0001433195-24-000023 | 10-K | XBRL Viewer

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Stockholders' Equity - Amended and Restated Certificate of Incorporation (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jun. 25, 2015
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock \| Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			250,000,000
Common stock, par value (in dollars per share)			$ 0.0001
Common Stock \| Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			50,000,000
Common stock, par value (in dollars per share)			$ 0.0001
Preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			25,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands, except years):


	December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Database	4,710		(2,355)		2,355		10.0
Domain names	90		(88)		2		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	5,052	$	(2,695)	$	2,357	9.7


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		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 $2.5 million, $4.4 million and $4.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2024	$	473
2025	471
2026	471
2027	471

2028	471
Total	$	2,357

Our goodwill balance is solely attributed to acquisitions. The change in the carrying amount of goodwill during the years ended December 31, 2023 and 2022 is as follows (in thousands):


Goodwill at December 31, 2021	$	56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill at December 31, 2022	$	56,060
Goodwill at December 31, 2023	$	56,060

Stock-Based Compensation - Stock Option Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2015 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, number of stock incentive plans \| plan	2
Options granted (in shares)	120,000	0	0
Intrinsic value of options exercised \| $	$ 36.4	$ 31.1	$ 39.1
Intrinsic value of options outstanding \| $	$ 46.4
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to vest	3333.00%
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved for stock incentive plan (in shares)				2,000,000
Options granted (in shares)	120,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity - Share Repurchase Program (Details)	Feb. 20, 2019 USD ($) director
Equity [Abstract]
Authorized amount under share repurchase program \| $	$ 100,000,000
Number of directors to authorized repurchases \| director	3

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share attributable to common stockholders (in shares)	146,000	1,684,000	1,687,000
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share attributable to common stockholders (in shares)	6,000	6,000	4,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share attributable to common stockholders (in shares)	120,000	516,000	846,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share attributable to common stockholders (in shares)	20,000	1,162,000	837,000

Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes In Valuation Allowance [Roll Forward]
Valuation allowance, at beginning of year	$ 43,776	$ 17,217	$ 0
Increase in valuation allowance	18,604	26,559	17,217
Valuation allowance, at end of year	$ 62,380	$ 43,776	$ 17,217

Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 3,485	$ 1,313	$ 20
State and local	2,299	686	346
Total current	5,784	1,999	366
Deferred
Federal	(477)	(854)	(10,966)
State and local	(12)	257	11,306
Total deferred	(489)	(597)	340
Total income tax provision	$ 5,295	$ 1,402	$ 706

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Workforce Reduction (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 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 year ended December 31, 2023.

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 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	(9,425)

Balance as of December 31, 2023	$	853

Goodwill and Intangible Assets, Net - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 5,052	$ 22,801
Accumulated Amortization	(2,695)	(17,968)
Net Carrying Value	$ 2,357	$ 4,833
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	9 years 8 months 12 days	4 years 8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 1,670
Accumulated Amortization		(1,448)
Net Carrying Value		$ 222
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years		5 years
Database
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,710	$ 4,710
Accumulated Amortization	(2,355)	(1,884)
Net Carrying Value	$ 2,355	$ 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
Accumulated Amortization		(6,539)
Net Carrying Value		$ 0
Technology \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years		4 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 1,520
Accumulated Amortization		(1,211)
Net Carrying Value		$ 309
Trademarks and trade names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years		5 years
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 680
Accumulated Amortization		(680)
Net Carrying Value		$ 0
Partner relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years		3 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 7,340
Accumulated Amortization		(5,872)
Net Carrying Value		$ 1,468
Non-compete agreements \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years		5 years
Domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 90	$ 90
Accumulated Amortization	(88)	(82)
Net Carrying Value	$ 2	$ 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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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 December 31, 2023 and 2022 was $4.2 million and $2.7 million, respectively, and is included in Other current liabilities on our Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of December 31, 2023 and 2022 are $5.1 million and $4.5 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this risk mitigation service. Legal Proceedings On February 10, 2023, a lawsuit was filed in the First Judicial District Court of New Mexico, Murphy, et al. v. AppFolio, Inc., et al. (No. D-101-CV-2022-02100), naming us as a defendant and alleging certain violations of the New Mexico Unfair Practices Act and negligent misrepresentation in connection with our tenant screening service (the “Murphy Litigation”). In late November 2023, the parties agreed to settle the Murphy Litigation and plan to file a notice of settlement with the court. We did not admit any wrongdoing in connection with the settlement of the Murphy Litigation. We have assessed the potential liabilities related to this matter and have determined that it is probable a loss will be incurred; however, we expect that this loss will be covered by existing insurance policies. As of December 31, 2023, we recorded a liability of $7.0 million within Accrued Expenses and a corresponding receivable amount within Prepaid expenses and other current assets. In addition to the foregoing, from time to time, we are involved in various other investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the results of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we believe that we are not currently a party to any matters which, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. However, regardless of the merit of any matters raised or the ultimate outcome, investigative inquiries, legal proceedings and other disputes may generally have an adverse impact on us as a result of defense and settlement costs, diversion of management resources, and other factors. 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 Consolidated Financial Statements.

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	1,162
Granted (in shares) \| shares	659
Vested (in shares) \| shares	(520)
Forfeited (in shares) \| shares	(358)
Unvested, ending balance (in shares) \| shares	943
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 116.88
Granted (in dollars per share) \| $ / shares	125.05
Vested (in dollars per share) \| $ / shares	120.39
Forfeited (in dollars per share) \| $ / shares	114.37
Unvested, ending balance (in dollars per share) \| $ / shares	$ 121.61

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 49,509	$ 70,769
Investment securities—current	162,196	89,297
Accounts receivable, net	20,709	16,503
Prepaid expenses and other current assets	39,943	24,899
Total current assets	272,357	201,468
Investment securities—noncurrent	0	25,161
Property and equipment, net	28,362	26,110
Operating lease right-of-use assets	19,285	23,485
Capitalized software development costs, net	21,562	35,315
Goodwill	56,060	56,060
Intangible assets, net	2,357	4,833
Other long-term assets	8,906	8,785
Total assets	408,889	381,217
Current liabilities
Accounts payable	1,141	2,473
Accrued employee expenses	35,567	34,376
Accrued expenses	21,723	15,601
Other current liabilities	11,335	8,893
Total current liabilities	69,766	61,343
Operating lease liabilities	41,114	50,237
Other liabilities	697	4,091
Total liabilities	111,577	115,671
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2023 and December 31, 2022	0	0
Additional paid-in capital	236,985	209,704
Accumulated other comprehensive loss	99	(1,684)
Treasury stock, at cost, 419 shares of Class A common stock as of December 31, 2023 and December 31, 2022	(25,756)	(25,756)
Retained earnings	85,980	83,278
Total stockholders’ equity	297,312	265,546
Total liabilities and stockholders’ equity	408,889	381,217
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	22,168,000	20,988,000
Common shares outstanding (in shares)	21,749,000	20,569,000
Treasury stock (in shares)	419,000	419,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	14,116,000	14,746,000
Common shares outstanding (in shares)	14,116,000	14,746,000

Leases - Schedule of Minimum Lease payments Under Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 5,348
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	55,480
Less: imputed interest	(10,740)
Total	$ 44,740	$ 53,594

Investments Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Investment Securities and Fair Value Measurements

Investment Securities

Investment securities classified as available-for-sale consisted of the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	$	162,062	$	193	$	(59)	$	162,196
Total available-for-sale investment securities	$	162,062	$	193	$	(59)	$	162,196


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	17,497	$	2	$	(112)	$	17,387

U.S. government and agency securities	99,112		—		(2,041)		97,071
Total available-for-sale investment securities	$	116,609	$	2	$	(2,153)	$	114,458

As of December 31, 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 December 31, 2023 or 2022.

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	December 31, 2023				December 31, 2022
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	162,062	$	162,196	$	90,822	$	89,297
Due after one year through three years	—		—		25,787		25,161
Total available-for-sale investment securities	$	162,062	$	162,196	$	116,609	$	114,458

During the years ended December 31, 2023 and 2022, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Year Ended December 31, 2023
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	3	$	—	$	1,013	$	16,497


U.S. government and agency securities	—		—		—		135,885
	$	3	$	—	$	1,013	$	152,382


	Year Ended December 31, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(3)	$	994	$	28,998


U.S. government and agency securities	—		—		—		58,885

	$	—	$	(3)	$	994	$	87,883

SecureDocs

In December 2021, we sold all of our interest in SecureDocs. A gain of $12.8 million was recognized within Other income, net in our Consolidated Statements of Operations, a portion of which relates to the recovery of a $2.0 million note receivable which had been previously reserved.

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 December 31, 2023 and 2022 by level within the fair value hierarchy (in thousands):


	December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	37,100	$	—	$	37,100

Available-for-sale investment securities:



U.S. government and agency securities	—		162,196		162,196
Total	$	37,100	$	162,196	$	199,296


	December 31, 2022
	Level 1		Level 2		Total Fair Value
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
U.S. government and agency securities	80,048		17,023		97,071


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.

There were no changes to our valuation techniques used to measure asset and liability fair values on a recurring basis during the year ended December 31, 2023. The valuation techniques for the financial assets in the tables above are as follows:

Cash Equivalents

As of December 31, 2023 and 2022, cash equivalents include cash invested in money market funds with a maturity of three months or less. Fair value is based on market prices for identical assets.

Available-for-Sale Investment Securities

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.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Los Angeles, California

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Olivia Nottebohm [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 15, 2023, Olivia Nottebohm, a member of our Board of Directors, entered into a prearranged stock selling plan for the sale of up to 1,449 shares of the Company's Class A common stock between March 1, 2024 and December 27, 2024. Ms. Nottebohm's trading plan was entered into during an open insider trading window and is 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.
Name	Olivia Nottebohm
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	301 days
Aggregate Available	1,449	1,449

Capitalized Software Development Costs, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software development costs during the period	$ 5.5	$ 17.7	$ 27.2
Amortization expense with respect to software development costs during the period	19.2	23.6	$ 21.5
Fully amortized capitalized software development costs disposed of	$ 8.2	$ 3.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A common stock	Class B common stock	Common Stock Class A common stock	Common Stock Class B common stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	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)				238,000	84,000
Exercise of stock options	2,614					2,614
Stock-based compensation	18,031					18,031
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				111,000
Vesting of restricted stock units, net of shares withheld for taxes	(9,962)					(9,962)
Conversion of Class B stock to Class A stock (in shares)				335,000	(335,000)
Issuance of restricted stock awards (in shares)				4,000
Other comprehensive income (loss)	(250)						(250)
Net income (loss)	1,028								1,028
Ending balance (in shares) at Dec. 31, 2021				19,417,000	15,408,000
Ending 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)				303,000	27,000
Exercise of stock options	4,474					4,474
Stock-based compensation	43,937					43,937
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				154,000
Vesting of restricted stock units, net of shares withheld for taxes	(10,637)					(10,637)
Conversion of Class B stock to Class A stock (in shares)				689,000	(689,000)
Issuance of restricted stock awards (in shares)				6,000
Other comprehensive income (loss)	(1,490)						(1,490)
Net income (loss)	(68,119)								(68,119)
Ending balance (in shares) at Dec. 31, 2022		20,569,000	14,746,000	20,569,000	14,746,000
Ending 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)	255,000			255,000
Exercise of stock options	$ 2,595					2,595
Stock-based compensation	53,240					53,240
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				289,000
Vesting of restricted stock units, net of shares withheld for taxes	(28,554)					(28,554)
Conversion of Class B stock to Class A stock (in shares)				630,000	(630,000)
Issuance of restricted stock awards (in shares)				6,000
Other comprehensive income (loss)	1,783						1,783
Net income (loss)	2,702								2,702
Ending balance (in shares) at Dec. 31, 2023		21,749,000	14,116,000	21,749,000	14,116,000
Ending balance at Dec. 31, 2023	$ 297,312			$ 2	$ 2	$ 236,985	$ 99	$ (25,756)	$ 85,980

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Reclassification

We reclassified certain amounts in our 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.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the operations of AppFolio, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We accounted for our investment in SecureDocs, Inc. (“SecureDocs”) under the equity method of accounting as we had the ability to exert significant influence, but did not control and were not the primary beneficiary of the entity. Our investment in SecureDocs was not material and any income (loss) activity was not material individually or in the aggregate to our Consolidated Financial Statements for any period presented. In December 2021, we sold our interest in SecureDocs. Refer to Note 4, Investment Securities and Fair Value Measurements for additional information.

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, useful lives of property and equipment and intangible assets, capitalized software development costs, incremental borrowing rate applied in lease accounting, impairment of goodwill and long-lived assets, period of benefit associated with deferred costs, stock-based compensation, income taxes, and contingencies. Actual results could differ from those estimates and any such differences may have a material impact on our Consolidated Financial Statements.

Segment Information

Our chief operating decision maker reviews financial information presented on an aggregated and consolidated basis, together with revenue information for our core solutions, Value Added Services, and other service offerings, principally to make decisions about how to allocate resources and to measure our performance. Accordingly, we have determined that we have one reportable and operating segment.

Concentrations of Credit Risk

Financial instruments that potentially subject us to credit risk consist principally of cash, cash equivalents, restricted cash, accounts receivable, and investment securities. We maintain cash balances at financial institutions in excess of amounts insured by United States government agencies or payable by the United States government directly. We place our cash with high credit, quality financial institutions. We invest in investment securities with a minimum rating of A by Standard & Poor's or A-1 by Moody's and regularly monitor our investment security portfolio for changes in credit ratings.

Concentrations of credit risk with respect to accounts receivable and revenue are limited due to a large, diverse customer base.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, in the marketplace.

Level 3 - Unobservable inputs that are supported by little or no market activity.

Cash, Cash Equivalents and Restricted Cash

We consider all highly liquid investments, readily convertible to cash, and which have a remaining maturity date of three months or less at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at fair value and consist primarily of bank deposits, and money market funds.

Investment Securities

Our investment securities currently consist of United States government agency securities and treasury securities. We classify investment securities as available-for-sale at the time of purchase and reevaluate such classification at each balance sheet date. All investments are recorded at estimated fair value and investments with original maturities of less than one year at the time of purchase are classified as short-term. Unrealized gains and losses for available-for-sale investment securities are included in accumulated other comprehensive income, a component of stockholders' equity.

For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The allowance for credit losses is based on historical loss experience, the number of days that receivables are past due, and an evaluation of the potential risk of loss associated with delinquent accounts. Accounts receivable considered uncollectible are charged against the allowance for credit losses when identified. We do not have any off-balance sheet credit exposure related to our customers.

Property and Equipment

Property and equipment is stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of assets as follows:


Asset Type						Depreciation Period
Computer equipment						3 years
Furniture and fixtures						7 years
Office equipment						3 to 5 years
Leasehold improvements						Shorter of remaining life of lease or asset life

Leases

We determine if an arrangement is a lease at inception. Operating lease right-of-use ("ROU") assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments, over the lease term at commencement date. As none of our leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU assets also include any lease payments made to the lessor before or at the lease commencement date and excludes lease incentives received and initial direct costs incurred. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease arrangements with lease and non-lease components, which are generally accounted for as a single lease component. Leases with an initial term of twelve months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Capitalized Software Development Costs

Software development costs consist of certain payroll and stock compensation costs incurred to develop functionality of our internal-use software solutions. We capitalize certain software development costs for new offerings as well as significant upgrades and enhancements to our existing software solutions. Capitalized software development costs are amortized using the straight-line method over an estimated useful life of three years. We do not transfer ownership of our software, license, or lease our software to third parties.

Goodwill and Intangible Assets, Net

Goodwill is tested for impairment at least annually at the reporting unit level or at other times whenever events or changes in circumstances indicate that goodwill might be impaired. A qualitative assessment is performed to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent that the reporting unit’s carrying value exceeds its fair value.

We test for goodwill impairment annually during the fourth quarter of the calendar year. Based on the annual assessment performed at November 1, 2023, we determined it was not more likely than not that our reporting unit fair value was less than its carrying value and no quantitative impairment test assessment was required. No impairment losses were recorded for goodwill during the years ended December 31, 2023, 2022 and 2021.

Intangible assets primarily consist of acquired database, domain names and patents, which are recorded at cost, less accumulated amortization. We determine the appropriate useful life of our intangible assets by performing an analysis of expected cash flows of the acquired assets. Intangible assets are amortized over their estimated useful lives on a straight-line basis, which approximates the pattern in which the economic benefits of the assets are consumed.

Impairment of Long-Lived Assets

Revenue Recognition and Deferred Costs

Revenue Recognition

We generate revenue from our customers primarily for subscriptions to access our core solutions and Value Added Services. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration we expect to receive in exchange for those services. We enter into contracts that can include various combinations of services, which are generally capable of being distinct, distinct within the context of the contract, and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We recognize revenue in proportion to the amount that we have the right to invoice for certain core solutions and Value Added Services revenue, as that amount corresponds directly with our performance completed to date. Refer to Note 15, Revenue and Other Information for the disaggregated breakdown of revenue between Core solutions, Value Added Services and Other revenue.

Core Solutions

We charge our customers on a subscription basis for our core solutions. Our customers do not have rights to the underlying software code of our solutions, and, accordingly, we recognize subscription revenue over time on a straight-line basis over the contract term beginning on the date that our service is made available to the customer. The terms of our subscription agreements are monthly, annual, and multiyear and we typically invoice our customers for subscription services in monthly or annual installments, in advance of the subscription period.

Value Added Services

We primarily charge our customers on a usage basis for our Value Added Services. Usage-based fees are charged either as a percentage of the transaction amount (e.g., for certain of our electronic payment services) or on a flat fee per transaction basis with no minimum usage commitments (e.g., for our tenant screening and risk mitigation services). We recognize revenue for usage-based services in the period the service is rendered. Our electronic payments services fees are recorded gross of the interchange and payment processing related fees. We generally invoice our customers for usage-based services on a monthly basis for services rendered in the preceding month. We also have certain Value Added Services which are charged on a subscription basis. We typically invoice our customers for subscription-based services in monthly installments, in advance of the subscription period. We recognize revenue for subscription-based services over time on a straight-line basis over the contract term beginning on the date that our service is made available to the customer. Some subscription or usage-based Value Added Services, such as fees for electronic payment services, are paid by either our customers or clients of our customers at the time the services are rendered.

We work with third-party partners to provide certain of our Value Added Services. For these Value Added Services, we evaluate whether we are the principal, and report revenue on a gross basis, or the agent, and report revenue on a net basis. In this assessment we consider if we obtain control of the specified services before they are transferred to the customer, as well as other indicators such as whether we are the party primarily responsible for fulfillment, and whether we have discretion in establishing price.

Other Revenue

Other revenue include fees from one-time services related to the implementation of our software solutions and other recurring or one-time fees related to our customers who are not otherwise using our core solutions. This includes legacy customers of businesses we have acquired where the customers haven't migrated to our core solutions. The fees for implementation and data migration services are billed upon signing our core subscription contract and are recognized as revenue in the period the service is rendered. Other services are billed when the services rendered are completed and delivered to the customer or billed in advance and deferred over the subscription period.

Deferred Costs

Deferred costs, which primarily consist of sales commissions, are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We typically do not pay commissions for contract renewals. We determined the period of benefit by taking into consideration our customer contract term, the useful life of our internal-use software, average customer life, and other factors. Amortization expense for the deferred costs is included within sales and marketing expense in the accompanying Consolidated Statements of Operations.

Cost of Revenue (Exclusive of Depreciation and Amortization)

Many of our Value Added Services are facilitated by third-party service providers. Cost of revenue paid to these third-party service providers includes the cost of electronic interchange and payment processing-related services to support our payments services, the cost of credit reporting services for our tenant screening services, and various costs associated with our risk mitigation service providers. These third-party costs vary both in amount and as a percent of revenue for each Value Added Service offering. Cost of revenue also consists of personnel-related costs for our employees focused on customer service and the support of our operations (including salaries, performance-based compensation, benefits, and stock-based compensation), platform infrastructure costs (such as data center operations and hosting-related costs), and allocated shared and other costs. Cost of revenue excludes depreciation of property and equipment, amortization of capitalized software development costs and amortization of intangible assets.

Sales and Marketing, General and Administrative

Sales and Marketing

Sales and marketing expense consists of personnel-related costs for our employees focused on sales and marketing (including salaries, sales commissions, performance-based compensation, benefits, and stock-based compensation), costs associated with sales and marketing activities, and allocated shared and other costs. Marketing activities include advertising, online lead generation, lead nurturing, customer and industry events, and the creation of industry-related content and collateral. We focus our sales and marketing efforts on generating awareness of our software solutions, creating sales leads, establishing and promoting our brands, and cultivating an educated community of successful and vocal customers.

General and Administrative

General and administrative expense consists of personnel-related costs for employees in our executive, finance, information technology, human resources, legal, compliance, corporate development and administrative organizations (including salaries, performance-based compensation, benefits, and stock-based compensation). In addition, general and administrative expense includes fees for third-party professional services (including audit, legal, compliance, and tax services), transaction costs related to sales of subsidiary businesses, regulatory fines and penalties, other corporate expenses, impairment of long-lived assets, and allocated shared costs.

Research and Product Development

Research and product development expense consists of personnel-related costs for our employees focused on research and product development (including salaries, performance-based compensation, benefits, and stock-based compensation), fees for third-party development resources, and allocated shared and other costs. Our research and product development efforts are focused on expanding functionality and the ease of use of our existing software solutions by adding new core functionality, Value Added Services and other improvements, as well as developing new products and services. We capitalize our software development costs which meet the criteria for capitalization. Amortization of capitalized software development costs is included in depreciation and amortization expense.

Depreciation and Amortization

Depreciation and amortization expense includes depreciation of property and equipment, amortization of capitalized software development costs, and amortization of intangible assets. We depreciate or amortize property and equipment, software development costs, and intangible assets over their expected useful lives on a straight-line basis, which approximates the pattern in which the economic benefits of the assets are consumed.

Stock-Based Compensation

We recognize stock-based compensation expense for restricted stock awards ("RSAs") and restricted stock units ("RSUs") with only service conditions on a straight-line basis over the requisite service period. For RSUs with both service and performance conditions ("PSUs"), compensation cost is recorded on a graded-vesting method, if it is probable that the performance condition will be achieved. Adjustments to compensation expense are made each period based on changes in our estimate of the number of PSUs that are probable of vesting. PSUs will vest on the vesting date and upon achievement of the relevant performance metric once such calculation is finalized in accordance with our internal policies. We estimate a forfeiture rate to calculate our stock-based compensation expense for our stock-based awards.

Income Taxes

We recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. A valuation allowance is recorded when it is more

likely than not that some of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, we consider the weighting of all available positive and negative evidence, which includes, among other things, the nature, frequency and severity of current and cumulative taxable income or losses, future projections of profitability, and the duration of statutory carryforward periods.

Net Income (Loss) per Common Share

Basic net income (loss) per share includes no dilution and is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income per share by application of the treasury stock method. The calculation of diluted net income per share excludes all anti-dilutive common shares.

Recent Accounting Pronouncements Adopted and Not Yet 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 a material impact on our Consolidated Financial Statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for calendar year-end public business entities in the 2024 annual period and in 2025 for interim periods. Early adoption is permitted. We expect to adopt ASU 2023-07 for 2024 annual period and 2025 interim periods, retrospectively. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2025 annual period and in 2026 for interim periods with early adoption permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment is stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of assets as follows:


Asset Type						Depreciation Period
Computer equipment						3 years
Furniture and fixtures						7 years
Office equipment						3 to 5 years
Leasehold improvements						Shorter of remaining life of lease or asset life

Property and equipment, net consists of the following (in thousands):


	December 31,
	2023		2022
Computer equipment	$	4,438	$	5,529
Furniture and fixtures	5,521		5,747
Office equipment	3,761		3,800
Leasehold improvements	24,208		23,625
Construction in process	5,499		544
Gross property and equipment	43,427		39,245
Less: Accumulated depreciation	(15,065)		(13,135)
Total property and equipment, net	$	28,362	$	26,110

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):


	Year Ended December 31,
	2023		2022		2021
Basic net income (loss) per share:
Numerator


Net income (loss) attributable to common stockholders	$	2,702	$	(68,119)	$	1,028
Denominator
Weighted average common shares outstanding	35,636		35,015		34,583
Less: Weighted average unvested restricted shares subject to repurchase	7		5		5
Weighted average common shares outstanding; basic	35,629		35,010		34,578
Net income (loss) per common share; basic	$	0.08	$	(1.95)	$	0.03
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	2,702	$	(68,119)	$	1,028
Denominator
Weighted average common shares outstanding; basic	35,629		35,010		34,578
Add: Weighted average dilutive options outstanding	333		—		959
Add: Weighted average dilutive RSUs outstanding	455		—		164
Weighted average common shares outstanding; diluted	36,417		35,010		35,701
Net income (loss) per common share; diluted	$	0.07	$	(1.95)	$	0.03

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):


	Year Ended December 31,
	2023	2022	2021
Unvested Restricted Stock Awards	6	6	4
Options	120	516	846
Restricted Stock Units	20	1,162	837
Total potentially dilutive securities	146	1,684	1,687

CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash Reconciliation - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 49,509	$ 70,769	$ 57,847
Restricted cash included in other long-term assets	250	250	436
Total cash, cash equivalents and restricted cash	$ 49,759	$ 71,019	$ 58,283

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2.5	$ 4.4	$ 4.6

Capitalized Software Development Costs, net (Tables)

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Capitalized software development costs, net were as follows (in thousands):


	December 31,
	2023		2022
Capitalized software development costs, gross	$	126,606	$	129,749
Less: Accumulated amortization	(105,044)		(94,434)
Capitalized software development costs, net	$	21,562	$	35,315

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,
2024	$	12,659
2025	6,050
2026	2,432
2027	421
Total amortization expense	$	21,562

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Set forth below is a reconciliation of the components that caused our provision for income taxes to differ from amounts computed by applying the United States federal statutory rate:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21	%	21	%	21	%
State and local income taxes, net of federal benefit	(44)		9		(214)
Change in valuation allowance	215		(37)		795
Stock-based compensation expense	(108)		7		(426)
Research and development tax credits	(93)		5		(205)
Non-deductible officers' compensation	79		(6)		47




Other permanent differences	(4)		(1)		23

Provision for income taxes	66	%	(2)	%	41	%

The provision for income tax consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	3,485	$	1,313	$	20
State and local	2,299		686		346
Total current	5,784		1,999		366
Deferred
Federal	(477)		(854)		(10,966)
State and local	(12)		257		11,306
Total deferred	(489)		(597)		340
Total income tax provision	$	5,295	$	1,402	$	706

The components of deferred tax assets (liabilities) were as follows (in thousands):


	December 31,
	2023		2022
Deferred income tax assets:

Research and development tax credits	$	19,513	$	18,558
Capitalized research and software costs	33,958		14,706


Lease liability	11,914		14,260
Net operating loss carryforwards	6,502		5,802
Stock-based compensation	2,894		5,105
Other	3,303		3,614
Total deferred tax assets	78,084		62,045
Valuation allowance	(62,380)		(43,776)
Deferred tax assets, net of valuation allowance	15,704		18,269
Deferred tax liabilities:

Lease asset	(5,135)		(6,249)
Property and equipment	(4,189)		(4,914)

Capitalized commissions	(4,237)		(4,217)


Intangible assets	(329)		(940)
Other	(2,511)		(2,634)
Total deferred tax liabilities	(16,401)		(18,954)
Total net deferred tax liabilities	$	(697)	$	(685)

As of December 31, 2023, we had state net operating loss carryforwards $75.1 million. The state net operating losses will begin to expire in 2028. As of December 31, 2023, we also had federal and state research and development credit carryforwards of $7.5 million and $24.3 million, respectively. The federal credit carryforwards will begin to expire in 2043,

while the state credit carryforwards apply indefinitely. Utilization of our net operating loss and credit carryforwards may be subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions.

The change in the valuation allowance are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Valuation allowance, at beginning of year	$	43,776	$	17,217	$	—
Increase in valuation allowance	18,604		26,559		17,217
Valuation allowance, at end of year	$	62,380	$	43,776	$	17,217

The following is a reconciliation of the total amounts of reserves for unrecognized tax benefits from uncertain tax positions (in thousands):


	Year Ended December 31,
	2023		2022		2021
Unrecognized tax benefit beginning of year	$	9,455	$	7,816	$	6,141

Increases-tax positions in current year	2,860		1,639		1,675
Unrecognized tax benefit end of year	$	12,315	$	9,455	$	7,816

The unrecognized tax benefits are recorded as a reduction to the deferred tax assets and liabilities.

As of December 31, 2023 and 2022, we had no accrued interest and penalties related to uncertain income tax positions. We do not anticipate that the amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. While the applicable statute of limitations are generally open for three to four years for the jurisdictions we file in, we remain subject to income tax examinations for all years due to the usage of carryforward attributes, such as net operating losses and research and development credits. As of December 31, 2023, we have not been notified for audit by the Internal Revenue Service or any significant state jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Allowance for credit losses, available-for sale investments	$ 0	$ 0
Impairment losses for goodwill	0	0	$ 0
Impairment, long-lived asset, held-for-use	$ 0	$ 22,000,000	0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment, net
Amortization period of deferred cost	3 years
Deferred costs	$ 15,900,000	$ 15,800,000
Deferred costs, current	8,700,000	8,100,000
Deferred costs, noncurrent	7,200,000	7,700,000
Amortization expense	9,500,000	8,100,000	6,800,000
Capitalized contract cost, impairment loss	0	0
Advertising expense	$ 8,600,000	$ 9,200,000	$ 9,400,000
Accounts Receivable \| Customer Concentration Risk \| Customers of Third-Party Risk Mitigation Provider
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	26.00%
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years

Leases - Schedule of Components of Lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 4,362	$ 5,403	$ 5,203
Variable lease cost	1,737	1,058	1,463
Total lease cost	$ 6,099	$ 6,461	$ 6,666

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Set forth below is a reconciliation of the components that caused our provision for income taxes to differ from amounts computed by applying the United States federal statutory rate:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21	%	21	%	21	%
State and local income taxes, net of federal benefit	(44)		9		(214)
Change in valuation allowance	215		(37)		795
Stock-based compensation expense	(108)		7		(426)
Research and development tax credits	(93)		5		(205)
Non-deductible officers' compensation	79		(6)		47




Other permanent differences	(4)		(1)		23

Provision for income taxes	66	%	(2)	%	41	%

Schedule of Components of Income Tax Expense (Benefit)

The provision for income tax consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	3,485	$	1,313	$	20
State and local	2,299		686		346
Total current	5,784		1,999		366
Deferred
Federal	(477)		(854)		(10,966)
State and local	(12)		257		11,306
Total deferred	(489)		(597)		340
Total income tax provision	$	5,295	$	1,402	$	706

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) were as follows (in thousands):


	December 31,
	2023		2022
Deferred income tax assets:

Research and development tax credits	$	19,513	$	18,558
Capitalized research and software costs	33,958		14,706


Lease liability	11,914		14,260
Net operating loss carryforwards	6,502		5,802
Stock-based compensation	2,894		5,105
Other	3,303		3,614
Total deferred tax assets	78,084		62,045
Valuation allowance	(62,380)		(43,776)
Deferred tax assets, net of valuation allowance	15,704		18,269
Deferred tax liabilities:

Lease asset	(5,135)		(6,249)
Property and equipment	(4,189)		(4,914)

Capitalized commissions	(4,237)		(4,217)


Intangible assets	(329)		(940)
Other	(2,511)		(2,634)
Total deferred tax liabilities	(16,401)		(18,954)
Total net deferred tax liabilities	$	(697)	$	(685)

Summary of Valuation Allowance

The change in the valuation allowance are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Valuation allowance, at beginning of year	$	43,776	$	17,217	$	—
Increase in valuation allowance	18,604		26,559		17,217
Valuation allowance, at end of year	$	62,380	$	43,776	$	17,217

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the total amounts of reserves for unrecognized tax benefits from uncertain tax positions (in thousands):


	Year Ended December 31,
	2023		2022		2021
Unrecognized tax benefit beginning of year	$	9,455	$	7,816	$	6,141

Increases-tax positions in current year	2,860		1,639		1,675
Unrecognized tax benefit end of year	$	12,315	$	9,455	$	7,816

Sales of Subsidiary Businesses	12 Months Ended
Sales of Subsidiary Businesses	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Sales of Subsidiary Businesses	Sales of Subsidiary Business Sale of WegoWise In August 2022, we completed the sale of AppFolio Utility Management, Inc., dba WegoWise ("WegoWise"), a former wholly owned subsidiary of the Company that provided cloud-based utility analytics reporting software solutions to our customers. We sold WegoWise for $5.2 million (the “WegoWise Transaction”) and recognized a pre-tax gain on the sale of $4.2 million. Net assets divested are primarily comprised of intangible assets of $2.5 million and deferred revenue of $1.7 million. The gain on the sale is included within Other income, net in our Consolidated Statements of Operations.

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Quota share of tenant liability insurance provided, percent	100.00%
Insurance settlements receivable	$ 7.0
Murphy Litigation
Loss Contingencies [Line Items]
Loss contingency, accrual	7.0
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported	4.2	$ 2.7
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 5.1	$ 4.5

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2023
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

Goodwill and Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 473
2025	471
2026	471
2027	471
2028	471
Net Carrying Value	$ 2,357	$ 4,833

Investments Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 162,062	$ 90,822
Due after one year through three years	0	25,787
Amortized Cost	162,062	116,609
Estimated Fair Value
Due in one year or less	162,196	89,297
Due after one year through three years	0	25,161
Available-for-sale investment securities:	$ 162,196	$ 114,458

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash from operating activities
Net income (loss)	$ 2,702	$ (68,119)	$ 1,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	26,500	30,820	29,032
Amortization of operating lease right-of-use assets	2,132	3,187	3,199
Impairment, net	0	22,022	0
Gain on lease modification	(4,281)	0	0
Stock-based compensation, including as amortized	54,852	43,234	17,154
Gain on sale of business	0	(4,156)	(380)
Gain on sale of equity-method investment and recovery of note receivable	0	(40)	(12,767)
Other	(3,598)	(818)	499
Changes in operating assets and liabilities:
Accounts receivable	(4,206)	(4,198)	(2,103)
Prepaid expenses and other assets	(13,493)	(7,281)	(3,427)
Accounts payable	(1,565)	1,176	497
Operating lease liabilities	(2,504)	(2,524)	1,268
Accrued expenses and other liabilities	3,744	12,062	1,391
Net cash provided by operating activities	60,283	25,365	35,391
Cash from investing activities
Purchases of available-for-sale investments	(195,740)	(79,279)	(241,215)
Proceeds from sales of available-for-sale investments	1,013	994	43,198
Proceeds from maturities of available-for-sale investments	152,382	87,883	107,354
Purchases of property and equipment	(9,041)	(6,540)	(8,103)
Capitalization of software development costs	(4,825)	(14,688)	(24,615)
Proceeds from sale of business, net of cash divested	0	5,124	402
Proceeds from sale of equity-method investment	629	40	12,520
Net cash used in investing activities	(55,582)	(6,466)	(110,459)
Cash from financing activities
Proceeds from stock option exercises	2,595	4,474	2,614
Tax withholding for net share settlement	(28,556)	(10,637)	(9,962)
Net cash used in financing activities	(25,961)	(6,163)	(7,348)
Net (decrease) increase in cash and cash equivalents	(21,260)	12,736	(82,416)
Cash, cash equivalents and restricted cash
Beginning of period	71,019	58,283	140,699
End of period	49,759	71,019	58,283
Supplemental disclosure of cash flow information
Cash paid for income taxes	8,086	3,338	9,324
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	4,732	3,933	1,618
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 0	$ 11,945

Sales of Subsidiary Businesses - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 0	$ 4,156	$ 380
WegoWise \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal of subsidiary	$ 5,200
Gain on sale of business	4,200
Disposal group, intangible assets	2,500
Deferred revenue	$ 1,700

Stock-Based Compensation - Assumptions (Details) - Options	12 Months Ended
	Dec. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average 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	44.00%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Preferred Stock (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000

Capitalized Software Development Costs, net - Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Research and Development [Abstract]
Capitalized software development costs, gross	$ 126,606	$ 129,749
Less: Accumulated amortization	(105,044)	(94,434)
Capitalized software development costs, net	$ 21,562	$ 35,315

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Options outstanding, beginning balance (in shares)		516,000
Options granted (in shares)		120,000	0	0
Options exercised (in shares)		(255,000)
Options outstanding, ending balance (in shares)		381,000	516,000
Options vested of expected to vest (in shares)		381,000
Options exercisable (in shares)		261,000
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)		10.18
Options outstanding, ending balance (in dollars per share)		51.49	$ 12.90
Options vested and expected to vest (in dollars per share)		51.49
Options exercisable (in dollars per share)		$ 15.55
Weighted Average Remaining Contractual Life in Years
Options outstanding (in years)	2 years 8 months 12 days	3 years 4 months 24 days
Options vested or expected to vest (in years)		3 years 4 months 24 days
Options exercisable (in years)		9 months 18 days

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	(44.00%)	9.00%	(214.00%)
Change in valuation allowance	215.00%	(37.00%)	795.00%
Stock-based compensation expense	(108.00%)	7.00%	(426.00%)
Research and development tax credits	(93.00%)	5.00%	(205.00%)
Non-deductible officers' compensation	79.00%	(6.00%)	47.00%
Other permanent differences	(4.00%)	(1.00%)	23.00%
Provision for income taxes	66.00%	(2.00%)	41.00%

Revenue and Other Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories (in thousands):


	Year Ended December 31,
	2023		2022		2021
Core solutions	$	156,692	$	132,541	$	105,148
Value Added Services	454,098		327,636		241,289
Other	9,655		11,706		12,933
Total revenue	$	620,445	$	471,883	$	359,370

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Insurance reserves	$	4,174	$	2,665
Operating lease liabilities-current	3,626		3,357
Other	3,535		2,871
Total other current liabilities	$	11,335	$	8,893

For additional information, refer to Note 11, Commitments and Contingencies and Note 10, Leases.

Accrued Employee Expenses

12 Months Ended

Dec. 31, 2023

Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued vacation	$	12,399	$	12,067
Accrued bonuses	14,795		13,806
Accrued severance and related personnel cost	1,098		496
Accrued payroll and other	7,275		8,007



Total accrued employee expenses	$	35,567	$	34,376

During the year ended December 31, 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, which has been substantially paid out in cash during the year ended December 31, 2023. The remaining balance is expected to be paid in 2024. Refer to Note 16, Workforce Reduction for additional information.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 2,702	$ (68,119)	$ 1,028

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment is stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of assets as follows:


Asset Type						Depreciation Period
Computer equipment						3 years
Furniture and fixtures						7 years
Office equipment						3 to 5 years
Leasehold improvements						Shorter of remaining life of lease or asset life

Property and equipment, net consists of the following (in thousands):


	December 31,
	2023		2022
Computer equipment	$	4,438	$	5,529
Furniture and fixtures	5,521		5,747
Office equipment	3,761		3,800
Leasehold improvements	24,208		23,625
Construction in process	5,499		544
Gross property and equipment	43,427		39,245
Less: Accumulated depreciation	(15,065)		(13,135)
Total property and equipment, net	$	28,362	$	26,110

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 19,285	$ 23,485
Liabilities
Other current liabilities	3,626	3,357
Operating lease liabilities	41,114	50,237
Total lease liabilities	$ 44,740	$ 53,594
Weighted-average remaining lease term (years)	8 years 3 months 18 days	9 years 4 months 24 days
Weighted-average discount rate	5.10%	3.90%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following (in thousands, except years):


	December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Database	4,710		(2,355)		2,355		10.0
Domain names	90		(88)		2		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	5,052	$	(2,695)	$	2,357	9.7


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		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

Scheduled of Future Amortization Expense

Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2024	$	473
2025	471
2026	471
2027	471

2028	471
Total	$	2,357

Schedule of Goodwill

Our goodwill balance is solely attributed to acquisitions. The change in the carrying amount of goodwill during the years ended December 31, 2023 and 2022 is as follows (in thousands):


Goodwill at December 31, 2021	$	56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill at December 31, 2022	$	56,060
Goodwill at December 31, 2023	$	56,060

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Leases - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
Leases - Narrative (Details) - USD ($)	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term			10 years
Impairment, long-lived asset, held-for-use			$ 0	$ 22,000,000	$ 0
Impairment related to ROU assets			17,600,000
Impairment of leased office property and equipment				4,400,000
Gain on lease modification	$ 1,900,000	$ 2,400,000	4,281,000	0	0
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 2,900,000		4,732,000	$ 3,933,000	$ 1,618,000
Operating lease, liability, to be paid			55,480,000
Santa Barbara Office Lease
Lessee, Lease, Description [Line Items]
Operating lease, liability, to be paid						$ 6,100,000
Operating lease, payment to be received						$ 6,100,000
Operating lease, impairment loss			$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease term			5 months
Maximum
Lessee, Lease, Description [Line Items]
Lease term			10 years

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Insurance reserves	$	4,174	$	2,665
Operating lease liabilities-current	3,626		3,357
Other	3,535		2,871
Total other current liabilities	$	11,335	$	8,893

Capitalized Software Development Costs, net - Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Research and Development [Abstract]
2024	$ 12,659
2025	6,050
2026	2,432
2027	421
Capitalized software development costs, net	$ 21,562	$ 35,315

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Amended and Restated Certificate of Incorporation Upon the effectiveness of our Amended and Restated Certificate of Incorporation on June 25, 2015, we are authorized to issue 250,000,000 shares of Class A common stock, 50,000,000 shares of Class B common stock and 25,000,000 shares of undesignated preferred stock, each with a par value of $0.0001 per share. Class A Common Stock and Class B Common Stock Holders of our Class A common stock and Class B common stock are entitled to dividends when, as, and if declared by our board of directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of December 31, 2023, we have not declared any dividends. The holder of each share of Class A common stock is entitled to one vote, while the holder of each share of Class B common stock is entitled to ten votes. Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock and generally convert into shares of our Class A common stock upon transfer. Class A common stock and Class B common stock are collectively referred to as common stock throughout the notes to these financial statements, unless otherwise noted. Preferred Stock Our Board of Directors, subject to the limitations prescribed by Delaware law, has the authority to issue up to 25,000,000 shares of preferred stock and to determine the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. Share Repurchase Program On February 20, 2019, our Board of Directors authorized a $100.0 million share repurchase program (the "Share Repurchase Program") relating to our outstanding shares of Class A common stock. Under the Share Repurchase Program, share repurchases may be made from time to time, as directed by a committee consisting of three directors, in open market purchases or in privately negotiated transactions at a repurchase price that the members of the committee unanimously believe is below intrinsic value conservatively determined. The Share Repurchase Program does not obligate us to repurchase any specific dollar amount or number of shares, there is no expiration date for the Share Repurchase Program, which may be modified, suspended or terminated at any time and for any reason. We have not made any repurchases under the Share Repurchase Program during the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Revenue

$ 620,445

$ 471,883

$ 359,370

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

238,076

191,826

143,944

Sales and marketing

^[1]

107,602

107,398

73,200

Research and product development

^[1]

151,364

111,118

65,980

General and administrative

^[1]

93,452

100,792

57,279

Depreciation and amortization

28,988

33,119

30,845

Total costs and operating expenses

619,482

544,253

371,248

Income (loss) from operations

963

(72,370)

(11,878)

Other income (loss), net

4,469

13,111

Interest income, net

7,031

1,184

501

Income (loss) before provision for income taxes

7,997

(66,717)

1,734

Provision for income taxes

5,295

1,402

706

Net income (loss)

$ 2,702

$ (68,119)

$ 1,028

Net income (loss) per common share:

Basic (in dollars per share)

$ 0.08

$ (1.95)

$ 0.03

Diluted (in dollars per share)

$ 0.07

$ (1.95)

$ 0.03

Weighted average common shares outstanding:

Basic (in shares)

35,629

35,010

34,578

Diluted (in shares)

36,417

35,010

35,701

[1]

(1) Includes stock-based compensation expense as follows:


	Year Ended December 31,
	2023		2022		2021
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	3,703	$	2,640	$	2,024
Sales and marketing	5,983		8,681		2,329
Research and product development	20,974		16,030		5,457
General and administrative	21,704		13,584		5,531
Total stock-based compensation expense	$	52,364	$	40,935	$	15,341

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Insurance reserves	$ 4,174	$ 2,665
Operating lease liabilities-current	3,626	3,357
Other	3,535	2,871
Other current liabilities	$ 11,335	$ 8,893

Investments Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of December 31, 2023 and 2022 (in thousands):


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	$	162,062	$	193	$	(59)	$	162,196
Total available-for-sale investment securities	$	162,062	$	193	$	(59)	$	162,196


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	17,497	$	2	$	(112)	$	17,387

U.S. government and agency securities	99,112		—		(2,041)		97,071
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):


	December 31, 2023				December 31, 2022
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	162,062	$	162,196	$	90,822	$	89,297
Due after one year through three years	—		—		25,787		25,161
Total available-for-sale investment securities	$	162,062	$	162,196	$	116,609	$	114,458

Schedule of Sales and Maturities

During the years ended December 31, 2023 and 2022, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Year Ended December 31, 2023
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	3	$	—	$	1,013	$	16,497


U.S. government and agency securities	—		—		—		135,885
	$	3	$	—	$	1,013	$	152,382


	Year Ended December 31, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(3)	$	994	$	28,998


U.S. government and agency securities	—		—		—		58,885

	$	—	$	(3)	$	994	$	87,883

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 December 31, 2023 and 2022 by level within the fair value hierarchy (in thousands):


	December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	37,100	$	—	$	37,100

Available-for-sale investment securities:



U.S. government and agency securities	—		162,196		162,196
Total	$	37,100	$	162,196	$	199,296


	December 31, 2022
	Level 1		Level 2		Total Fair Value
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
U.S. government and agency securities	80,048		17,023		97,071


Total	$	123,308	$	34,410	$	157,718

Fair Value, Liabilities Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 by level within the fair value hierarchy (in thousands):


	December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	37,100	$	—	$	37,100

Available-for-sale investment securities:



U.S. government and agency securities	—		162,196		162,196
Total	$	37,100	$	162,196	$	199,296


	December 31, 2022
	Level 1		Level 2		Total Fair Value
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
U.S. government and agency securities	80,048		17,023		97,071


Total	$	123,308	$	34,410	$	157,718

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Jan. 25, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 each class	Class A common stock, par value $0.0001 per share
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,352
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed with the Securities and Exchange Commission (the “SEC”) pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K (this “Annual Report”), are incorporated by reference in Part III, Items 10-14 of this Annual Report. Except for the portions of the Proxy Statement specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Entity Central Index Key	0001433195
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,751,154
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,116,418

Stockholders' Equity - Class A Common Stock and Class B Common Stock (Details)	12 Months Ended
	Dec. 31, 2023 votePerShare shares
Common Class B To Common Class A
Class of Stock [Line Items]
Number of shares to be issued per share upon conversion (in shares) \| shares	1
Class A common stock
Class of Stock [Line Items]
Common stock, number of votes	1
Class B common stock
Class of Stock [Line Items]
Common stock, number of votes	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Employee Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued vacation	$	12,399	$	12,067
Accrued bonuses	14,795		13,806
Accrued severance and related personnel cost	1,098		496
Accrued payroll and other	7,275		8,007



Total accrued employee expenses	$	35,567	$	34,376

Investments Securities and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	$ 162,196	$ 114,458
Corporate bonds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:		17,387
Fair value, measurements, recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total	199,296	157,718
Fair value, measurements, recurring \| Corporate bonds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:		17,387
Fair value, measurements, recurring \| U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	162,196	97,071
Fair value, measurements, recurring \| Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:	37,100	41,973
Fair value, measurements, recurring \| Treasury securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:		1,287
Fair value, measurements, recurring \| Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total	37,100	123,308
Fair value, measurements, recurring \| Level 1 \| Corporate bonds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:		0
Fair value, measurements, recurring \| Level 1 \| U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	0	80,048
Fair value, measurements, recurring \| Level 1 \| Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:	37,100	41,973
Fair value, measurements, recurring \| Level 1 \| Treasury securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:		1,287
Fair value, measurements, recurring \| Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total	162,196	34,410
Fair value, measurements, recurring \| Level 2 \| Corporate bonds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:		17,387
Fair value, measurements, recurring \| Level 2 \| U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	162,196	17,023
Fair value, measurements, recurring \| Level 2 \| Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:	$ 0	0
Fair value, measurements, recurring \| Level 2 \| Treasury securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents:		$ 0

Workforce Reduction - Severance Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 employee	Dec. 31, 2021 employee
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated \| employee	149	0	0
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Restricted Stock Award Narrative (Details) - Unvested Restricted Stock Awards $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 0.3
Stock-based compensation expense, weighted average recognition period (in years)	6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Workforce Reduction - Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2022		$ 0
Severance and related personnel cost	$ 10,300	10,278
Cash Payments		(9,425)
Balance as of December 31, 2023		$ 853

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income (loss) attributable to common stockholders	$ 2,702	$ (68,119)	$ 1,028
Denominator
Weighted average common shares outstanding (in shares)	35,636	35,015	34,583
Less: weighted average unvested restricted shares subject to repurchase (in shares)	7	5	5
Weighted average common shares outstanding; basic (in shares)	35,629	35,010	34,578
Net income (loss) per common share, basic (in dollars per share)	$ 0.08	$ (1.95)	$ 0.03
Numerator
Net income (loss) attributable to common stockholders	$ 2,702	$ (68,119)	$ 1,028
Denominator
Weighted average common shares outstanding, basic (in shares)	35,629	35,010	34,578
Weighted average common shares outstanding; diluted (in shares)	36,417	35,010	35,701
Net income (loss) per common share, diluted (in dollars per share)	$ 0.07	$ (1.95)	$ 0.03
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	333	0	959
Restricted Stock Units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	455	0	164

Stock-Based Compensation - Restricted Stock Awards (Details) - RSAs shares in Thousands	12 Months Ended
	Dec. 31, 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	150.06
Vested (in dollars per share) \| $ / shares	96.33
Unvested, ending balance (in dollars per share) \| $ / shares	$ 150.06

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,702	$ (68,119)	$ 1,028
Other comprehensive income (loss):
Changes in unrealized gains (losses) on investment securities, net of tax	1,783	(1,490)	(250)
Comprehensive income (loss)	$ 4,485	$ (69,609)	$ 778

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Investments Securities and Fair Value Measurements - Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 162,062	$ 116,609
Gross Unrealized Gains	193	2
Gross Unrealized Losses	(59)	(2,153)
Estimated Fair Value	162,196	114,458
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	162,062	99,112
Gross Unrealized Gains	193	0
Gross Unrealized Losses	(59)	(2,041)
Estimated Fair Value	$ 162,196	97,071
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		17,497
Gross Unrealized Gains		2
Gross Unrealized Losses		(112)
Estimated Fair Value		$ 17,387

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have two stock incentive plans, our 2007 Stock Incentive Plan (the "2007 Plan") and the 2015 Stock Incentive Plan (the "2015 Plan"). The 2007 Plan expired on February 14, 2017, however it will continue to govern outstanding awards granted under the 2007 Plan.

Under the 2015 Plan, 2,000,000 shares of our Class A common stock were reserved and available for grant and issuance. On January 1 of each subsequent calendar year, the number of shares available for grant and issuance under the 2015 Plan increase by the lesser of (i) the number of shares of our Class A common stock subject to awards granted under the 2015 Plan during the preceding calendar year and (ii) such lesser number of shares of our Class A common stock determined by our Board of Directors. The number of shares of our Class A common stock is also subject to adjustment in the event of a recapitalization, stock split, reclassification, stock dividend or other change in our capitalization. The 2015 Plan authorizes the award of stock options, stock appreciation rights, RSAs, RSUs, performance awards and stock bonuses. The 2015 Plan provides for the grant of awards to our employees, directors, consultants and independent contractors, subject to certain exceptions. RSUs, PSUs, and RSAs have been issued during 2023 pursuant to the 2015 Plan.

RSUs and PSUs represent the right on the part of the holder to receive shares of our Class A common stock at a specified date in the future or the achievement of performance conditions at the discretion of our compensation committee, subject to forfeiture of that right due to termination of employment. If an RSU or PSU has not been forfeited, then, on the specified date, we will deliver to the holder of the RSU or PSU shares of our Class A common stock.

Stock Options

A summary of activity in connection with our stock options for the year ended December 31, 2023 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2022	516	$	12.90	2.7
Options granted	120	129.74
Options exercised	(255)	10.18

Options outstanding as of December 31, 2023	381	$	51.49	3.4

At December 31, 2023:
Options vested and expected to vest	381	$	51.49	3.4
Options exercisable	261	$	15.55	0.8

Our stock-based compensation expense for stock options were not material for the periods presented.

During the year ended December 31, 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 years ended December 31, 2022 or 2021.

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 the year ended December 31, 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	—

The total intrinsic value of options exercised in 2023, 2022 and 2021 was $36.4 million, $31.1 million, and $39.1 million, respectively. This intrinsic value represents the difference between the fair value of our common stock on the date of exercise and the exercise price of each option. Based on the fair value of our common stock as of December 31, 2023, the total intrinsic value of all outstanding options, exercisable options, and options vested and expected to vest was $46.4 million.

Restricted Stock Units

A summary of activity in connection with our RSUs for the year ended December 31, 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	659	125.05
Vested	(520)	120.39
Forfeited	(358)	114.37
Unvested as of December 31, 2023	943	$	121.61

Unvested RSUs as of December 31, 2023 were composed of 0.8 million RSUs with only service conditions and 0.1 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 December 31, 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 throughout the performance period. 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.

We recognized stock-based compensation expense for the RSUs and PSUs of $51.0 million, $43.3 million and $17.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.9 million, $3.0 million, and $2.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $89.5 million, which is expected to be recognized over a weighted average period of 2.3 years. The total fair value of RSUs and PSUs vested during the years ended December 31, 2023, 2022 and 2021 was approximately $82.2 million, $27.5 million and $26.6 million, respectively.

Restricted Stock Awards

A summary of activity in connection with our RSAs for the year ended December 31, 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	6	$	96.33
Granted	6	150.06
Vested	(6)	96.33

Unvested as of December 31, 2023	6	$	150.06

We have the right to repurchase any unvested RSAs subject to certain conditions. Restricted stock awards vest over a one-year period. Our stock-based compensation expense for RSAs was not material for the periods presented.

As of December 31, 2023, the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.3 million, which is expected to be recognized over a weighted average period of 0.5 years.

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax assets:
Research and development tax credits	$ 19,513	$ 18,558
Capitalized research and software costs	33,958	14,706
Lease liability	11,914	14,260
Net operating loss carryforwards	6,502	5,802
Stock-based compensation	2,894	5,105
Other	3,303	3,614
Total deferred tax assets	78,084	62,045
Valuation allowance	(62,380)	(43,776)	$ (17,217)	$ 0
Deferred tax assets, net of valuation allowance	15,704	18,269
Deferred tax liabilities:
Lease asset	(5,135)	(6,249)
Property and equipment	(4,189)	(4,914)
Capitalized commissions	(4,237)	(4,217)
Intangible assets	(329)	(940)
Other	(2,511)	(2,634)
Total deferred tax liabilities	(16,401)	(18,954)
Total net deferred tax liabilities	$ (697)	$ (685)

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total stock-based compensation expense	$ 52,364	$ 40,935	$ 15,341
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	3,703	2,640	2,024
Sales and marketing
Total stock-based compensation expense	5,983	8,681	2,329
Research and product development
Total stock-based compensation expense	20,974	16,030	5,457
General and administrative
Total stock-based compensation expense	$ 21,704	$ 13,584	$ 5,531

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax examination, penalties and interest accrued	$ 0	$ 0
Federal \| Research tax credit carryforward
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit carryforwards	7,500,000
State
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net operating loss carryforwards	75,100,000
State \| Research tax credit carryforward
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit carryforwards	$ 24,300,000

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of activity in connection with our stock options for the year ended December 31, 2023 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2022	516	$	12.90	2.7
Options granted	120	129.74
Options exercised	(255)	10.18

Options outstanding as of December 31, 2023	381	$	51.49	3.4

At December 31, 2023:
Options vested and expected to vest	381	$	51.49	3.4
Options exercisable	261	$	15.55	0.8

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions




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 year ended December 31, 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	659	125.05
Vested	(520)	120.39
Forfeited	(358)	114.37
Unvested as of December 31, 2023	943	$	121.61

Schedule of Restricted Stock Activity

A summary of activity in connection with our RSAs for the year ended December 31, 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	6	$	96.33
Granted	6	150.06
Vested	(6)	96.33

Unvested as of December 31, 2023	6	$	150.06

Investments Securities and Fair Value Measurements - Sales and Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 3	$ 0
Gross Realized Losses	0	(3)
Gross Proceeds from Sales	1,013	994	$ 43,198
Gross Proceeds from Maturities	152,382	87,883	$ 107,354
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	3	0
Gross Realized Losses	0	(3)
Gross Proceeds from Sales	1,013	994
Gross Proceeds from Maturities	16,497	28,998
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	$ 135,885	$ 58,885

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capitalized Software Development Costs, net

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Capitalized Software Development Costs, net

Capitalized software development costs, net were as follows (in thousands):


	December 31,
	2023		2022
Capitalized software development costs, gross	$	126,606	$	129,749
Less: Accumulated amortization	(105,044)		(94,434)
Capitalized software development costs, net	$	21,562	$	35,315

Capitalized software development costs were $5.5 million, $17.7 million and $27.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense with respect to software development costs totaled $19.2 million, $23.6 million and $21.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023 and 2022, we disposed of $8.2 million and $3.3 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,
2024	$	12,659
2025	6,050
2026	2,432
2027	421
Total amortization expense	$	21,562

Investments Securities and Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 20, 2021	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Allowance for credit losses, available-for sale investments		$ 0	$ 0
SecureDocs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized gain from recovery of note receivable	$ 2,000,000
SecureDocs \| Other income, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain recognized on sale of interest	$ 12,800,000

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
401k cash contributions	$ 7.3	$ 5.9	$ 4.0

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plans	Retirement PlansWe have a 401(k) retirement and savings plan made available to all employees. We may, at our discretion, make matching contributions to the 401(k) plan. Cash contributions to the plan were $7.3 million, $5.9 million, and $4.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense recognized in the Consolidated Statements of Operations were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	4,362	$	5,403	$	5,203
Variable lease cost	1,737		1,058		1,463
Total lease cost	$	6,099	$	6,461	$	6,666

Lease Assets and Liabilities

Lease-related assets and liabilities were as follows (in thousands, except years and %):


	December 31,
	2023			2022
Assets

Operating lease right-of-use assets	19,285			23,485

Liabilities
Other current liabilities	$	3,626		$	3,357
Operating lease liabilities	41,114			50,237
Total lease liabilities	$	44,740		$	53,594

Weighted-average remaining lease term (years)	8.3			9.4
Weighted-average discount rate	5.1		%	3.9		%

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows (in thousands):


Years ending December 31,
2024	$	5,348
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	55,480
Less: imputed interest	(10,740)
Total	$	44,740

Revenue and Other Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenue and Other Information

The following table presents our revenue categories (in thousands):


	Year Ended December 31,
	2023		2022		2021
Core solutions	$	156,692	$	132,541	$	105,148
Value Added Services	454,098		327,636		241,289
Other	9,655		11,706		12,933
Total revenue	$	620,445	$	471,883	$	359,370

Our revenue is generated primarily from United States customers. All of our property and equipment is located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill, ending balance	$ 56,060

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 52,364	$ 40,935	$ 15,341
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	51,000	43,300	17,300
Share-based payment arrangement, amount capitalized	900	3,000	2,700
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 89,500
Stock-based compensation expense, weighted average recognition period (in years)	2 years 3 months 18 days
Fair value of shares vested	$ 82,200	$ 27,500	$ 26,600
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	943	1,162
Vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested performance stock units (in shares)	100
Vesting period	3 years
Percent of award target performance metric	100.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award target performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award target performance metric	142.00%
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	800
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested performance stock units (in shares)	100

Accrued Employee Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Operating leases for our corporate offices have remaining lease terms ranging from five months to ten years, some of which include options to extend the leases for up to ten years. These options to extend have not been recognized as part of our operating lease right-of-use assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Certain leases contain provisions for property-related costs that are variable in nature for which we are responsible, including common area maintenance, which are expensed as incurred.

The components of lease expense recognized in the Consolidated Statements of Operations were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	4,362	$	5,403	$	5,203
Variable lease cost	1,737		1,058		1,463
Total lease cost	$	6,099	$	6,461	$	6,666

Lease-related assets and liabilities were as follows (in thousands, except years and %):


	December 31,
	2023			2022
Assets

Operating lease right-of-use assets	19,285			23,485

Liabilities
Other current liabilities	$	3,626		$	3,357
Operating lease liabilities	41,114			50,237
Total lease liabilities	$	44,740		$	53,594

Weighted-average remaining lease term (years)	8.3			9.4
Weighted-average discount rate	5.1		%	3.9		%

During the year ended December 31, 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 was not fully recoverable. 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 rates and the anticipated sublease income and calculated the corresponding impairment loss. We used 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 a net impairment of $22.0 million consisting of $17.6 million related to ROU assets and $4.4 million related to property and equipment associated with our leased office spaces. These amounts were recorded within General and administrative in our 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 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 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 year ended December 31, 2023.

Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows (in thousands):


Years ending December 31,
2024	$	5,348
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	55,480
Less: imputed interest	(10,740)
Total	$	44,740

Workforce Reduction

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Workforce Reduction

During the year ended December 31, 2023, we implemented 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 years ended December 31, 2022 and 2021.

The following table presents the total severance and related personnel costs by function, for the year ended December 31, 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 year ended December 31, 2023.

The following is a summary of changes in the accrued severance and related personnel cost, within Accrued Employee Expenses on the 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	(9,425)

Balance as of December 31, 2023	$	853

The remaining balance is expected to be paid in 2024.

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit beginning of year	$ 9,455	$ 7,816	$ 6,141
Increases-tax positions in current year	2,860	1,639	1,675
Unrecognized tax benefit end of year	$ 12,315	$ 9,455	$ 7,816

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, 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 property manager 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.

Accrued Employee Expenses - Schedule of Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Accrued vacation	$ 12,399	$ 12,067
Accrued bonuses	14,795	13,806
Accrued severance and related personnel cost	1,098	496
Accrued payroll and other	7,275	8,007
Accrued employee expenses	$ 35,567	$ 34,376

Property and Equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 43,427	$ 39,245
Less: Accumulated depreciation	(15,065)	(13,135)
Total property and equipment, net	28,362	26,110
Depreciation expense on property and equipment	7,300	5,100	$ 4,700
Impairment of leased office property and equipment		4,400
Computer equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	4,438	5,529
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	5,521	5,747
Office equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,761	3,800
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	24,208	23,625
Construction in process
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 5,499	$ 544

Revenue and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Revenue	$ 620,445	$ 471,883	$ 359,370
Core solutions
Product Information [Line Items]
Revenue	156,692	132,541	105,148
Value Added Services
Product Information [Line Items]
Revenue	454,098	327,636	241,289
Other
Product Information [Line Items]
Revenue	$ 9,655	$ 11,706	$ 12,933

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	December 31,
	2023		2022
Computer equipment	$	4,438	$	5,529
Furniture and fixtures	5,521		5,747
Office equipment	3,761		3,800
Leasehold improvements	24,208		23,625
Construction in process	5,499		544
Gross property and equipment	43,427		39,245
Less: Accumulated depreciation	(15,065)		(13,135)
Total property and equipment, net	$	28,362	$	26,110

Depreciation expense for property and equipment totaled $7.3 million, $5.1 million, and $4.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2022, we recorded an impairment of $4.4 million related to property and equipment associated with our leased office spaces. For additional information, see Note 10, Leases.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Reclassification

We reclassified certain amounts in our 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.

Principles of Consolidation

Use of Estimates

Segment Information

Concentrations of Credit Risk

Concentrations of credit risk with respect to accounts receivable and revenue are limited due to a large, diverse customer base. As of December 31, 2023, (i) no individual customer exceeded 10% of our total revenues in any of the periods presented, and (ii) 26% of our accounts receivable balance was attributable to amounts due from a risk mitigation provider. For purposes of assessing concentration of credit risk and significant customers, a group of residents that are receiving services from a third party that controls and transfers the specified services are regarded as one single customer.

Fair Value Measurements

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, in the marketplace.

Level 3 - Unobservable inputs that are supported by little or no market activity.

Cash, Cash Equivalents and Restricted Cash

Investment Securities

Accounts Receivable

Property and Equipment

Property and equipment is stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of assets as follows:


Asset Type						Depreciation Period
Computer equipment						3 years
Furniture and fixtures						7 years
Office equipment						3 to 5 years
Leasehold improvements						Shorter of remaining life of lease or asset life

Leases

Capitalized Software Development Costs

Goodwill and Intangible Assets, Net

Impairment of Long-Lived Assets

We assess the recoverability of our long-lived assets when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset or asset group to the future undiscounted cash flows we expect the asset or asset group to generate. Any excess of the carrying value of the asset or asset group above its fair value is recognized as an impairment loss. We recorded net lease-related impairment charges of $22.0 million for the year ended December 31, 2022. Refer to Note 10, Leases for additional information. There were no impairment charges related to the identified long-lived assets for the years ended December 31, 2023 and 2021.

Revenue Recognition

Core Solutions

Value Added Services

Other Revenue

Deferred Costs

Deferred costs were $15.9 million and $15.8 million as of December 31, 2023 and 2022, respectively, of which $8.7 million and $8.1 million, respectively, are included in Prepaid expenses and other current assets and $7.2 million and $7.7 million, respectively, are included in Other long-term assets in the accompanying Consolidated Balance Sheets. Amortization expense for deferred costs was $9.5 million, $8.1 million, and $6.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. For the years ended December 31, 2023 and 2022, no impairments were identified in relation to the costs capitalized for the periods presented.

Cost of Revenue (Exclusive of Depreciation and Amortization)

Sales and Marketing

Research and Product Development

General and Administrative

Depreciation and Amortization

Stock-Based Compensation

Income Taxes

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):


	Year Ended December 31,
	2023		2022		2021
Basic net income (loss) per share:
Numerator


Net income (loss) attributable to common stockholders	$	2,702	$	(68,119)	$	1,028
Denominator
Weighted average common shares outstanding	35,636		35,015		34,583
Less: Weighted average unvested restricted shares subject to repurchase	7		5		5
Weighted average common shares outstanding; basic	35,629		35,010		34,578
Net income (loss) per common share; basic	$	0.08	$	(1.95)	$	0.03
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	2,702	$	(68,119)	$	1,028
Denominator
Weighted average common shares outstanding; basic	35,629		35,010		34,578
Add: Weighted average dilutive options outstanding	333		—		959
Add: Weighted average dilutive RSUs outstanding	455		—		164
Weighted average common shares outstanding; diluted	36,417		35,010		35,701
Net income (loss) per common share; diluted	$	0.07	$	(1.95)	$	0.03

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):


	Year Ended December 31,
	2023	2022	2021
Unvested Restricted Stock Awards	6	6	4
Options	120	516	846
Restricted Stock Units	20	1,162	837
Total potentially dilutive securities	146	1,684	1,687

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Not Yet Adopted