AppFolio (APPF) 10-Q 27 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 19, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,645,690
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,116,418

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 59,937	$ 70,769
Investment securities—current	131,589	89,297
Accounts receivable, net	20,359	16,503
Prepaid expenses and other current assets	27,992	24,899
Total current assets	239,877	201,468
Investment securities—noncurrent	0	25,161
Property and equipment, net	27,132	26,110
Operating lease right-of-use assets	19,799	23,485
Capitalized software development costs, net	24,021	35,315
Goodwill	56,060	56,060
Intangible assets, net	2,976	4,833
Other long-term assets	8,735	8,785
Total assets	378,600	381,217
Current liabilities
Accounts payable	1,350	2,473
Accrued employee expenses	42,093	34,376
Accrued expenses	19,979	15,601
Other current liabilities	10,725	8,893
Total current liabilities	74,147	61,343
Operating lease liabilities	41,108	50,237
Other liabilities	689	4,091
Total liabilities	115,944	115,671
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	232,705	209,704
Accumulated other comprehensive loss	(9)	(1,684)
Treasury stock	(25,756)	(25,756)
Retained earnings	55,712	83,278
Total stockholders’ equity	262,656	265,546
Total liabilities and stockholders’ equity	378,600	381,217
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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue		$ 165,440	$ 125,079	$ 448,615	$ 347,825
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	[1]	62,739	50,707	176,801	141,484
Sales and marketing	[1]	29,701	25,644	86,101	77,558
Research and product development	[1]	41,592	28,959	116,517	79,966
General and administrative	[1]	23,907	19,347	74,417	76,258
Depreciation and amortization		7,568	8,241	22,055	24,977
Total costs and operating expenses		165,507	132,898	475,891	400,243
Loss from operations		(67)	(7,819)	(27,276)	(52,418)
Other (loss) income, net		(249)	4,221	(283)	4,256
Interest income, net		1,788	374	4,627	632
Income (loss) before provision for income taxes		1,472	(3,224)	(22,932)	(47,530)
(Benefit from) provision for income taxes		(24,973)	938	4,634	889
Net income (loss)		$ 26,445	$ (4,162)	$ (27,566)	$ (48,419)
Net income (loss) per common share:
Net loss per common share, basic (in dollars per share)		$ 0.74	$ (0.12)	$ (0.78)	$ (1.39)
Net loss per common share, diluted (in dollars per share)		$ 0.72	$ (0.12)	$ (0.78)	$ (1.39)
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic (in shares)		35,691	35,043	35,567	34,936
Weighted average common shares outstanding, diluted (in shares)		36,482	35,043	35,567	34,936
[1] (1) Includes stock-based compensation expense as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock-based compensation expense included in costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) $ 1,149 $ 789 $ 2,905 $ 1,873 Sales and marketing 2,041 2,023 4,902 5,496 Research and product development 6,064 4,330 15,851 11,160 General and administrative 6,003 3,688 16,274 9,680 Total stock-based compensation expense $ 15,257 $ 10,830 $ 39,932 $ 28,209

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total stock-based compensation expense	$ 15,257	$ 10,830	$ 39,932	$ 28,209
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	1,149	789	2,905	1,873
Sales and marketing
Total stock-based compensation expense	2,041	2,023	4,902	5,496
Research and product development
Total stock-based compensation expense	6,064	4,330	15,851	11,160
General and administrative
Total stock-based compensation expense	$ 6,003	$ 3,688	$ 16,274	$ 9,680

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 26,445	$ (4,162)	$ (27,566)	$ (48,419)
Other comprehensive income (loss):
Changes in unrealized gains (losses) on investment securities	578	(614)	1,675	(2,359)
Comprehensive income (loss)	$ 27,023	$ (4,776)	$ (25,891)	$ (50,778)

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
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 income (loss)	(1,345)				(1,345)
Net income (loss)	(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]
Net income (loss)	(48,419)
Ending balance (in shares) at Sep. 30, 2022		20,387,000	14,746,000
Ending balance at Sep. 30, 2022	271,872	$ 2	$ 2	197,199	(2,553)	(25,756)	102,978
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 income (loss)	(400)				(400)
Net income (loss)	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		102,000
Exercise of stock options	1,976			1,976
Stock-based compensation	11,665			11,665
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		32,000
Vesting of restricted stock units, net of shares withheld for taxes	(1,984)			(1,984)
Conversion of Class B common stock to Class A common stock (in shares)		80,000	(80,000)
Other comprehensive income (loss)	(614)				(614)
Net income (loss)	(4,162)						(4,162)
Ending balance (in shares) at Sep. 30, 2022		20,387,000	14,746,000
Ending balance at Sep. 30, 2022	271,872	$ 2	$ 2	197,199	(2,553)	(25,756)	102,978
Beginning balance (in shares) at Dec. 31, 2022		20,569,000	14,746,000
Beginning balance at Dec. 31, 2022	265,546	$ 2	$ 2	209,704	(1,684)	(25,756)	83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		64,000
Exercise of stock options	834			834
Stock-based compensation	14,075			14,075
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		79,000
Vesting of restricted stock units, net of shares withheld for taxes	(5,539)			(5,539)
Conversion of Class B common stock to Class A common stock (in shares)		27,000	(27,000)
Issuance of restricted stock awards (in shares)		2,000
Other comprehensive income (loss)	763				763
Net income (loss)	(35,110)						(35,110)
Ending balance (in shares) at Mar. 31, 2023		20,741,000	14,719,000
Ending balance at Mar. 31, 2023	240,569	$ 2	$ 2	219,074	(921)	(25,756)	48,168
Beginning balance (in shares) at Dec. 31, 2022		20,569,000	14,746,000
Beginning balance at Dec. 31, 2022	$ 265,546	$ 2	$ 2	209,704	(1,684)	(25,756)	83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	218,000
Net income (loss)	$ (27,566)
Ending balance (in shares) at Sep. 30, 2023		21,644,000	14,117,000
Ending balance at Sep. 30, 2023	262,656	$ 2	$ 2	232,705	(9)	(25,756)	55,712
Beginning balance (in shares) at Mar. 31, 2023		20,741,000	14,719,000
Beginning balance at Mar. 31, 2023	240,569	$ 2	$ 2	219,074	(921)	(25,756)	48,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		95,000
Exercise of stock options	668			668
Stock-based compensation	11,000			11,000
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		82,000
Vesting of restricted stock units, net of shares withheld for taxes	(7,717)			(7,717)
Issuance of restricted stock awards (in shares)		4,000
Other comprehensive income (loss)	334				334
Net income (loss)	(18,901)						(18,901)
Ending balance (in shares) at Jun. 30, 2023		20,922,000	14,719,000
Ending balance at Jun. 30, 2023	225,953	$ 2	$ 2	223,025	(587)	(25,756)	29,267
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		59,000
Exercise of stock options	683			683
Stock-based compensation	15,508			15,508
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		61,000
Vesting of restricted stock units, net of shares withheld for taxes	(6,511)			(6,511)
Conversion of Class B common stock to Class A common stock (in shares)		602,000	(602,000)
Other comprehensive income (loss)	578				578
Net income (loss)	26,445						26,445
Ending balance (in shares) at Sep. 30, 2023		21,644,000	14,117,000
Ending balance at Sep. 30, 2023	$ 262,656	$ 2	$ 2	$ 232,705	$ (9)	$ (25,756)	$ 55,712

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash from operating activities
Net loss	$ (27,566)	$ (48,419)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	20,115	23,295
Amortization of operating lease right-of-use assets	1,618	2,498
Impairment, net	0	19,792
Gain on lease modification	(4,281)	0
Deferred income taxes	4	(1,392)
Stock-based compensation, including as amortized	41,872	29,891
Gain on sale of business	0	(4,156)
Other	(1,518)	(86)
Changes in operating assets and liabilities:
Accounts receivable	(3,857)	(2,579)
Prepaid expenses and other current assets	(763)	(3,159)
Other assets	51	(1,629)
Accounts payable	(1,485)	231
Accrued employee expenses	7,815	(822)
Accrued expenses	4,407	3,991
Taxes payable	(2,960)	(136)
Operating lease liabilities	(3,080)	(1,748)
Other liabilities	(1,272)	3,712
Net cash provided by operating activities	29,100	19,284
Cash from investing activities
Purchases of available-for-sale investments	(108,919)	(70,394)
Proceeds from sales of available-for-sale investments	1,013	0
Proceeds from maturities of available-for-sale investments	94,252	76,598
Purchases of property and equipment	(5,932)	(5,943)
Capitalization of software development costs	(3,394)	(10,468)
Proceeds from sale of equity-method investment	629	0
Proceeds from sale of business, net of cash divested	0	5,124
Net cash used in investing activities	(22,351)	(5,083)
Cash from financing activities
Proceeds from stock option exercises	2,185	2,579
Tax withholding for net share settlement	(19,766)	(7,581)
Net cash used in financing activities	(17,581)	(5,002)
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,832)	9,199
Cash, cash equivalents and restricted cash
Beginning of period	71,019	58,283
End of period	60,187	67,482
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	59,937	67,232
Restricted cash included in other assets	250	250
Total cash, cash equivalents and restricted cash	$ 60,187	$ 67,482

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2023
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 are designed to enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. Digital transformation is effectively a requirement for business success in the modern world, and the way we work and live requires powerful software solutions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 9, 2023. 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 nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Reclassification We reclassified certain amounts in our 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 us 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 Income (Loss) per Common Share Net income (loss) 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 sets forth the computation of basic and diluted net income (loss) per common share (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Basic net income (loss) per share: Numerator Net income (loss) $ 26,445 $ (4,162) $ (27,566) $ (48,419) Less: undistributed earnings to participating securities 5 — — — Net income (loss) attributable to common stockholders $ 26,440 $ (4,162) $ (27,566) $ (48,419) Denominator Weighted average common shares outstanding 35,697 35,049 35,574 34,941 Less: Weighted average unvested restricted shares subject to repurchase 6 6 7 5 Weighted average common shares outstanding; basic 35,691 35,043 35,567 34,936 Net income (loss) per common share; basic $ 0.74 $ (0.12) $ (0.78) $ (1.39) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 26,440 $ (4,162) $ (27,566) $ (48,419) Denominator Weighted average common shares outstanding; basic 35,691 35,043 35,567 34,936 Add: Weighted average dilutive options outstanding 306 — — — Add: Weighted average dilutive RSUs outstanding 485 — — — Weighted average common shares outstanding; diluted 36,482 35,043 35,567 34,936 Net income (loss) per common share; diluted $ 0.72 $ (0.12) $ (0.78) $ (1.39) Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unvested Restricted Stock Awards 6 6 6 6 Options 120 659 418 659 Restricted Stock Units — 1,187 1,214 1,187 Total potentially dilutive securities 126 1,852 1,638 1,852 Recent Accounting Pronouncements Adopted In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 ," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted ASU 2021-08 on January 1, 2023. Adoption did not have an impact on our Condensed Consolidated Financial Statements.

Investment Securities and Fair

Investment Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Agency securities $ 11,264 $ — $ (90) $ 11,174 Treasury securities 120,801 2 (388) 120,415 Total available-for-sale investment securities $ 132,065 $ 2 $ (478) $ 131,589 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 17,497 $ 2 $ (112) $ 17,387 Agency securities 17,507 — (484) 17,023 Treasury securities 81,605 — (1,557) 80,048 Total available-for-sale investment securities $ 116,609 $ 2 $ (2,153) $ 114,458 As of September 30, 2023, 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 September 30, 2023 or December 31, 2022. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): September 30, 2023 December 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 132,065 $ 131,589 $ 90,822 $ 89,297 Due after one year through three years — — 25,787 25,161 Total available-for-sale investment securities $ 132,065 $ 131,589 $ 116,609 $ 114,458 During the nine months ended September 30, 2023 and 2022, we had sales and maturities of investment securities, as follows (in thousands): Nine Months Ended September 30, 2023 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 3 $ — $ 1,013 $ 16,497 Agency securities — — — 6,250 Treasury securities — — — 71,505 Total $ 3 $ — $ 1,013 $ 94,252 Nine Months Ended September 30, 2022 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ — $ — $ 28,998 Agency securities — — — 2,250 Treasury securities — — — 45,350 Total $ — $ — $ — $ 76,598 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 September 30, 2023 and December 31, 2022 by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 34,825 $ — $ 34,825 Treasury securities 9,928 — 9,928 Available-for-sale investment securities: Agency securities — 11,174 11,174 Treasury securities 120,415 — 120,415 Total $ 165,168 $ 11,174 $ 176,342 December 31, 2022 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 41,973 $ — $ 41,973 Treasury securities 1,287 — 1,287 Available-for-sale investment securities: Corporate bonds — 17,387 17,387 Agency securities — 17,023 17,023 Treasury securities 80,048 — 80,048 Total $ 123,308 $ 34,410 $ 157,718 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	9 Months Ended
	Sep. 30, 2023
Research and Development [Abstract]
Capitalized Software Development Costs, net	Capitalized Software Development Costs, net Capitalized software development costs were as follows (in thousands): September 30, December 31, Capitalized software development costs, gross $ 126,979 $ 129,749 Less: Accumulated amortization (102,958) (94,434) Capitalized software development costs, net $ 24,021 $ 35,315 Capitalized software development costs were $1.6 million and $4.5 million for the three months ended September 30, 2023 and 2022, respectively, and $3.9 million and $12.8 million for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense with respect to capitalized software development costs totaled $4.4 million and $5.9 million for the three months ended September 30, 2023 and 2022, respectively, and $15.2 million and $18.0 million for the nine months ended September 30, 2023 and 2022, respectively. During the three and nine months ended September 30, 2023, we disposed of $2.8 million and $6.3 million, respectively, of fully amortized capitalized software development costs. Future amortization expense with respect to capitalized software development costs as of September 30, 2023 is estimated as follows (in thousands): Years Ending December 31, 2023 $ 4,116 2024 12,500 2025 5,547 2026 1,781 2027 77 Total amortization expense $ 24,021

Intangible Assets, net

Intangible Assets, net	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets consisted of the following (in thousands, except years): September 30, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 1,670 $ (1,615) $ 55 5.0 Database 4,710 (2,237) 2,473 10.0 Technology 6,539 (6,539) — 4.0 Trademarks and trade names 1,520 (1,443) 77 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,340 (6,973) 367 5.0 Domain names 90 (86) 4 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 22,801 $ (19,825) $ 2,976 5.8 December 31, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 1,670 $ (1,448) $ 222 5.0 Database 4,710 (1,884) 2,826 10.0 Technology 6,539 (6,539) — 4.0 Trademarks and trade names 1,520 (1,211) 309 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,340 (5,872) 1,468 5.0 Domain names 90 (82) 8 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 22,801 $ (17,968) $ 4,833 4.7 Amortization expense with respect to intangible assets totaled $0.6 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $1.9 million and $3.4 million for the nine months ended September 30, 2023 and 2022, respectively. Future amortization expense with respect to intangible assets as of September 30, 2023 is estimated as follows (in thousands): Years Ending December 31, 2023 $ 619 2024 473 2025 471 2026 471 2027 471 Thereafter 471 Total amortization expense $ 2,976

Accrued Employee Expenses

Accrued Employee Expenses	9 Months Ended
	Sep. 30, 2023
Compensation Related Costs [Abstract]
Accrued Employee Expenses	Accrued Employee Expenses Accrued employee expenses consisted of the following (in thousands): September 30, December 31, Accrued vacation $ 13,576 $ 12,067 Accrued bonuses 9,113 13,806 Accrued severance and related personnel cost 8,722 496 Accrued payroll and other 10,682 8,007 Total accrued employee expenses $ 42,093 $ 34,376 In the nine months ended September 30, 2023, we expensed and paid $14.9 million of severance related to separation costs associated with our former Chief Executive Officer's Transition and Separation Agreement, dated March 1, 2023 ("Separation Agreement"). In the third quarter of 2023, we accrued $10.3 million of severance and related personnel costs associated with our workforce reduction. We expect the associated liabilities to be substantially paid out in cash by the end of the fourth quarter of 2023. Refer to Note 12, Workforce Reduction for additional information.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease cost $ 1,027 $ 1,254 $ 3,303 $ 4,169 Variable lease cost 372 308 1,393 683 Total lease cost $ 1,399 $ 1,562 $ 4,696 $ 4,852 Lease-related assets and liabilities were as follows (in thousands): September 30, December 31, Assets Operating lease right-of-use assets $ 19,799 $ 23,485 Liabilities Other current liabilities $ 3,056 $ 3,357 Operating lease liabilities 41,108 50,237 Total lease liabilities $ 44,164 $ 53,594 During the second quarter of 2022, we decided to exit and make available for sublease certain leased office spaces. As a result, we recorded an impairment of $19.4 million consisting of $15.7 million related to the right-of-use assets and $3.7 million related to property and equipment associated with our leased office spaces. These charges were recorded in the Condensed Consolidated Statements of Operations. In January 2023, we entered into an amendment to the lease agreement for our San Diego facility (the "San Diego Lease"). We remeasured the lease liability and recorded a reduction to the lease liability and right-of-use asset using the discount rate at the modification date, which resulted in a gain of $2.4 million in the Condensed Consolidated Statements of Operations. In June 2023, we entered into a second amendment to reduce the rentable square footage and our future rental payment obligations under the San Diego Lease pursuant to which we made a one-time payment of $2.9 million. We again remeasured the lease liability and recorded a reduction to the lease liability using the discount rate at the modification date. As a result, we recorded a gain of $1.9 million in the Condensed Consolidated Statements of Operations. In July 2023, we entered into an agreement to sublet one of our office spaces in Santa Barbara through December 31, 2031 (the "Santa Barbara 90 Sublease"). The total rental commitment over the term of the Santa Barbara 90 Sublease is $6.1 million. We performed impairment testing in accordance with ASC 360, and no impairment related to the right-of-use assets was recorded for the three months ended September 30, 2023. Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows (in thousands): Years ending December 31, 2023 (1) $ (33) 2024 (1) 5,349 2025 6,168 2026 6,346 2027 6,528 Thereafter 31,090 Total future minimum lease payments 55,448 Less: imputed interest (11,284) Total $ 44,164 (1) Future minimum lease payments for the years ending December 31, 2023 and 2024 are presented net of tenant improvement allowances of $1.5 million and $0.5 million respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 e stimated liability for reported claims and incurred but not reported claims as of September 30, 2023 and December 31, 2022 was $3.8 million and $2.7 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 September 30, 2023 and December 31, 2022 are $3.1 million and $4.5 million, respectively, 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 matters, nor are we aware of any pending or threatened matters, 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	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2022 516 $ 12.90 2.7 Options granted 120 129.74 Options exercised (218) 9.74 Options outstanding as of September 30, 2023 418 $ 47.89 3.4 During the nine months ended September 30, 2023, we granted our Chief Executive Officer 120,000 stock options of our Class A common stock. These stock options vest based on service conditions with one-third vesting at the end of each of the years ending December 31, 2025, 2026 and 2027. No stock options were granted during the nine months ended September 30, 2022. Our stock-based compensation expense for stock options was $0.4 million and $1.0 million for the three and nine months ended September 30, 2023, respectively. There was no stock-based compensation expense for stock options in the same periods in the prior year. The fair value of stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The following table summarizes information relating to our stock options granted during nine months ended September 30, 2023: Weighted average grant-date fair value per share $ 67.23 Weighted average Black-Scholes model assumptions: Risk-free interest rate 4.06 % Expected term (in years) 6.92 Expected volatility 44 % Expected dividend yield — As of September 30, 2023, the total estimated remaining stock-based compensation expense for the aforementioned stock options was $7.1 million, which is expected to be recognized over a weighted average period of 4.3 years. Restricted Stock Units A summary of activity in connection with our RSUs for the nine months ended September 30, 2023, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2022 1,162 $ 116.88 Granted 639 123.25 Vested (360) 117.04 Forfeited (227) 115.86 Unvested as of September 30, 2023 1,214 $ 120.38 Unvested RSUs as of September 30, 2023 were composed of 1.0 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 September 30, 2023, 0.1 million are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2023 and will vest over a three year period, assuming continued employment through each vesting date. The actual number of shares to be issued at the end of the performance period will range from 0% to 142% of the target number of shares depending on achievement relative to the performance metric over the applicable period. The remaining unvested PSUs as of September 30, 2023 are primarily subject to vesting based on the achievement of pre-established performance metrics for three year measurement periods ending December 31, 2023, assuming continued employment throughout the performance period. 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 recognized stock-based compensation expense for the RSUs and PSUs of $14.8 million and $11.5 million for the three months ended September 30, 2023 and 2022, respectively, and $39.0 million and $29.8 million for the nine months ended September 30, 2023 and 2022, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.3 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $0.6 million and $2.1 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $103.8 million, which is expected to be recognized over a weighted average period of 2.5 years. Restricted Stock Awards A summary of activity in connection with our restricted stock awards ("RSAs") for the nine months ended September 30, 2023 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2022 6 $ 96.33 Granted 6 151.83 Vested (6) 96.33 Unvested as of September 30, 2023 6 $ 151.83 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 September 30, 2023, the total estimated remaining stock-based compensation expense for unvested RSAs with a repurchase right was $0.7 million, which is expected to be recognized over a weighted average period of 0.7 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2023, we applied the discrete effective tax rate method, as allowed by ASC 740-270-30-18, “ Income Taxes—Interim Reporting ,” to calculate our interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate yields an estimate that is not reliable and the actual effective rate for the year-to-date results represents the best estimate of the annual effective tax rate. We believe that the use of the estimated annual effective tax rate method is not reliable because small changes in the projected ordinary annual income would result in significant variability in the estimated annual effective tax rate. As a result of applying the discrete method approach, we recorded a year-to-date tax expense on our year-to-date pre-tax losses as of September 30, 2023. The income tax expense is predominantly driven by the estimated tax liabilities attributable to certain permanent and temporary tax differences, most notably the capitalization of research and development expenses, without a corresponding deferred tax benefit due to our full valuation allowance position. For the three and nine months ended September 30, 2023, we recorded income tax benefit of $(25.0) million and income tax expense of $4.6 million, respectively, representing an effective tax rate of (1697)% and (20)%, respectively. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to the change in valuation allowance against deferred tax assets, non-deductible officers' compensation and state income taxes, partially offset by tax benefits from stock-based compensation and research and development tax credits. We assess our ability to realize our deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. There were no material changes to our unrecognized tax benefits during the nine months ended September 30, 2023, and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the year.

Revenue and Other Information

Revenue and Other Information	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Core solutions $ 39,756 $ 33,940 $ 115,440 $ 97,163 Value Added Services 123,188 88,399 326,108 241,349 Other 2,496 2,740 7,067 9,313 Total revenue $ 165,440 $ 125,079 $ 448,615 $ 347,825 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 Deferred revenue as of September 30, 2023 and December 31, 2022 was $1.0 million and $0.9 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2023 and 2022, we recognized $0.8 million a nd $2.3 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2022 and 2021, respectively. Remaining Performance Obligations As of September 30, 2023, the total non-cancelable remaining performance obligations ("RPO") under our contracts with customers was $30 million, and we expect to recognize revenue on approximately 51% of these RPO over the following 12 months, with the balance to be recognized thereafter.

Workforce Reduction

Workforce Reduction	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Workforce Reduction	Workforce Reduction During the three months ended September 30, 2023, we announced a plan to reduce our workforce by 149 employees in order to scale the business more efficiently. Impacted employees were notified in August 2023. There were no workforce reductions during the three and nine months ended September 30, 2022. The following table presents the total severance and related personnel costs by function, for the three and nine months ended September 30, 2023 (in thousands): Severance and Related Personnel Cost Cost of revenue $ 2,367 Sales and marketing 3,795 Research and product development 3,407 General and administrative 2,514 Total (1) $ 12,083 (1) Total severance and related personnel costs include $1.8 million of accelerated stock-based compensation expense recognized during the three months ended September 30, 2023. The following is a summary of changes in the accrued severance and related personnel cost, within Accrued Employee Expenses on the Condensed Consolidated Balance Sheets (in thousands): Accrued Severance and Related Personnel Cost Balance as of December 31, 2022 $ — Severance and related personnel cost 10,278 Cash Payments (1,801) Balance as of September 30, 2023 $ 8,477

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ 26,445	$ (18,901)	$ (35,110)	$ (4,162)	$ (29,970)	$ (14,287)	$ (27,566)	$ (48,419)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Janet Kerr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 5, 2023, Janet Kerr, a member of our Board of Directors, entered into a prearranged stock selling plan for the sale of up to 1,000 shares of the Company's Class A common stock between August 4, 2023 and December 31, 2023. Ms. Kerr's trading plan was entered into during an open insider trading window and was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act of 1934, as amended, and the Company's policies regarding insider transactions. On August 21, 2023, Ms. Kerr’s trading plan automatically terminated and expired pursuant to its terms in connection with the completed sale of all 1,000 shares subject to the trading plan.
Name	Janet Kerr
Title	Board of Directors
Adoption Date	May 5, 2023
Termination Date	August 21, 2023
Arrangement Duration	17 days
Aggregate Available	1,000	1,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 9, 2023. 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.
Reclassification	Reclassification We reclassified certain amounts in our 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	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires us 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 Income (Loss) per Common Share	Net Income (Loss) per Common ShareNet income (loss) 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	Recent Accounting Pronouncements Adopted In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 ," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted ASU 2021-08 on January 1, 2023. Adoption did not have an impact on our Condensed Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth the computation of basic and diluted net income (loss) per common share (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Basic net income (loss) per share: Numerator Net income (loss) $ 26,445 $ (4,162) $ (27,566) $ (48,419) Less: undistributed earnings to participating securities 5 — — — Net income (loss) attributable to common stockholders $ 26,440 $ (4,162) $ (27,566) $ (48,419) Denominator Weighted average common shares outstanding 35,697 35,049 35,574 34,941 Less: Weighted average unvested restricted shares subject to repurchase 6 6 7 5 Weighted average common shares outstanding; basic 35,691 35,043 35,567 34,936 Net income (loss) per common share; basic $ 0.74 $ (0.12) $ (0.78) $ (1.39) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 26,440 $ (4,162) $ (27,566) $ (48,419) Denominator Weighted average common shares outstanding; basic 35,691 35,043 35,567 34,936 Add: Weighted average dilutive options outstanding 306 — — — Add: Weighted average dilutive RSUs outstanding 485 — — — Weighted average common shares outstanding; diluted 36,482 35,043 35,567 34,936 Net income (loss) per common share; diluted $ 0.72 $ (0.12) $ (0.78) $ (1.39)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unvested Restricted Stock Awards 6 6 6 6 Options 120 659 418 659 Restricted Stock Units — 1,187 1,214 1,187 Total potentially dilutive securities 126 1,852 1,638 1,852

Investment Securities and Fai_2

Investment Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Available-for-sale Securities	Investment securities classified as available-for-sale consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Agency securities $ 11,264 $ — $ (90) $ 11,174 Treasury securities 120,801 2 (388) 120,415 Total available-for-sale investment securities $ 132,065 $ 2 $ (478) $ 131,589 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate bonds $ 17,497 $ 2 $ (112) $ 17,387 Agency securities 17,507 — (484) 17,023 Treasury securities 81,605 — (1,557) 80,048 Total available-for-sale investment securities $ 116,609 $ 2 $ (2,153) $ 114,458
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): September 30, 2023 December 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 132,065 $ 131,589 $ 90,822 $ 89,297 Due after one year through three years — — 25,787 25,161 Total available-for-sale investment securities $ 132,065 $ 131,589 $ 116,609 $ 114,458
Schedule of Sales, Calls, and Maturities	During the nine months ended September 30, 2023 and 2022, we had sales and maturities of investment securities, as follows (in thousands): Nine Months Ended September 30, 2023 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 3 $ — $ 1,013 $ 16,497 Agency securities — — — 6,250 Treasury securities — — — 71,505 Total $ 3 $ — $ 1,013 $ 94,252 Nine Months Ended September 30, 2022 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ — $ — $ — $ 28,998 Agency securities — — — 2,250 Treasury securities — — — 45,350 Total $ — $ — $ — $ 76,598
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 September 30, 2023 and December 31, 2022 by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 34,825 $ — $ 34,825 Treasury securities 9,928 — 9,928 Available-for-sale investment securities: Agency securities — 11,174 11,174 Treasury securities 120,415 — 120,415 Total $ 165,168 $ 11,174 $ 176,342 December 31, 2022 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 41,973 $ — $ 41,973 Treasury securities 1,287 — 1,287 Available-for-sale investment securities: Corporate bonds — 17,387 17,387 Agency securities — 17,023 17,023 Treasury securities 80,048 — 80,048 Total $ 123,308 $ 34,410 $ 157,718

Capitalized Software Developm_2

Capitalized Software Development Costs, net (Tables)	9 Months Ended
	Sep. 30, 2023
Research and Development [Abstract]
Schedule of Capitalized Computer Software	Capitalized software development costs were as follows (in thousands): September 30, December 31, Capitalized software development costs, gross $ 126,979 $ 129,749 Less: Accumulated amortization (102,958) (94,434) Capitalized software development costs, net $ 24,021 $ 35,315
Schedule of Capitalized Computer Software Future Amortization Expense	Future amortization expense with respect to capitalized software development costs as of September 30, 2023 is estimated as follows (in thousands): Years Ending December 31, 2023 $ 4,116 2024 12,500 2025 5,547 2026 1,781 2027 77 Total amortization expense $ 24,021

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands, except years): September 30, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 1,670 $ (1,615) $ 55 5.0 Database 4,710 (2,237) 2,473 10.0 Technology 6,539 (6,539) — 4.0 Trademarks and trade names 1,520 (1,443) 77 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,340 (6,973) 367 5.0 Domain names 90 (86) 4 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 22,801 $ (19,825) $ 2,976 5.8 December 31, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Useful Life in Years Customer relationships $ 1,670 $ (1,448) $ 222 5.0 Database 4,710 (1,884) 2,826 10.0 Technology 6,539 (6,539) — 4.0 Trademarks and trade names 1,520 (1,211) 309 5.0 Partner relationships 680 (680) — 3.0 Non-compete agreements 7,340 (5,872) 1,468 5.0 Domain names 90 (82) 8 5.0 Patents 252 (252) — 5.0 Total intangible assets, net $ 22,801 $ (17,968) $ 4,833 4.7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization expense with respect to intangible assets as of September 30, 2023 is estimated as follows (in thousands): Years Ending December 31, 2023 $ 619 2024 473 2025 471 2026 471 2027 471 Thereafter 471 Total amortization expense $ 2,976

Accrued Employee Expenses (Tabl

Accrued Employee Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Compensation Related Costs [Abstract]
Schedule of Accrued Employee Expenses	Accrued employee expenses consisted of the following (in thousands): September 30, December 31, Accrued vacation $ 13,576 $ 12,067 Accrued bonuses 9,113 13,806 Accrued severance and related personnel cost 8,722 496 Accrued payroll and other 10,682 8,007 Total accrued employee expenses $ 42,093 $ 34,376

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease cost $ 1,027 $ 1,254 $ 3,303 $ 4,169 Variable lease cost 372 308 1,393 683 Total lease cost $ 1,399 $ 1,562 $ 4,696 $ 4,852
Lease Assets and Liabilities	Lease-related assets and liabilities were as follows (in thousands): September 30, December 31, Assets Operating lease right-of-use assets $ 19,799 $ 23,485 Liabilities Other current liabilities $ 3,056 $ 3,357 Operating lease liabilities 41,108 50,237 Total lease liabilities $ 44,164 $ 53,594
Schedule of Minimum Lease Payments Under Leases	Future minimum lease payments under non-cancellable leases as of September 30, 2023 were as follows (in thousands): Years ending December 31, 2023 (1) $ (33) 2024 (1) 5,349 2025 6,168 2026 6,346 2027 6,528 Thereafter 31,090 Total future minimum lease payments 55,448 Less: imputed interest (11,284) Total $ 44,164 (1) Future minimum lease payments for the years ending December 31, 2023 and 2024 are presented net of tenant improvement allowances of $1.5 million and $0.5 million respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of activity in connection with our stock options for the nine months ended September 30, 2023, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2022 516 $ 12.90 2.7 Options granted 120 129.74 Options exercised (218) 9.74 Options outstanding as of September 30, 2023 418 $ 47.89 3.4
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes information relating to our stock options granted during nine months ended September 30, 2023: Weighted average grant-date fair value per share $ 67.23 Weighted average Black-Scholes model assumptions: Risk-free interest rate 4.06 % Expected term (in years) 6.92 Expected volatility 44 % Expected dividend yield —
Schedule of Restricted Stock Units Activity	A summary of activity in connection with our RSUs for the nine months ended September 30, 2023, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2022 1,162 $ 116.88 Granted 639 123.25 Vested (360) 117.04 Forfeited (227) 115.86 Unvested as of September 30, 2023 1,214 $ 120.38
Schedule of Restricted Stock Awards Activity	A summary of activity in connection with our restricted stock awards ("RSAs") for the nine months ended September 30, 2023 is as follows (number of shares in thousands): Number of Weighted Average Unvested as of December 31, 2022 6 $ 96.33 Granted 6 151.83 Vested (6) 96.33 Unvested as of September 30, 2023 6 $ 151.83

Revenue and Other Information (

Revenue and Other Information (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Product Information by Revenue Categories	The following table presents our revenue categories for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Core solutions $ 39,756 $ 33,940 $ 115,440 $ 97,163 Value Added Services 123,188 88,399 326,108 241,349 Other 2,496 2,740 7,067 9,313 Total revenue $ 165,440 $ 125,079 $ 448,615 $ 347,825

Workforce Reduction (Tables)

Workforce Reduction (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table presents the total severance and related personnel costs by function, for the three and nine months ended September 30, 2023 (in thousands): Severance and Related Personnel Cost Cost of revenue $ 2,367 Sales and marketing 3,795 Research and product development 3,407 General and administrative 2,514 Total (1) $ 12,083
Schedule of Restructuring Reserve by Type of Cost	The following is a summary of changes in the accrued severance and related personnel cost, within Accrued Employee Expenses on the Condensed Consolidated Balance Sheets (in thousands): Accrued Severance and Related Personnel Cost Balance as of December 31, 2022 $ — Severance and related personnel cost 10,278 Cash Payments (1,801) Balance as of September 30, 2023 $ 8,477

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net loss	$ 26,445	$ (18,901)	$ (35,110)	$ (4,162)	$ (29,970)	$ (14,287)	$ (27,566)	$ (48,419)
Less: undistributed earnings to participating securities	5			0			0	0
Net income (loss) attributable to common stockholders	$ 26,440			$ (4,162)			$ (27,566)	$ (48,419)
Denominator
Weighted average common shares outstanding (in shares)	35,697			35,049			35,574	34,941
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	6			6			7	5
Weighted average common shares outstanding; basic (in shares)	35,691			35,043			35,567	34,936
Net income (loss) per common share, basic (in dollars per share)	$ 0.74			$ (0.12)			$ (0.78)	$ (1.39)
Numerator
Net income (loss) attributable to common stockholders	$ 26,440			$ (4,162)			$ (27,566)	$ (48,419)
Denominator
Weighted average common shares outstanding, basic (in shares)	35,691			35,043			35,567	34,936
Weighted average common shares outstanding; diluted (in shares)	36,482			35,043			35,567	34,936
Net income (loss) per common share, diluted (in dollars per share)	$ 0.72			$ (0.12)			$ (0.78)	$ (1.39)
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	306			0			0	0
Restricted Stock Units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	485			0			0	0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	126,000	1,852,000	1,638,000	1,852,000
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	6,000	6,000	6,000	6,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	120,000	659,000	418,000	659,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	0	1,187,000	1,214,000	1,187,000

Investment Securities and Fai_3

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 132,065	$ 116,609
Gross Unrealized Gains	2	2
Gross Unrealized Losses	(478)	(2,153)
Available-for-sale investment securities:	131,589	114,458
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,264	17,507
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(90)	(484)
Available-for-sale investment securities:	11,174	17,023
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120,801	81,605
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(388)	(1,557)
Available-for-sale investment securities:	$ 120,415	80,048
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		17,497
Gross Unrealized Gains		2
Gross Unrealized Losses		(112)
Available-for-sale investment securities:		$ 17,387

Investment Securities and Fai_4

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
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	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 132,065	$ 90,822
Due after one year through three years	0	25,787
Amortized Cost	132,065	116,609
Estimated Fair Value
Due in one year or less	131,589	89,297
Due after one year through three years	0	25,161
Estimated Fair Value	$ 131,589	$ 114,458

Investment Securities and Fai_6

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 3	$ 0
Gross Realized Losses	0	0
Gross Proceeds from Sales	1,013	0
Gross Proceeds from Maturities	94,252	76,598
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	3	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	1,013	0
Gross Proceeds from Maturities	16,497	28,998
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	0
Gross Proceeds from Maturities	6,250	2,250
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	0
Gross Proceeds from Maturities	$ 71,505	$ 45,350

Investment Securities and Fai_7

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 131,589	$ 114,458
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	11,174	17,023
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:		17,387
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	176,342	157,718
Fair value, recurring measurements | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	11,174	17,023
Fair value, recurring measurements | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	120,415	80,048
Fair value, recurring measurements | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:		17,387
Fair value, recurring measurements | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	34,825	41,973
Fair value, recurring measurements | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	9,928	1,287
Fair value, recurring measurements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	165,168	123,308
Fair value, recurring measurements | Level 1 | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Fair value, recurring measurements | Level 1 | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	120,415	80,048
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 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	34,825	41,973
Fair value, recurring measurements | Level 1 | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	9,928	1,287
Fair value, recurring measurements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	11,174	34,410
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:	11,174	17,023
Fair value, recurring measurements | Level 2 | Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
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:		17,387
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 | Treasury securities
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	Sep. 30, 2023	Dec. 31, 2022
Research and Development [Abstract]
Capitalized software development costs, gross	$ 126,979	$ 129,749
Less: Accumulated amortization	(102,958)	(94,434)
Capitalized software development costs, net	$ 24,021	$ 35,315

Capitalized Software Developm_4

Capitalized Software Development Costs, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Research and Development [Abstract]
Capitalized software development costs	$ 1.6	$ 4.5	$ 3.9	$ 12.8
Amortization expense	4.4	$ 5.9	15.2	$ 18
Capitalized computer software, disposals	$ 2.8		$ 6.3

Capitalized Software Developm_5

Capitalized Software Development Costs, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Years Ending December 31,
2023	$ 4,116
2024	12,500
2025	5,547
2026	1,781
2027	77
Capitalized software development costs, net	$ 24,021	$ 35,315

Intangible Assets, net - Schedu

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 22,801	$ 22,801
Accumulated Amortization	(19,825)	(17,968)
Net Carrying Value	$ 2,976	$ 4,833
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years 9 months 18 days	4 years 8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,670	$ 1,670
Accumulated Amortization	(1,615)	(1,448)
Net Carrying Value	$ 55	$ 222
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	$ 4,710	$ 4,710
Accumulated Amortization	(2,237)	(1,884)
Net Carrying Value	$ 2,473	$ 2,826
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	(6,539)	(6,539)
Net Carrying Value	$ 0	$ 0
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	$ 1,520	$ 1,520
Accumulated Amortization	(1,443)	(1,211)
Net Carrying Value	$ 77	$ 309
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	$ 7,340	$ 7,340
Accumulated Amortization	(6,973)	(5,872)
Net Carrying Value	$ 367	$ 1,468
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	(86)	(82)
Net Carrying Value	$ 4	$ 8
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)	(252)
Net Carrying Value	$ 0	$ 0
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.6	$ 1.1	$ 1.9	$ 3.4

Intangible Assets, net - Sche_2

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 619
2024	473
2025	471
2026	471
2027	471
Thereafter	471
Net Carrying Value	$ 2,976	$ 4,833

Accrued Employee Expenses (Deta

Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Accrued vacation	$ 13,576	$ 12,067
Accrued bonuses	9,113	13,806
Accrued severance and related personnel cost	8,722	496
Accrued payroll and other	10,682	8,007
Total accrued employee expenses	$ 42,093	$ 34,376

Accrued Employee Expenses - Add

Accrued Employee Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 12,083
Severance and related personnel cost	$ 10,300	10,278
Former Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 14,900

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Sep. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 01, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term			10 years		10 years
Impairment, long-lived asset, held-for-use				$ 19,400
Impairment, related to ROU assets				15,700
Impairment of leased office property and equipment				$ 3,700
Gain (loss) on modification of lease	$ 1,900	$ 2,400			$ 4,281	$ 0
Operating lease, payments	$ 2,900
Lessee, operating lease, liability, payments, due			$ 55,448		$ 55,448
Santa Barbara Office Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, liability, payments, due							$ 6,100
Lessor, operating lease, payment to be received							$ 6,100
Operating lease, impairment loss			$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease term			1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term			10 years		10 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,027	$ 1,254	$ 3,303	$ 4,169
Variable lease cost	372	308	1,393	683
Total lease cost	$ 1,399	$ 1,562	$ 4,696	$ 4,852

Leases - Lease Related Assets a

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 19,799	$ 23,485
Other current liabilities	3,056	3,357
Operating lease liabilities	41,108	50,237
Total lease liabilities	$ 44,164	$ 53,594
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	Sep. 30, 2023	Dec. 31, 2022
Years ending December 31,
2023	$ (33)
2024	5,349
2025	6,168
2026	6,346
2027	6,528
Thereafter	31,090
Total future minimum lease payments	55,448
Less: imputed interest	(11,284)
Total	44,164	$ 53,594
Tenant allowance, remainder of fiscal year	1,500
Tenant allowance, year one	$ 500

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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	$ 3,800,000	$ 2,700,000
Deposits held with a third party related to insurance services collateral	$ 3,100,000	$ 4,500,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Shares
Options outstanding, beginning balance (in shares)	516,000
Options granted (in shares)	120,000
Options exercised (in shares)	(218,000)
Options outstanding, ending balance (in shares)	418,000	516,000
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 12.90
Options granted (in dollars per share)	129.74
Options exercised (in dollars per share)	9.74
Options outstanding, ending balance (in dollars per share)	$ 47.89	$ 12.90
Weighted Average Remaining Contractual Life in Years	3 years 4 months 24 days	2 years 8 months 12 days

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			120,000
Stock-based compensation expense	$ 15,257,000	$ 10,830,000	$ 39,932,000	$ 28,209,000
Remaining stock-based compensation expense for unvested options, not yet recognized	7,100,000		$ 7,100,000
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			120,000	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 400,000	$ 0	$ 1,000,000	$ 0
Stock-based compensation expense, weighted average recognition period			4 years 3 months 18 days
Stock Options | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%
Stock Options | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%
Stock Options | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			33.33%

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details) - Stock Options	9 Months Ended
	Sep. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in USD per share)	$ 67.23
Risk-free interest rate	4.06%
Expected term (in years)	6 years 11 months 1 day
Expected volatility	44%
Expected dividend yield	0%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) | shares	1,162
Granted (in shares) | shares	639
Vested (in shares) | shares	(360)
Forfeited (in shares) | shares	(227)
Unvested, ending balance (in shares) | shares	1,214
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 116.88
Granted (in dollars per share) | $ / shares	123.25
Vested (in dollars per share) | $ / shares	117.04
Forfeited (in dollars per share) | $ / shares	115.86
Unvested, ending balance (in dollars per share) | $ / shares	$ 120.38

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 15,257	$ 10,830	$ 39,932	$ 28,209
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	14,800	11,500	39,000	29,800
Stock-based compensation capitalized for software development	300	$ 800	600	$ 2,100
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 103,800		$ 103,800
Stock-based compensation expense, weighted average recognition period			2 years 6 months
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, non-option equity instruments, nonvested (in shares)	1,000		1,000
Vesting period			4 years
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, non-option equity instruments, outstanding (in shares)	200		200
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 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0%		0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100%		100%
PSUs | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, non-option equity instruments, outstanding (in shares)	100		100
PSUs | Tranche one | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0%		0%
PSUs | Tranche one | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	142%		142%
PSUs | Tranche two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100%		100%
PSUs | Tranche two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150%		150%
PSUs | Tranche three | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent			0%
PSUs | Tranche three | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent			65%
Unvested Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, non-option equity instruments, nonvested (in shares)	6		6		6
Vesting period			1 year
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 700		$ 700
Stock-based compensation expense, weighted average recognition period			8 months 12 days

Stock-Based Compensation - Re_3

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) | shares	6
Granted (in shares) | shares	6
Vested (in shares) | shares	(6)
Unvested, ending balance (in shares) | shares	6
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 96.33
Granted (in dollars per share) | $ / shares	151.83
Vested (in dollars per share) | $ / shares	96.33
Unvested, ending balance (in dollars per share) | $ / shares	$ 151.83

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (24,973)	$ 938	$ 4,634	$ 889
Effective income tax rate, percent	(1697.00%)		(20.00%)

Revenue and Other Information_2

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 165,440	$ 125,079	$ 448,615	$ 347,825
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	39,756	33,940	115,440	97,163
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	123,188	88,399	326,108	241,349
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,496	$ 2,740	$ 7,067	$ 9,313

Revenue and Other Information -

Revenue and Other Information - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 1,000		$ 900
Revenue recognized from deferred revenue	800	$ 2,300
Remaining performance obligation, amount	$ 30,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	(51.00%)
Remaining performance obligation, expected timing of satisfaction, period	12 months

Workforce Reduction - Additiona

Workforce Reduction - Additional Information (Details) - employee	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Workforce reduction, expected number of positions eliminated	149
Workforce reduction, number of positions eliminated		0	0

Workforce Reduction - Severance

Workforce Reduction - Severance Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 12,083
Share-based payment arrangement, accelerated cost	$ 1,800
Cost of revenue (exclusive of depreciation and amortization)
Restructuring Cost and Reserve [Line Items]
Severance costs		2,367
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs		3,795
Research and product development
Restructuring Cost and Reserve [Line Items]
Severance costs		3,407
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 2,514

Workforce Reduction - Restructu

Workforce Reduction - Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2022		$ 0
Severance costs	$ 10,300	10,278
Cash Payments		(1,801)
Balance as of September 30, 2023	$ 8,477	$ 8,477