AppFolio (APPF) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	70 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	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,174,583
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,826,432

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 42,626	$ 57,847
Investment securities—current	75,425	64,600
Accounts receivable, net	16,175	12,595
Prepaid expenses and other current assets	22,157	23,553
Total current assets	156,383	158,595
Investment securities—noncurrent	49,909	61,076
Property and equipment, net	28,270	30,479
Operating lease right-of-use assets	29,228	41,710
Capitalized software development costs, net	37,496	41,212
Goodwill	56,147	56,147
Intangible assets, net	9,408	11,711
Other long-term assets	8,587	7,087
Total assets	375,428	408,017
Current liabilities
Accounts payable	1,338	1,704
Accrued employee expenses—current	26,757	30,065
Accrued expenses	15,807	13,284
Deferred revenue	3,075	2,512
Other current liabilities	7,742	5,077
Total current liabilities	54,719	52,642
Operating lease liabilities	54,044	55,733
Other liabilities	1,674	2,261
Total liabilities	110,437	110,636
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid-in capital	185,542	171,930
Accumulated other comprehensive loss	(1,939)	(194)
Treasury stock	(25,756)	(25,756)
Retained earnings	107,140	151,397
Total stockholders’ equity	264,991	297,381
Total liabilities and stockholders’ equity	375,428	408,017
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue		$ 117,450	$ 89,040	$ 222,746	$ 167,961
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	[1]	47,430	32,819	90,777	66,117
Sales and marketing	[1]	26,995	17,714	51,914	33,893
Research and product development	[1]	26,687	15,506	51,007	29,889
General and administrative	[1]	37,947	14,206	56,911	27,567
Depreciation and amortization		8,321	7,649	16,736	15,018
Total costs and operating expenses		147,380	87,894	267,345	172,484
(Loss) income from operations		(29,930)	1,146	(44,599)	(4,523)
Other income, net		45	496	35	1,058
Interest income		151	55	258	108
(Loss) income before provision for (benefit from) income taxes		(29,734)	1,697	(44,306)	(3,357)
Provision for (benefit from) income taxes		236	(324)	(49)	(5,857)
Net (loss) income		$ (29,970)	$ 2,021	$ (44,257)	$ 2,500
Net (loss) income per common share:
Basic (in dollars per share)		$ (0.86)	$ 0.06	$ (1.27)	$ 0.07
Diluted (in dollars per share)		$ (0.86)	$ 0.06	$ (1.27)	$ 0.07
Weighted average common shares outstanding:
Basic (in shares)		34,927	34,548	34,881	34,479
Diluted (in shares)		34,927	35,674	34,881	35,697
[1]Includes stock-based compensation expense as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock-based compensation expense included in costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) $ 726 $ 463 $ 1,084 $ 934 Sales and marketing 2,013 447 3,473 849 Research and product development 4,024 1,214 6,830 2,071 General and administrative 3,198 1,090 5,992 2,136 Total stock-based compensation expense $ 9,961 $ 3,214 $ 17,379 $ 5,990

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total stock-based compensation expense	$ 9,961	$ 3,214	$ 17,379	$ 5,990
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	726	463	1,084	934
Sales and marketing
Total stock-based compensation expense	2,013	447	3,473	849
Research and product development
Total stock-based compensation expense	4,024	1,214	6,830	2,071
General and administrative
Total stock-based compensation expense	$ 3,198	$ 1,090	$ 5,992	$ 2,136

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (29,970)	$ 2,021	$ (44,257)	$ 2,500
Other comprehensive loss:
Changes in unrealized losses on investment securities	(400)	(48)	(1,745)	(66)
Comprehensive (loss) income	$ (30,370)	$ 1,973	$ (46,002)	$ 2,434

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class 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, 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 common stock to Class A common stock (in shares)		108,000	(108,000)
Other comprehensive loss	(18)				(18)
Net (loss) 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]
Net (loss) 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 common stock to Class A common stock (in shares)		14,000	(14,000)
Issuance of restricted stock awards (in shares)		4,000
Other comprehensive loss	(48)				(48)
Net (loss) 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
Beginning Balance (in shares) at Dec. 31, 2021		19,417,000	15,408,000
Beginning balance at Dec. 31, 2021	297,381	$ 2	$ 2	171,930	(194)	(25,756)	151,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		17,000
Exercise of stock options	100			100
Stock-based compensation	7,967			7,967
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		17,000
Vesting of restricted stock units, net of shares withheld for taxes	(1,073)			(1,073)
Conversion of Class B common stock to Class A common stock (in shares)		572,000	(572,000)
Other comprehensive loss	(1,345)				(1,345)
Net (loss) income	(14,287)						(14,287)
Ending balance (in shares) at Mar. 31, 2022		20,023,000	14,836,000
Ending balance at Mar. 31, 2022	288,743	$ 2	$ 2	178,924	(1,539)	(25,756)	137,110
Beginning Balance (in shares) at Dec. 31, 2021		19,417,000	15,408,000
Beginning balance at Dec. 31, 2021	$ 297,381	$ 2	$ 2	171,930	(194)	(25,756)	151,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	85,000
Net (loss) income	$ (44,257)
Ending balance (in shares) at Jun. 30, 2022		20,173,000	14,826,000
Ending balance at Jun. 30, 2022	264,991	$ 2	$ 2	185,542	(1,939)	(25,756)	107,140
Beginning Balance (in shares) at Mar. 31, 2022		20,023,000	14,836,000
Beginning balance at Mar. 31, 2022	288,743	$ 2	$ 2	178,924	(1,539)	(25,756)	137,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		41,000	27,000
Exercise of stock options	503			503
Stock-based compensation	10,639			10,639
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		66,000
Vesting of restricted stock units, net of shares withheld for taxes	(4,524)			(4,524)
Conversion of Class B common stock to Class A common stock (in shares)		37,000	(37,000)
Issuance of restricted stock awards (in shares)		6,000
Other comprehensive loss	(400)				(400)
Net (loss) income	(29,970)						(29,970)
Ending balance (in shares) at Jun. 30, 2022		20,173,000	14,826,000
Ending balance at Jun. 30, 2022	$ 264,991	$ 2	$ 2	$ 185,542	$ (1,939)	$ (25,756)	$ 107,140

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash from operating activities
Net (loss) income	$ (44,257)	$ 2,500
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	15,637	14,190
Amortization of operating lease right-of-use assets	1,809	1,399
Impairment	19,792	0
Deferred income taxes	(1,550)	(6,086)
Stock-based compensation, including as amortized	18,478	6,818
Other	6	(579)
Changes in operating assets and liabilities:
Accounts receivable	(2,924)	(4,007)
Prepaid expenses and other current assets	(2,652)	(2,171)
Other assets	(1,308)	(982)
Accounts payable	17	1,301
Accrued employee expenses—current	(3,217)	7,638
Accrued expenses	3,182	(3,047)
Deferred revenue	(94)	33
Operating lease liabilities	(1,311)	1,685
Other liabilities	1,673	(8,031)
Net cash provided by operating activities	3,281	10,661
Cash from investing activities
Purchases of available-for-sale investments	(44,900)	(148,293)
Proceeds from sales of available-for-sale investments	0	42,198
Proceeds from maturities of available-for-sale investments	43,498	26,750
Purchases of property and equipment	(5,099)	(2,804)
Capitalization of software development costs	(7,193)	(11,911)
Net cash used in investing activities	(13,694)	(94,060)
Cash from financing activities
Proceeds from stock option exercises	603	646
Tax withholding for net share settlement	(5,597)	(8,900)
Net cash used in financing activities	(4,994)	(8,254)
Net decrease in cash, cash equivalents and restricted cash	(15,407)	(91,653)
Cash, cash equivalents and restricted cash
Beginning of period	58,283	140,699
End of period	42,876	49,046
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	484	822
Capitalization of software development costs included in accrued expenses and accrued employee expenses	205	1,361
Stock-based compensation capitalized for software development	1,226	1,178
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	42,626	48,610
Restricted cash included in other assets	250	436
Total cash, cash equivalents and restricted cash	$ 42,876	$ 49,046

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of BusinessAppFolio, Inc. ("we," "us" or "our") is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, automate and streamline critical business operations and deliver a better customer experience. We were founded in 2006 with the vision of revolutionizing vertical industry businesses by providing great software and services. Our mission is even more relevant today, when digital transformation is effectively a requirement for business success in the modern world, and the way we work and live requires powerful software solutions to enable a more seamless experience.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 February 28, 2022. 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, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. Reclassification We reclassified certain amounts in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation. 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 financial instruments, capitalized software development 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 assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements. Net (Loss) Income per Common Share Net (loss) 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 (loss) income per common share (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average common shares outstanding 34,931 34,553 34,885 34,484 Less: Weighted average unvested restricted shares subject to repurchase 4 5 4 5 Weighted average common shares outstanding; basic 34,927 34,548 34,881 34,479 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share — 1,126 — 1,218 Weighted average common shares outstanding; diluted 34,927 35,674 34,881 35,697 For the three and six months ended June 30, 2022 and 2021, an aggregate of 197,000 and 120,000 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 satisfaction of pre-defined performance measures and their respective 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. Because we reported a net loss for the three and six months ended June 30, 2022, all potentially dilutive common shares are anti-dilutive for that period and have been excluded from the calculation of net loss per share. Recent Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, " Revenue from Contracts with Customers

Investment Securities and Fair

Investment Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 19,464 $ — $ (60) $ 19,404 Agency securities 19,752 — (443) 19,309 Treasury securities 88,126 — (1,505) 86,621 Total available-for-sale investment securities $ 127,342 $ — $ (2,008) $ 125,334 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 29,080 $ — $ (11) $ 29,069 Agency securities 19,753 — (27) 19,726 Treasury securities 77,108 2 (229) 76,881 Total available-for-sale investment securities $ 125,941 $ 2 $ (267) $ 125,676 As of June 30, 2022, the decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not we will hold the securities until maturity or recovery of the cost basis. No allowance for credit losses for available-for-sale investment securities was recorded as of June 30, 2022 or December 31, 2021. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): June 30, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 75,878 $ 75,425 $ 64,627 $ 64,600 Due after one year through three years 51,464 49,909 61,314 61,076 Total available-for-sale investment securities $ 127,342 $ 125,334 $ 125,941 $ 125,676 During the six months ended June 30, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Six Months Ended June 30, 2022 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ — $ — $ 23,998 Treasury securities — — — 19,500 Total $ — $ — $ — $ 43,498 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 Fair Value Measurements Recurring Fair Value Measurements The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands): June 30, 2022 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 4,784 $ — $ 4,784 Available-for-sale investment securities: Corporate bonds — 19,404 19,404 Agency securities — 19,309 19,309 Treasury securities 86,621 — 86,621 Total $ 91,405 $ 38,713 $ 130,118 December 31, 2021 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 6,105 $ — $ 6,105 Available-for-sale investment securities: Corporate bonds — 29,069 29,069 Agency securities — 19,726 19,726 Treasury securities 76,881 — 76,881 Total $ 82,986 $ 48,795 $ 131,781 The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short maturity of these items. 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.

Capitalized Software Developmen

Capitalized Software Development Costs, net	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Capitalized Software Development Costs, net	Capitalized Software Development Costs, net Capitalized software development costs were as follows (in thousands): June 30, December 31, Capitalized software development costs, gross $ 121,981 $ 115,377 Less: Accumulated amortization (84,485) (74,165) Capitalized software development costs, net $ 37,496 $ 41,212 Capitalized software development costs were $4.2 million and $7.0 million for the three months ended June 30, 2022 and 2021, respectively, and $8.3 million and $14.1 million for the six months ended June 30, 2022 and 2021, respectively. Amortization expense with respect to capitalized software development costs totaled $6.0 million and $5.3 million for the three months ended June 30, 2022 and 2021, respectively, and $12.0 million and $10.3 million for the six months ended June 30, 2022 and 2021, respectively. During the three and six months ended June 30, 2022, we disposed of $0.9 million and $1.7 million, respectively, of fully amortized capitalized software development costs. Future amortization expense with respect to capitalized software development costs is estimated as follows (in thousands): Years Ending December 31, 2022 $ 11,216 2023 16,400 2024 8,276 2025 1,604 Total amortization expense $ 37,496

Intangible Assets, net

Intangible Assets, net	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets consisted of the following (in thousands, except years): June 30, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (2,234) $ 606 5.0 Database 8,330 (3,036) 5,294 10.0 Technology 6,539 (5,823) 716 4.0 Trademarks and trade names 1,890 (1,325) 565 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (5,184) 2,216 5.0 Domain names 90 (79) 11 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 28,021 $ (18,613) $ 9,408 6.3 December 31, 2021 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (2,006) $ 834 5.0 Database 8,330 (2,620) 5,710 10.0 Technology 6,539 (5,107) 1,432 4.0 Trademarks and trade names 1,890 (1,128) 762 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (4,444) 2,956 5.0 Domain names 90 (75) 15 5.0 Patents 252 (250) 2 5.0 Total intangible assets, net $ 28,021 $ (16,310) $ 11,711 6.3 Amortization expense with respect to intangible assets totaled $1.2 million for the three months ended June 30, 2022 and 2021, and $2.3 million for the six months ended June 30, 2022 and 2021. Future amortization expense with respect to intangible assets is estimated as follows (in thousands): Years Ending December 31, 2022 $ 2,302 2023 3,060 2024 835 2025 833 2026 833 Thereafter 1,545 Total amortization expense $ 9,408

Leases

Leases	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Operating lease cost $ 1,468 $ 1,202 $ 2,915 $ 2,297 Variable lease cost 252 394 375 700 Total lease cost $ 1,720 $ 1,596 $ 3,290 $ 2,997 Lease-related assets and liabilities were as follows: June 30, December 31, Assets Prepaid expenses and other current assets $ 124 $ 4,854 Operating lease right-of-use assets 29,228 41,710 Liabilities Other current liabilities $ 3,451 $ 1,874 Operating lease liabilities 54,044 55,733 Total lease liabilities $ 57,495 $ 57,607 Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows (in thousands): Years ending December 31, 2022 $ 2,199 2023 5,427 2024 6,351 2025 6,837 2026 7,035 Thereafter 42,281 Total future minimum lease payments 70,130 Less: imputed interest (12,759) Total $ 57,371 During the second quarter of 2022, we decided to exit and make available for sublease certain leased office spaces. As a result, we reassessed our asset groupings and evaluated the recoverability of our right-of-use and other lease related assets, and determined that the carrying value of the respective asset groups of $23.3 million was not fully recoverable. As a result, we utilized discounted cash flow models to estimate the fair value of the asset groups taking into consideration the time period it will take to obtain a sublessee, the applicable discount rate and the anticipated sublease income and calculated the corresponding impairment loss. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in real estate transactions. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. We recorded an impairment of $19.4 million consisting of $15.7 million related to ROU assets and $3.7 million related to property and equipment associated with our leased office spaces. These charges were recorded within General and administrative expenses

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 in connection with reinsuring liability to landlord insurance policies offered to our customers by our third-party service provider. Each policy has a limit of $100 thousand per incident. We assume a 100% quota share of the liability to landlord insurance policies placed with our customers by 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 estimated liability for reported claims and incurred but not reported claims as of June 30, 2022 and December 31, 2021 was $2.4 million and $1.7 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, 2022 and December 31, 2021 are $3.0 million of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings From time to time we may become involved in various legal proceedings, investigative inquiries, and other disputes arising from or related to matters incident to the ordinary course of our business activities. We are not currently a party to any legal proceedings, nor are we aware of any pending or threatened legal proceedings, that we believe would have a material adverse effect on our business, operating results, cash flows or financial condition should such proceedings be resolved unfavorably. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, business partners, investors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of any applicable agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from our services or our acts or omissions. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses and is indeterminable. We have not incurred any costs as a result of such indemnification obligations and have not recorded any liabilities related to such obligations in the Condensed Consolidated Financial Statements.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
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, 2022, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2021 846 $ 13.15 3.0 Options granted — Options exercised (85) 7.06 Options cancelled/forfeited — Options outstanding as of June 30, 2022 761 $ 13.84 2.5 Our stock-based compensation expense for stock options was not material for the periods presented. No stock options were granted during the six months ended June 30, 2022 or 2021. Restricted Stock Units A summary of activity in connection with our RSUs for the six months ended June 30, 2022, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2021 837 $ 118.27 Granted 547 112.97 Vested (136) 103.08 Forfeited (117) 101.13 Unvested as of June 30, 2022 1,131 $ 119.30 Unvested RSUs as of June 30, 2022 were composed of 0.9 million RSUs with only service conditions and 0.2 million PSUs with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. Of the unvested PSUs as of June 30, 2022, 0.1 million are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2022 and will vest over a three three We recognized stock-based compensation expense for the RSUs and PSUs of $10.5 million and $3.7 million for the three months ended June 30, 2022 and 2021, respectively, and $18.3 million and $6.8 million for the six months ended June 30, 2022 and 2021, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.7 million and $1.2 million for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $107.4 million, which is expected to be recognized over a weighted average period of 3.0 years. Restricted Stock Awards A summary of activity in connection with our restricted stock awards ("RSAs") for the six months ended June 30, 2022 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2021 4 $ 144.33 Granted 6 96.33 Vested (4) 144.33 Forfeited — — Unvested as of June 30, 2022 6 $ 96.33 We have the right to repurchase any unvested RSAs subject to certain conditions. RSAs vest over a one-year period. Our stock-based compensation expense for RSAs was not material for the periods presented. As of June 30, 2022, the total estimated remaining stock-based compensation expense for unvested RSAs with a repurchase right was $0.6 million, which is expected to be recognized over a weighted average period of one year.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for (benefit from) income taxes on a quarterly basis by applying an estimated annual effective tax rate to income/loss from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three and six months ended June 30, 2022, we recorded income tax expense of $0.2 million and an income tax benefit of $49 thousand, 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, research and development tax credits, offset by the change in the valuation allowance against deferred taxes. There were no material changes to our unrecognized tax benefits during the six months ended June 30, 2022 and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the fiscal year.

Revenue and Other Information

Revenue and Other Information	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [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, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Core solutions $ 32,414 $ 25,363 $ 63,223 $ 49,537 Value Added Services 81,450 60,447 152,950 111,957 Other 3,586 3,230 6,573 6,467 Total revenue $ 117,450 $ 89,040 $ 222,746 $ 167,961 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, 2022 and 2021, we recognized $2.1 million and $1.8 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2021 and 2020, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 February 28, 2022. 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.
Use of Estimates	Use of EstimatesThe 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 financial instruments, capitalized software development 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 assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements.
Net (Loss) Income per Common Share	Net (Loss) Income per Common ShareNet (loss) 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 Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, " Revenue from Contracts with Customers

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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 (loss) income per common share (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Weighted average common shares outstanding 34,931 34,553 34,885 34,484 Less: Weighted average unvested restricted shares subject to repurchase 4 5 4 5 Weighted average common shares outstanding; basic 34,927 34,548 34,881 34,479 Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share — 1,126 — 1,218 Weighted average common shares outstanding; diluted 34,927 35,674 34,881 35,697

Investment Securities and Fai_2

Investment Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 19,464 $ — $ (60) $ 19,404 Agency securities 19,752 — (443) 19,309 Treasury securities 88,126 — (1,505) 86,621 Total available-for-sale investment securities $ 127,342 $ — $ (2,008) $ 125,334 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 29,080 $ — $ (11) $ 29,069 Agency securities 19,753 — (27) 19,726 Treasury securities 77,108 2 (229) 76,881 Total available-for-sale investment securities $ 125,941 $ 2 $ (267) $ 125,676
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, 2022 December 31, 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 75,878 $ 75,425 $ 64,627 $ 64,600 Due after one year through three years 51,464 49,909 61,314 61,076 Total available-for-sale investment securities $ 127,342 $ 125,334 $ 125,941 $ 125,676
Schedule of Sales, Calls, and Maturities	During the six months ended June 30, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands): Six Months Ended June 30, 2022 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ — $ — $ 23,998 Treasury securities — — — 19,500 Total $ — $ — $ — $ 43,498 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
Fair Value, Assets Measured on Recurring Basis	The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands): June 30, 2022 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 4,784 $ — $ 4,784 Available-for-sale investment securities: Corporate bonds — 19,404 19,404 Agency securities — 19,309 19,309 Treasury securities 86,621 — 86,621 Total $ 91,405 $ 38,713 $ 130,118 December 31, 2021 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 6,105 $ — $ 6,105 Available-for-sale investment securities: Corporate bonds — 29,069 29,069 Agency securities — 19,726 19,726 Treasury securities 76,881 — 76,881 Total $ 82,986 $ 48,795 $ 131,781

Capitalized Software Developm_2

Capitalized Software Development Costs, net (Tables)	6 Months Ended
	Jun. 30, 2022
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 $ 121,981 $ 115,377 Less: Accumulated amortization (84,485) (74,165) Capitalized software development costs, net $ 37,496 $ 41,212
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, 2022 $ 11,216 2023 16,400 2024 8,276 2025 1,604 Total amortization expense $ 37,496

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands, except years): June 30, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (2,234) $ 606 5.0 Database 8,330 (3,036) 5,294 10.0 Technology 6,539 (5,823) 716 4.0 Trademarks and trade names 1,890 (1,325) 565 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (5,184) 2,216 5.0 Domain names 90 (79) 11 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 28,021 $ (18,613) $ 9,408 6.3 December 31, 2021 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 2,840 $ (2,006) $ 834 5.0 Database 8,330 (2,620) 5,710 10.0 Technology 6,539 (5,107) 1,432 4.0 Trademarks and trade names 1,890 (1,128) 762 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,400 (4,444) 2,956 5.0 Domain names 90 (75) 15 5.0 Patents 252 (250) 2 5.0 Total intangible assets, net $ 28,021 $ (16,310) $ 11,711 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, 2022 $ 2,302 2023 3,060 2024 835 2025 833 2026 833 Thereafter 1,545 Total amortization expense $ 9,408

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Operating lease cost $ 1,468 $ 1,202 $ 2,915 $ 2,297 Variable lease cost 252 394 375 700 Total lease cost $ 1,720 $ 1,596 $ 3,290 $ 2,997
Lease Assets and Liabilities	Lease-related assets and liabilities were as follows: June 30, December 31, Assets Prepaid expenses and other current assets $ 124 $ 4,854 Operating lease right-of-use assets 29,228 41,710 Liabilities Other current liabilities $ 3,451 $ 1,874 Operating lease liabilities 54,044 55,733 Total lease liabilities $ 57,495 $ 57,607
Schedule of Minimum Lease Payments Under Leases	Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows (in thousands): Years ending December 31, 2022 $ 2,199 2023 5,427 2024 6,351 2025 6,837 2026 7,035 Thereafter 42,281 Total future minimum lease payments 70,130 Less: imputed interest (12,759) Total $ 57,371

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2021 846 $ 13.15 3.0 Options granted — Options exercised (85) 7.06 Options cancelled/forfeited — Options outstanding as of June 30, 2022 761 $ 13.84 2.5
Schedule of Restricted Stock Units Activity	A summary of activity in connection with our RSUs for the six months ended June 30, 2022, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2021 837 $ 118.27 Granted 547 112.97 Vested (136) 103.08 Forfeited (117) 101.13 Unvested as of June 30, 2022 1,131 $ 119.30
Schedule of Restricted Stock Awards Activity	A summary of activity in connection with our restricted stock awards ("RSAs") for the six months ended June 30, 2022 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2021 4 $ 144.33 Granted 6 96.33 Vested (4) 144.33 Forfeited — — Unvested as of June 30, 2022 6 $ 96.33

Revenue and Other Information (

Revenue and Other Information (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Product Information by Revenue Categories	The following table presents our revenue categories for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Core solutions $ 32,414 $ 25,363 $ 63,223 $ 49,537 Value Added Services 81,450 60,447 152,950 111,957 Other 3,586 3,230 6,573 6,467 Total revenue $ 117,450 $ 89,040 $ 222,746 $ 167,961

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Weighted average common shares outstanding (in shares)	34,931	34,553	34,885	34,484
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	4	5	4	5
Weighted average common shares outstanding; basic (in shares)	34,927	34,548	34,881	34,479
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	0	1,126	0	1,218
Weighted average common shares outstanding; diluted (in shares)	34,927	35,674	34,881	35,697

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	197	120	197	120

Investment Securities and Fai_3

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 127,342	$ 125,941
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(2,008)	(267)
Estimated Fair Value	125,334	125,676
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,464	29,080
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(60)	(11)
Estimated Fair Value	19,404	29,069
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,752	19,753
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(443)	(27)
Estimated Fair Value	19,309	19,726
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	88,126	77,108
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(1,505)	(229)
Estimated Fair Value	$ 86,621	$ 76,881

Investment Securities and Fai_4

Investment Securities and Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Debt securities, available-for-sale, allowance for credit loss, excluding accrued Interest	$ 0	$ 0

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, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 75,878	$ 64,627
Due after one year through three years	51,464	61,314
Amortized Cost	127,342	125,941
Estimated Fair Value
Due in one year or less	75,425	64,600
Due after one year through three years	49,909	61,076
Estimated Fair Value	$ 125,334	$ 125,676

Investment Securities and Fai_6

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0	$ 6
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	42,198
Gross Proceeds from Maturities	43,498	26,750
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0
Gross Realized Losses	0
Gross Proceeds from Sales	0
Gross Proceeds from Maturities	23,998
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		0
Gross Realized Losses		0
Gross Proceeds from Sales		0
Gross Proceeds from Maturities		5,250
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	6
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	42,198
Gross Proceeds from Maturities	$ 19,500	$ 21,500

Investment Securities and Fai_7

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - Fair value, recurring measurements - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 130,118	$ 131,781
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,404	29,069
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,309	19,726
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	86,621	76,881
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	4,784	6,105
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	91,405	82,986
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 1 | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 1 | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	86,621	76,881
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	4,784	6,105
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	38,713	48,795
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,404	29,069
Level 2 | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,309	19,726
Level 2 | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

Capitalized Software Developm_3

Capitalized Software Development Costs, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Research and Development [Abstract]
Capitalized software development costs, gross	$ 121,981	$ 115,377
Less: Accumulated amortization	(84,485)	(74,165)
Capitalized software development costs, net	$ 37,496	$ 41,212

Capitalized Software Developm_4

Capitalized Software Development Costs, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Research and Development [Abstract]
Capitalized software development costs	$ 4.2	$ 7	$ 8.3	$ 14.1
Amortization expense	6	$ 5.3	12	$ 10.3
Capitalized Computer Software, Disposals	$ 0.9		$ 1.7

Capitalized Software Developm_5

Capitalized Software Development Costs, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Years Ending December 31,
2022	$ 11,216
2023	16,400
2024	8,276
2025	1,604
Capitalized software development costs, net	$ 37,496	$ 41,212

Intangible Assets, net - Schedu

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,021	$ 28,021
Accumulated Amortization	(18,613)	(16,310)
Net Carrying Value	$ 9,408	$ 11,711
Weighted Average
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
Accumulated Amortization	(2,234)	(2,006)
Net Carrying Value	$ 606	$ 834
Customer relationships | Weighted Average
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
Accumulated Amortization	(3,036)	(2,620)
Net Carrying Value	$ 5,294	$ 5,710
Database | Weighted Average
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
Accumulated Amortization	(5,823)	(5,107)
Net Carrying Value	$ 716	$ 1,432
Technology | Weighted Average
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
Accumulated Amortization	(1,325)	(1,128)
Net Carrying Value	$ 565	$ 762
Trademarks and trade names | Weighted Average
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
Accumulated Amortization	(680)	(680)
Net Carrying Value	$ 0	$ 0
Partner relationships | Weighted Average
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
Accumulated Amortization	(5,184)	(4,444)
Net Carrying Value	$ 2,216	$ 2,956
Non-compete agreements | Weighted Average
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
Accumulated Amortization	(79)	(75)
Net Carrying Value	$ 11	$ 15
Domain names | Weighted Average
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
Accumulated Amortization	(252)	(250)
Net Carrying Value	$ 0	$ 2
Patents | Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years

Intangible Assets, net - Additi

Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.2	$ 1.2	$ 2.3	$ 2.3

Intangible Assets, net - Sche_2

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 2,302
2023	3,060
2024	835
2025	833
2026	833
Thereafter	1,545
Net Carrying Value	$ 9,408	$ 11,711

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years	10 years
Operating lease, impairment loss		$ 23,300
Asset impairment charges	$ 19,400	$ 19,792	$ 0
Impairment of ROU assets	15,700
Impairment of leased office property and equipment	$ 3,700
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years	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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,468	$ 1,202	$ 2,915	$ 2,297
Variable lease cost	252	394	375	700
Total lease cost	$ 1,720	$ 1,596	$ 3,290	$ 2,997

Leases - Lease Related Assets a

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 29,228	$ 41,710
Other current liabilities	3,451	1,874
Operating lease liabilities	54,044	55,733
Total lease liabilities	$ 57,495	57,607
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Prepaid Expenses and Other Current Assets
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 124	$ 4,854

Leases - Schedule of Minimum Le

Leases - Schedule of Minimum Lease Payments Under Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Years ending December 31,
2022	$ 2,199
2023	5,427
2024	6,351
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	70,130
Less: imputed interest	(12,759)
Total	$ 57,371

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Per incident policy limit	$ 100,000
Quota share of tenant liability insurance provided, percent	100%
Liability for reported claims and claims incurred but not reported	$ 2,400,000	$ 1,700,000
Deposits held with a third party related to insurance services collateral	$ 3,000,000	$ 3,000,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Number of Shares
Options outstanding, beginning balance (in shares)	846,000	846,000
Options granted (in shares)		0	0
Options exercised (in shares)		(85,000)
Options cancelled/forfeited (in shares)		0
Options outstanding, ending balance (in shares)		761,000
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 13.15	$ 13.15
Options granted (in dollars per share)
Options exercised (in dollars per share)		7.06
Options cancelled/forfeited (in dollars per share)
Options outstanding, ending balance (in dollars per share)		$ 13.84
Weighted Average Remaining Contractual Life in Years	3 years	2 years 6 months

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) | shares	837,000
Granted (in shares) | shares	547,000
Vested (in shares) | shares	(136,000)
Forfeited (in shares) | shares	(117,000)
Unvested, ending balance (in shares) | shares	1,131,000
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 118.27
Granted (in dollars per share) | $ / shares	112.97
Vested (in dollars per share) | $ / shares	103.08
Forfeited (in dollars per share) | $ / shares	101.13
Unvested, ending balance (in dollars per share) | $ / shares	$ 119.30

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9,961	$ 3,214	$ 17,379	$ 5,990
Stock-based compensation capitalized for software development			$ 1,226	1,178
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0%		0%
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,500	3,700	$ 18,300	6,800
Stock-based compensation capitalized for software development	700	$ 1,200	700	$ 1,200
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 107,400		$ 107,400
Stock-based compensation expense, weighted average recognition period			3 years
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			900,000
Vesting period			4 years
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			200,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Percent of targeted performance metric	100%		100%
Measurement period			3 years
PSUs | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			100,000
PSUs | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			100,000
PSUs | Minimum | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0%		0%
PSUs | Minimum | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100%		100%
PSUs | Minimum | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent			0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100%		100%
PSUs | Maximum | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150%		150%
PSUs | Maximum | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150%		150%
PSUs | Maximum | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent			65%
Unvested RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			6,000
Vesting period			1 year
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 600		$ 600
Stock-based compensation expense, weighted average recognition period			1 year

Stock-Based Compensation - Re_3

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) | shares	4,000
Granted (in shares) | shares	6,000
Vested (in shares) | shares	(4,000)
Forfeited (in shares) | shares	0
Unvested, ending balance (in shares) | shares	6,000
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 144.33
Granted (in dollars per share) | $ / shares	96.33
Vested (in dollars per share) | $ / shares	144.33
Forfeited (in dollars per share) | $ / shares	0
Unvested, ending balance (in dollars per share) | $ / shares	$ 96.33

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 236	$ (324)	$ (49)	$ (5,857)

Revenue and Other Information_2

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 117,450	$ 89,040	$ 222,746	$ 167,961
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	32,414	25,363	63,223	49,537
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	81,450	60,447	152,950	111,957
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,586	$ 3,230	$ 6,573	$ 6,467

Revenue and Other Information -

Revenue and Other Information - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from deferred revenue	$ 2.1	$ 1.8