employee expenses—current $ 27,504 $ 18,888 Accrued employee expenses—noncurrent $ 968 $ — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating lease cost $ 1,202 $ 1,412 $ 2,297 $ 2,848 Variable lease cost 394 399 700 792 Total lease cost $ 1,596 $ 1,811 $ 2,997 $ 3,640 Lease-related assets and liabilities were as follows as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Assets Prepaid expenses and other current assets $ 6,599 $ 3,972 Operating lease right-of-use assets 40,983 30,561 Liabilities Other current liabilities $ 1,561 $ 1,845 Operating lease liabilities 53,936 40,146 Total lease liabilities $ 55,497 $ 41,991 |
Schedule of Minimum Lease Payments Under Leases | Future minimum lease payments under non-cancellable leases as of June 30, 2021 were as follows (in thousands): Years ending December 31, 2021 (1) $ (4,645) 2022 (1) 4,022 2023 (1) 4,850 2024 (1) 5,814 2025 6,481 Thereafter 46,783 Total future minimum lease payments 63,305 Less: imputed interest (14,407) Total (2) $ 48,898 (1) Future minimum lease payments for the years ending December 31, 2021, 2022, 2023, and 2024 are presented net of tenant improvement allowances of $6.9 million, $0.6 million, $0.8 million, and $0.2 million, respectively. (2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $6.6 million on our Condensed Consolidated Balance Sheets, 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 12 months. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of activity in connection with our stock options for the six months ended June 30, 2021, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2020 1,168 $ 11.77 5.0 Options granted — — Options exercised (120) 5.37 Options cancelled/forfeited — — Options outstanding as of June 30, 2021 1,048 $ 12.50 3.2 |
Schedule of Restricted Stock Units Activity | A summary of activity in connection with our RSUs for the six months ended June 30, 2021, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2020 483 $ 80.20 Granted 194 140.30 Vested (158) 60.18 Forfeited (21) 105.98 Unvested as of June 30, 2021 498 $ 108.77 |
Schedule of Restricted Stock Awards Activity | A summary of activity in connection with our restricted stock awards for the six months ended June 30, 2021 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2020 5 $ 153.41 Granted 4 144.33 Vested (3) 160.34 Forfeited — — Unvested as of June 30, 2021 6 $ 143.74 |
Revenue and Other Information (
Revenue and Other Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Product Information by Revenue Categories | The following table presents our revenue categories for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Core solutions $ 25,363 $ 26,061 $ 49,537 $ 50,963 Value+ services 60,447 51,592 111,957 95,730 Other 3,230 3,390 6,467 6,845 Total revenue $ 89,040 $ 81,043 $ 167,961 $ 153,538 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average common shares outstanding (in shares) | 34,553 | 34,259 | 34,484 | 34,219 |
Less: Weighted average unvested restricted shares subject to repurchase (in shares) | 5 | 5 | 5 | 5 |
Weighted average common shares outstanding; basic (in shares) | 34,548 | 34,254 | 34,479 | 34,214 |
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares) | 1,126 | 1,360 | 1,218 | 1,433 |
Weighted average common shares outstanding; diluted (in shares) | 35,674 | 35,614 | 35,697 | 35,647 |
PSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from net loss per share computation (in shares) | 120 | 146 | 120 | 146 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) - Discontinued Operations, Disposed of by Sale - MyCase - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 |
Business Acquisition [Line Items] | |||
Consideration for disposal of subsidiary | $ 193 | ||
Proceeds from divestiture of subsidiary | 192.2 | ||
Employee retention bonus pool | 2.2 | ||
Cash divested | 0.8 | ||
Working capital adjustment | $ 0.6 | ||
Retention period | 1 year | ||
Gain on sale of subsidiary | $ 188 | ||
Assets divested | 4.6 | ||
Adjustment to the employee retention bonus pool | 0.4 | ||
Capitalized software divested | 3.9 | ||
Deferred revenue divested | 2.8 | ||
Goodwill divested | $ 2.3 | ||
Income received | $ 0.3 | $ 0.7 |
Investment Securities and Fai_3
Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | $ 114,509 | $ 34,951 |
Gross Unrealized Gains | 35 | 76 |
Gross Unrealized Losses | (25) | (1) |
Estimated Fair Value | 114,519 | 35,026 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | 49,442 | |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | (7) | |
Estimated Fair Value | 49,439 | |
Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | 11,842 | 17,104 |
Gross Unrealized Gains | 13 | 29 |
Gross Unrealized Losses | (7) | (1) |
Estimated Fair Value | 11,848 | 17,132 |
Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale investment securities | 53,225 | 17,847 |
Gross Unrealized Gains | 18 | 47 |
Gross Unrealized Losses | (11) | 0 |
Estimated Fair Value | $ 53,232 | $ 17,894 |
Investment Securities and Fai_4
Investment Securities and Fair Value Measurements - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Allowance for credit losses for available-for-sale investment securities | $ 0 | $ 0 |
Maximum contractual maturity period | 36 months | 36 months |
Investment Securities and Fai_5
Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 102,950 | $ 28,197 |
Due after one year through three years | 11,559 | 6,754 |
Total available-for-sale investment securities | 114,509 | 34,951 |
Estimated Fair Value | ||
Due in one year or less | 102,978 | 28,256 |
Due after one year through three years | 11,541 | 6,770 |
Total available-for-sale investment securities | $ 114,519 | $ 35,026 |
Investment Securities and Fai_6
Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Gross Realized Gains | $ 6 | $ 33 | ||
Gross Realized Losses | 0 | 0 | ||
Gross Proceeds from Sales | 42,198 | 13,942 | ||
Gross Proceeds from Maturities | 26,750 | 7,750 | ||
Interest income, net of amortization and accretion of premium and discount | $ 100 | $ 100 | 100 | 200 |
Corporate bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gross Realized Gains | 5 | |||
Gross Realized Losses | 0 | |||
Gross Proceeds from Sales | 4,006 | |||
Gross Proceeds from Maturities | 4,000 | |||
Agency securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gross Realized Gains | 0 | 24 | ||
Gross Realized Losses | 0 | 0 | ||
Gross Proceeds from Sales | 0 | 7,878 | ||
Gross Proceeds from Maturities | 5,250 | 1,250 | ||
Treasury securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gross Realized Gains | 6 | 4 | ||
Gross Realized Losses | 0 | 0 | ||
Gross Proceeds from Sales | 42,198 | 2,058 | ||
Gross Proceeds from Maturities | $ 21,500 | $ 2,500 |
Investment Securities and Fai_7
Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | $ 114,519 | $ 35,026 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 49,439 | |
Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 11,848 | 17,132 |
Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 53,232 | 17,894 |
Fair value, recurring measurements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 17,894 | |
Total | 132,049 | 137,208 |
Fair value, recurring measurements | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 49,439 | |
Fair value, recurring measurements | Agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 11,848 | 17,132 |
Fair value, recurring measurements | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,500 | |
Available-for-sale investment securities | 53,232 | 97,433 |
Fair value, recurring measurements | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,030 | 4,749 |
Fair value, recurring measurements | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,000 | |
Fair value, recurring measurements | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities | 17,894 | |
Total | 67,762 | 120,076 |
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 | |
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] | ||
Cash equivalents | 9,500 | |
Available-for-sale investment securities | 53,232 | 97,433 |
Fair value, recurring measurements | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 5,030 | 4,749 |
Fair value, recurring measurements | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
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 | 64,287 | 17,132 |
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 | 49,439 | |
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 | 11,848 | 17,132 |
Fair value, recurring measurements | Level 2 | Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale investment securities | 0 | 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 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,000 | |
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 | |
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] | ||
Cash equivalents | 0 | |
Available-for-sale investment securities | 0 | 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 |
Fair value, recurring measurements | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 |
Capitalized Software Developm_3
Capitalized Software Development Cost, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Research and Development [Abstract] | ||
Capitalized software development costs, gross | $ 111,042 | $ 96,974 |
Less: Accumulated amortization | (71,817) | (61,515) |
Capitalized software development costs, net | $ 39,225 | $ 35,459 |
Capitalized Software Developm_4
Capitalized Software Development Cost, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development [Abstract] | ||||
Capitalized software development costs | $ 7 | $ 7.1 | $ 14.1 | $ 13.8 |
Amortization expense | $ 5.3 | $ 4.5 | $ 10.3 | $ 8.7 |
Capitalized Software Developm_5
Capitalized Software Development Cost, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Years Ending December 31, | ||
2021 | $ 10,545 | |
2022 | 17,432 | |
2023 | 9,357 | |
2024 | 1,891 | |
Capitalized software development costs, net | $ 39,225 | $ 35,459 |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | $ 28,021 | $ 28,021 | $ 28,021 | ||
Accumulated Amortization | (14,004) | (14,004) | (11,664) | ||
Net Carrying Value | 14,017 | 14,017 | $ 16,357 | ||
Amortization expense | 1,200 | $ 1,200 | $ 2,300 | $ 2,500 | |
Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 6 years 3 months 18 days | 6 years 3 months 18 days | |||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 2,840 | $ 2,840 | $ 2,840 | ||
Accumulated Amortization | (1,778) | (1,778) | (1,550) | ||
Net Carrying Value | 1,062 | $ 1,062 | $ 1,290 | ||
Customer relationships | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 5 years | 5 years | |||
Database | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 8,330 | $ 8,330 | $ 8,330 | ||
Accumulated Amortization | (2,203) | (2,203) | (1,787) | ||
Net Carrying Value | 6,127 | $ 6,127 | $ 6,543 | ||
Database | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 10 years | 10 years | |||
Technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 6,539 | $ 6,539 | $ 6,539 | ||
Accumulated Amortization | (4,391) | (4,391) | (3,641) | ||
Net Carrying Value | 2,148 | $ 2,148 | $ 2,898 | ||
Technology | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 4 years | 4 years | |||
Trademarks and trade names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 1,890 | $ 1,890 | $ 1,890 | ||
Accumulated Amortization | (930) | (930) | (732) | ||
Net Carrying Value | 960 | $ 960 | $ 1,158 | ||
Trademarks and trade names | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 5 years | 5 years | |||
Partner relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 680 | $ 680 | $ 680 | ||
Accumulated Amortization | (680) | (680) | (680) | ||
Net Carrying Value | 0 | $ 0 | $ 0 | ||
Partner relationships | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 3 years | 3 years | |||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 7,400 | $ 7,400 | $ 7,400 | ||
Accumulated Amortization | (3,704) | (3,704) | (2,964) | ||
Net Carrying Value | 3,696 | $ 3,696 | $ 4,436 | ||
Non-compete agreements | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 5 years | 5 years | |||
Domain names | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 90 | $ 90 | $ 90 | ||
Accumulated Amortization | (73) | (73) | (70) | ||
Net Carrying Value | 17 | $ 17 | $ 20 | ||
Domain names | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 5 years | 5 years | |||
Patents | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Value | 252 | $ 252 | $ 252 | ||
Accumulated Amortization | (245) | (245) | (240) | ||
Net Carrying Value | $ 7 | $ 7 | $ 12 | ||
Patents | Weighted Average Useful Life in Years | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Useful Life in Years | 5 years | 5 years |
Intangible Assets, net - Sche_2
Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 | $ 2,306 | |
2022 | 4,605 | |
2023 | 3,060 | |
2024 | 835 | |
2025 | 833 | |
Thereafter | 2,378 | |
Net Carrying Value | $ 14,017 | $ 16,357 |
Accrued Employee Expenses (Deta
Accrued Employee Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Compensation Related Costs [Abstract] | ||
Accrued vacation | $ 9,891 | $ 8,277 |
Accrued bonuses | 7,024 | 5,638 |
Accrued commissions | 2,191 | 1,995 |
Accrued payroll | 7,169 | 1,921 |
Accrued payroll taxes and other | 1,229 | 1,057 |
Total accrued employee expenses—current | 27,504 | 18,888 |
Accrued employee expenses—noncurrent | $ 968 | $ 0 |
Accrued Employee Expenses - Nar
Accrued Employee Expenses - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued employee expenses—current | $ 27,504 | $ 18,888 |
2021 Three Year Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accrued employee expenses—current | 500 | |
Accrued employee expenses—noncurrent | $ 1,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Jun. 30, 2021 |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 10 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term | 11 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,202 | $ 1,412 | $ 2,297 | $ 2,848 |
Variable lease cost | 394 | 399 | 700 | 792 |
Total lease cost | $ 1,596 | $ 1,811 | $ 2,997 | $ 3,640 |
Leases - Lease Related Assets a
Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Prepaid expenses and other current assets | $ 6,599 | $ 3,972 |
Operating lease right-of-use assets | 40,983 | 30,561 |
Other current liabilities | 1,561 | 1,845 |
Operating lease liabilities | 53,936 | 40,146 |
Total lease liabilities | $ 55,497 | $ 41,991 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Leases - Schedule of Minimum Le
Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Years ending December 31, | ||
2021 | $ (4,645,000) | |
2022 | 4,022,000 | |
2023 | 4,850,000 | |
2024 | 5,814,000 | |
2025 | 6,481,000 | |
Thereafter | 46,783,000 | |
Total future minimum lease payments | 63,305,000 | |
Less: imputed interest | (14,407,000) | |
Total | 48,898,000 | |
Lessee, Lease, Description [Line Items] | ||
Tenant improvement allowance, remainder of fiscal year | 6,900 | |
Tenant improvement allowance, 2022 | 600 | |
Tenant improvement allowance, 2023 | 800 | |
Tenant improvement allowance, 2024 | 200 | |
Operating lease, current | 1,561 | $ 1,845 |
Prepaid Expenses and Other Current Assets | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, current | $ 6,600 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 | $ 1,500,000 | $ 1,500,000 |
Other current assets | ||
Loss Contingencies [Line Items] | ||
Deposits held with a third party related to insurance services collateral | $ 1,800,000 | $ 2,700,000 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) | Feb. 20, 2019USD ($)director | Mar. 31, 2020USD ($)shares |
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) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Number of Shares | |||
Options outstanding, beginning balance (in shares) | 1,168,000 | ||
Options granted (in shares) | 0 | 0 | |
Options exercised (in shares) | (120,000) | ||
Options cancelled/forfeited (in shares) | 0 | ||
Options outstanding, ending balance (in shares) | 1,048,000 | 1,168,000 | |
Weighted Average Exercise Price per Share | |||
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ 11.77 | ||
Options granted, weighted average exercise price (in dollars per share) | 0 | ||
Options exercised, weighted average exercise price (in dollars per share) | 5.37 | ||
Options cancelled/forfeited, weighted average exercise price (in dollars per share) | 0 | ||
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ 12.50 | $ 11.77 | |
Weighted Average Remaining Contractual Life in Years | 3 years 2 months 12 days | 5 years |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Activity (Details) - RSUs and PSUs shares in Thousands | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 483 |
Granted (in shares) | shares | 194 |
Vested (in shares) | shares | (158) |
Forfeited (in shares) | shares | (21) |
Unvested, ending balance (in shares) | shares | 498 |
Weighted Average Grant Date Fair Value per Share | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 80.20 |
Granted (in dollars per share) | $ / shares | 140.30 |
Vested (in dollars per share) | $ / shares | 60.18 |
Forfeited (in dollars per share) | $ / shares | 105.98 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 108.77 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
RSUs and PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 194,000 | ||||
Share-based compensation options vested in period (in shares) | 158,000 | ||||
Stock-based compensation expense | $ 3,700 | $ 3,200 | $ 6,800 | $ 4,400 | |
Remaining stock-based compensation expense for unvested shares, not yet recognized | $ 39,400 | $ 39,400 | |||
Stock-based compensation expense, weighted average recognition period | 2 years 7 months 6 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 159,000 | ||||
Vesting period | 4 years | ||||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 35,000 | ||||
Percent of targeted performance metric | 100.00% | 100.00% | |||
Share-based compensation options vested in period (in shares) | 50,000 | ||||
Percent of achievement of award target performance metric | 106.00% | ||||
PSUs | Executive | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 7,688 | ||||
Stock-based compensation expense | $ 500 | ||||
PSUs | Vesting Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance based cash bonus payment percent | 12.00% | ||||
PSUs | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 0.00% | 0.00% | |||
PSUs | Minimum | Vesting Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 100.00% | 100.00% | |||
Performance based cash bonus payment percent | 0.00% | ||||
PSUs | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 100.00% | 100.00% | |||
PSUs | Maximum | Vesting Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 150.00% | 150.00% | |||
Performance based cash bonus payment percent | 65.00% | ||||
PSUs Granted in 2021 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 34,000 | ||||
PSUs Granted in 2020 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 12,000 | ||||
PSUs Granted in 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 31,000 | ||||
PSUs Granted in 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in period (in shares) | 35,000 | ||||
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% | 100.00% | |||
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) | 45,000 | ||||
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) | 39,000 | ||||
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) | 28,000 | ||||
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% | 0.00% | |||
Percent of cash bonus payments on initial targets, percent | 0.00% | ||||
Performance Stock Units Granted in 2019 and 2018 | Minimum | Vesting Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 100.00% | 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% | 100.00% | |||
Percent of cash bonus payments on initial targets, percent | 65.00% | ||||
Performance Stock Units Granted in 2019 and 2018 | Maximum | Vesting Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of targeted performance metric | 150.00% | 150.00% |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Number of Shares | ||||
Unvested, beginning balance (in shares) | 5 | |||
Granted (in shares) | 4 | |||
Vested (in shares) | (3) | |||
Forfeited (in shares) | 0 | |||
Unvested, ending balance (in shares) | 6 | 6 | ||
Weighted Average Grant Date Fair Value per Share | ||||
Unvested, beginning balance (in dollars per share) | $ 153.41 | |||
Granted (in dollars per share) | 144.33 | |||
Vested (in dollars per share) | 160.34 | |||
Forfeited (in dollars per share) | 0 | |||
Unvested, ending balance (in dollars per share) | $ 143.74 | $ 143.74 | ||
Vesting period | 1 year | |||
Stock-based compensation expense | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.3 |
Remaining stock-based compensation expense for unvested shares, not yet recognized | $ 0.7 | $ 0.7 | ||
Stock-based compensation expense, weighted average recognition period | 10 months 24 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (324) | $ (13,484) | $ (5,857) | $ (13,109) |
Net deferred tax assets | $ 4,700 | $ 4,700 |
Revenue and Other Information_2
Revenue and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 89,040 | $ 81,043 | $ 167,961 | $ 153,538 |
Revenue recognized from deferred revenue | 1,800 | 3,500 | ||
Core solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 25,363 | 26,061 | 49,537 | 50,963 |
Value+ services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 60,447 | 51,592 | 111,957 | 95,730 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,230 | $ 3,390 | $ 6,467 | $ 6,845 |