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Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 16,371	$ 13,474
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	16,000	$ 13,000
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 142,800
Stock-based compensation expense, weighted average recognition period (in years)	2 years 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	983		785
Vesting period	4 years
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	900
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
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percent of targeted performance metric	100.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	171.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 31,383	$ 38,663

- Definition

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

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Units

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2025, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2024	785	$	160.0
Granted	332	225.0
Vested	(101)	153.5
Forfeited	(32)	149.2
Unvested as of March 31, 2025	983	$	182.9

Unvested RSUs as of March 31, 2025 were composed of 0.9 million RSUs with only service conditions and 0.1 million performance share units ("PSUs") with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metrics at 100% of the performance target. The unvested PSUs as of March 31, 2025, are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2025 and will vest over a three year period, assuming continued employment through each vesting date. The actual number of shares to be issued at the end of the performance period will range from 0% to 171% of the target number of shares depending on achievement relative to the performance metrics over the applicable period.

We recognized stock-based compensation expense for the RSUs and PSUs of $16.0 million and $13.0 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $142.8 million, which is expected to be recognized over a weighted average period of 2.5 years.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 7, 2025, Matt Mazza, our Chief Trust Officer, terminated his previously reported Rule 10b5-1 trading arrangement, which was adopted on May 16, 2024. The trading plan was entered into and terminated during an open insider trading window. On March 14, 2025, Janet Kerr, a member of our Board, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 2,500 shares of our Class A common stock between September 8, 2025 and December 31, 2025. Ms. Kerr'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.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matt Mazza [Member]
Trading Arrangements, by Individual
Name	Matt Mazza
Title	Chief Trust Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	On February 7, 2025
Janet Kerr [Member]
Trading Arrangements, by Individual
Name	Janet Kerr
Title	member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2025
Expiration Date	December 31, 2025
Arrangement Duration	114 days
Aggregate Available	2,500

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 153,853	$ 235,509
Amortized Cost	153,853	235,509
Estimated Fair Value
Due in one year or less	153,881	235,745
Estimated Fair Value	$ 153,881	$ 235,745

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expenses (benefit)	$ 5,409	$ (1,581)
Effective tax rate	14.70%

- Definition

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

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2025, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2024	785	$	160.0
Granted	332	225.0
Vested	(101)	153.5
Forfeited	(32)	149.2
Unvested as of March 31, 2025	983	$	182.9

Accrued Employee Expenses

3 Months Ended

Mar. 31, 2025

Accrued Employee Expenses

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


	March 31, 2025		December 31, 2024
Accrued bonuses	7,142		17,092
Accrued payroll and other	14,633		13,065
Total accrued employee expenses	$	21,775	$	30,157

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 217,702	$ 187,430
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	49,513	42,920
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	164,706	142,331
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,483	$ 2,179

- 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

- 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.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 61	$ 0
Gross Realized Losses	(5)	0
Gross Proceeds from Sales	102,718	0
Gross Proceeds from Maturities	42,150	36,670
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	61	0
Gross Realized Losses	(5)	0
Gross Proceeds from Sales	102,718	0
Gross Proceeds from Maturities	$ 42,150	$ 36,670

- 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
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-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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 153,853	$ 235,509
Gross Unrealized Gains	53	261
Gross Unrealized Losses	(25)	(25)
Estimated Fair Value	153,881	235,745
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	153,853	235,509
Gross Unrealized Gains	53	261
Gross Unrealized Losses	(25)	(25)
Estimated Fair Value	$ 153,881	$ 235,745

- 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

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 17, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-37468
Entity Registrant Name	AppFolio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0359894
Entity Address, Address Line One	70 Castilian Drive
Entity Address, City or Town	Santa Barbara,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	364-6093
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001433195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,047,322
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,981,324

Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Compensation Related Costs [Abstract]
Accrued bonuses	$ 7,142	$ 17,092
Accrued payroll and other	14,633	13,065
Total accrued employee expenses	$ 21,775	$ 30,157

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 6, 2025. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the three months ended March 31, 2025 are not necessarily indicative of the results expected for the full year ending December 31, 2025.

Reclassification

We reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, 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, the 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 ("CODM"), the Chief Executive Officer, allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. There are no segment managers who are held accountable by our CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we have determined that we operate as a single operating and reportable segment.

Our CODM uses consolidated net income (loss) as the sole measure of segment profit or loss. Significant segment expenses include cost of revenue (excluding depreciation and amortization), sales and marketing, research and product development, general and administrative expenses, and depreciation and amortization. For expenses incurred during the three months ended March 31, 2025 and 2024, refer to our Condensed Consolidated Statements of Operations. Stock-based compensation expense is also recognized as a significant segment expense. Details regarding this expense for the three months ended March 31, 2025 and 2024 was included in the parenthetical note to the respective Condensed Consolidated Statements of Operations.

Deferred Costs

Deferred costs were $17.4 million and $16.8 million as of March 31, 2025 and December 31, 2024, respectively, of which $9.1 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $8.2 million and $6.9 million, respectively, are included in Other long-term assets in the accompanying Condensed Consolidated Balance Sheets. Amortization expense for deferred costs was $2.7 million, $2.5 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, no impairments were identified in relation to the costs capitalized for the periods presented.

Net Income per Common Share

Net income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below. The following table sets forth the computation of basic and diluted net income per common share (in thousands):


	Three Months Ended March 31,
	2025		2024
Basic net income per share:
Numerator
Net income	$	31,383	$	38,663
Less: undistributed earnings to participating securities	—		5
Net income attributable to common stockholders	$	31,383	$	38,658
Denominator
Weighted average common shares outstanding	36,302		36,092
Less: Weighted average unvested restricted shares subject to repurchase	—		5
Weighted average common shares outstanding; basic	36,302		36,087
Net income per common share; basic	$	0.86	$	1.07
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	31,383	$	38,658
Denominator
Weighted average common shares outstanding; basic	36,302		36,087
Add: Weighted average dilutive options outstanding	39		108
Add: Weighted average dilutive restricted stock units outstanding	307		479
Weighted average common shares outstanding; diluted	36,648		36,674
Net income per common share; diluted	$	0.86	$	1.05

Potentially dilutive securities that are not included in the calculation of diluted net income per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2025	2024
Unvested restricted stock awards	—	4

Restricted stock units	45	170
Total potentially dilutive securities	45	174

Subsequent Event (Details) - Subsequent Event $ in Millions	Apr. 11, 2025 USD ($)	Apr. 03, 2025 director	Apr. 02, 2025 director
Business Acquisition [Line Items]
Number of directors \| director		9	8
Second Nature Holdings, L.P
Business Acquisition [Line Items]
Payment to purchase minority, non-controlling equity interest \| $	$ 75.0

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net income	$ 31,383	$ 38,663
Less: undistributed earnings to participating securities	0	5
Net income attributable to common stockholders	$ 31,383	$ 38,658
Denominator
Weighted average common shares outstanding (in shares)	36,302	36,092
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	0	5
Weighted average common shares outstanding; basic (in shares)	36,302	36,087
Net income per common share, basic (in dollars per share)	$ 0.86	$ 1.07
Numerator
Net income attributable to common stockholders	$ 31,383	$ 38,658
Denominator
Basic (in shares)	36,302	36,087
Weighted average common shares outstanding; diluted (in shares)	36,648	36,674
Net income per common share, diluted (in dollars per share)	$ 0.86	$ 1.05
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	39	108
Restricted stock units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	307	479

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 153,881	$ 235,745
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	185,900	260,912
Fair value, recurring measurements \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	153,881	235,745
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	32,019	25,167
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,019	25,167
Fair value, recurring measurements \| Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	32,019	25,167
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	153,881	235,745
Fair value, recurring measurements \| Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	153,881	235,745
Fair value, recurring measurements \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Quota share of tenant liability insurance (as a percent)	100.00%
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported	$ 4.0	$ 3.9
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 4.0	$ 6.7

- 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

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	45	174
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	0	4
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	45	170

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Income Statement [Abstract]

Revenue

$ 217,702

$ 187,430

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

79,498

64,646

Sales and marketing

^[1]

31,057

24,455

Research and product development

^[1]

43,758

37,895

General and administrative

^[1]

23,351

21,132

Depreciation and amortization

6,255

5,212

Total costs and operating expenses

183,919

153,340

Income from operations

33,783

34,090

Other income (loss), net

Interest income, net

2,953

2,992

Income before provision for income taxes

36,792

37,082

Provision (benefit from) for income taxes

5,409

(1,581)

Net income

$ 31,383

$ 38,663

Net income per common share:

Basic (in dollars per share)

$ 0.86

$ 1.07

Diluted (in dollars per share)

$ 0.86

$ 1.05

Weighted average common shares outstanding:

Basic (in shares)

36,302

36,087

Diluted (in shares)

36,648

36,674

[1]

Includes stock-based compensation expense as follows:


	Three Months Ended March 31,
	2025		2024
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	1,287	$	960
Sales and marketing	2,848		1,510
Research and product development	6,931		5,682
General and administrative	5,305		5,322
Total stock-based compensation expense	$	16,371	$	13,474

Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

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


	March 31, 2025		December 31, 2024
Unearned premium liabilities	$	5,767	$	5,455
Insurance reserves	$	4,041	$	3,908
Operating lease liabilities-current	4,369		4,273
Other	1,996		2,451
Total other current liabilities	$	16,173	$	16,087

Unearned premium liabilities are the refundable portion of commissions received in connection with the sale of renters insurance policies to residents through AppFolio Insurance Services, Inc., our wholly owned subsidiary. In the event a resident cancels their renters insurance policy prior to the end of such policy, we may be required to refund a pro rata portion of the commission paid on such policy.

For additional information for insurance reserves, refer to Note 6, Commitments and Contingencies.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares

The following table sets forth the computation of basic and diluted net income per common share (in thousands):


	Three Months Ended March 31,
	2025		2024
Basic net income per share:
Numerator
Net income	$	31,383	$	38,663
Less: undistributed earnings to participating securities	—		5
Net income attributable to common stockholders	$	31,383	$	38,658
Denominator
Weighted average common shares outstanding	36,302		36,092
Less: Weighted average unvested restricted shares subject to repurchase	—		5
Weighted average common shares outstanding; basic	36,302		36,087
Net income per common share; basic	$	0.86	$	1.07
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	31,383	$	38,658
Denominator
Weighted average common shares outstanding; basic	36,302		36,087
Add: Weighted average dilutive options outstanding	39		108
Add: Weighted average dilutive restricted stock units outstanding	307		479
Weighted average common shares outstanding; diluted	36,648		36,674
Net income per common share; diluted	$	0.86	$	1.05

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 per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2025	2024
Unvested restricted stock awards	—	4

Restricted stock units	45	170
Total potentially dilutive securities	45	174

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 31,383	$ 38,663
Other comprehensive loss:
Changes in unrealized losses on investment securities, net of tax	(207)	(214)
Comprehensive income	$ 31,176	$ 38,449

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	785
Granted (in shares) \| shares	332
Vested (in shares) \| shares	(101)
Forfeited (in shares) \| shares	(32)
Unvested, ending balance (in shares) \| shares	983
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 160.0
Granted (in dollars per share) \| $ / shares	225.0
Vested (in dollars per share) \| $ / shares	153.5
Forfeited (in dollars per share) \| $ / shares	149.2
Unvested, ending balance (in dollars per share) \| $ / shares	$ 182.9

Accrued Employee Expenses (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Accrued Employee Expenses

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


	March 31, 2025		December 31, 2024
Accrued bonuses	7,142		17,092
Accrued payroll and other	14,633		13,065
Total accrued employee expenses	$	21,775	$	30,157

Investment Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	153,853		53		(25)		153,881
Total available-for-sale investment securities	$	153,853	$	53	$	(25)	$	153,881


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	235,509		261		(25)		235,745
Total available-for-sale investment securities	$	235,509	$	261	$	(25)	$	235,745

As of March 31, 2025, 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 March 31, 2025 or December 31, 2024.

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


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	153,853	$	153,881	$	235,509	$	235,745

Total available-for-sale investment securities	$	153,853	$	153,881	$	235,509	$	235,745

During the three months ended March 31, 2025 and 2024, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	61		(5)		102,718		42,150
Total	$	61	$	(5)	$	102,718	$	42,150


	Three Months Ended March 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		36,670
Total	$	—	$	—	$	—	$	36,670

The tables above do not include our non-marketable debt securities of $2.0 million, which are recorded in Other long term assets in the Condensed Consolidated Balance Sheet as of March 31, 2025.

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 March 31, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands):


	March 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	32,019	$	—	$	32,019


Available-for-sale investment securities:


U.S. government and agency securities	—		153,881		153,881
Total	$	32,019	$	153,881	$	185,900


	December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	25,167	$	—	$	25,167

Available-for-sale investment securities:


U.S. government and agency securities	—		235,745		235,745
Total	$	25,167	$	235,745	$	260,912

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short maturity of these items.

Fair value for our Level 1 investment securities is based on market prices for identical assets. Our Level 2 securities were priced by a pricing vendor. The pricing vendor utilizes the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, other observable inputs like market transactions involving comparable securities are used.

Revenue and Other Information (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Core solutions	$	49,513	$	42,920
Value Added Services	164,706		142,331
Other	3,483		2,179
Total revenue	$	217,702	$	187,430

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

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


	March 31, 2025		December 31, 2024
Unearned premium liabilities	$	5,767	$	5,455
Insurance reserves	$	4,041	$	3,908
Operating lease liabilities-current	4,369		4,273
Other	1,996		2,451
Total other current liabilities	$	16,173	$	16,087

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established in connection with reinsuring liability to landlord insurance policies offered to our customers by our third-party service provider. 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 March 31, 2025 and December 31, 2024 was $4.0 million and $3.9 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of March 31, 2025 and December 31, 2024 are $4.0 million and $6.7 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings From time to time, we are involved in various 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 ultimate outcome of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we do not believe that any such investigative inquires, legal proceedings and other disputes, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, 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.

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Apr. 23, 2025	Feb. 20, 2019
Share Repurchase Program [Line Items]
Share repurchase program, authorized amount				$ 100.0
Stock repurchased (in shares)	445,311	0
Average purchase price (in dollars per share)	$ 215.05
Stock repurchased	$ 95.8
Subsequent Event
Share Repurchase Program [Line Items]
Share repurchase program, authorized amount			$ 300.0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2023		21,749	14,116
Beginning balance at Dec. 31, 2023	$ 297,312	$ 2	$ 2	$ 236,985	$ 99	$ (25,756)	$ 85,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		244
Exercise of stock options	3,874			3,874
Stock-based compensation	13,646			13,646
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		89
Vesting of restricted stock units, net of shares withheld for taxes	(14,086)			(14,086)
Conversion of Class B common stock to Class A common stock (in shares)		199	(199)
Other comprehensive loss	(214)				(214)
Net income	38,663						38,663
Ending balance (in shares) at Mar. 31, 2024		22,281	13,917
Ending balance at Mar. 31, 2024	339,195	$ 2	$ 2	240,419	(115)	(25,756)	124,643
Beginning balance (in shares) at Dec. 31, 2024		23,241	13,163
Beginning balance at Dec. 31, 2024	519,290	$ 2	$ 2	254,821	173	(25,756)	290,048
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1
Exercise of stock options	11			11
Stock-based compensation	16,483			16,483
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		60
Vesting of restricted stock units, net of shares withheld for taxes	(9,078)			(9,078)
Conversion of Class B common stock to Class A common stock (in shares)		182	(182)
Repurchase on common stock (in shares)		(445)
Repurchase on common stock	(95,763)					(95,763)
Other comprehensive loss	(207)				(207)
Net income	31,383						31,383
Ending balance (in shares) at Mar. 31, 2025		23,039	12,981
Ending balance at Mar. 31, 2025	$ 462,119	$ 2	$ 2	$ 262,237	$ (34)	$ (121,519)	$ 321,431

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 3, 2025, our Board (1) increased the number of directors that comprise the Board from eight to nine directors in accordance with our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, and (2) elected Robert Donald Casey III to the Board as a Class II Director effective immediately to fill the director’s office created by such increase. In connection with his election, the Board determined that Mr. Casey qualifies as an independent director under the Nasdaq rules. On April 11, 2025, we entered into a strategic partnership (the "Strategic Partnership") with Second Nature Brands, Inc. ("Second Nature") that will, among other things, enable AppFolio's property management customers to offer Second Nature's suite of residential property services within the AppFolio Stack™ partner ecosystem. In connection with entering into the Strategic Partnership, on April 11, 2025, we purchased a minority, non-controlling equity interest in Second Nature Holdings, L.P., the indirect parent of Second Nature, for $75.0 million, paid with cash on hand.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 56,933	$ 42,504
Investment securities—current	153,881	235,745
Accounts receivable, net	27,462	24,346
Prepaid expenses and other current assets	33,738	32,807
Total current assets	272,014	335,402
Property and equipment, net	23,413	24,483
Operating lease right-of-use assets	16,971	17,472
Capitalized software development costs, net	13,649	15,429
Goodwill	96,410	96,410
Intangible assets, net	46,500	49,057
Deferred income taxes	82,451	76,910
Other long-term assets	13,325	11,515
Total assets	564,733	626,678
Current liabilities
Accounts payable	4,934	2,378
Accrued employee expenses	21,775	30,157
Accrued expenses	15,724	14,658
Other current liabilities	16,173	16,087
Total current liabilities	58,606	63,280
Operating lease liabilities	36,328	37,476
Other liabilities	7,680	6,632
Total liabilities	102,614	107,388
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	262,237	254,821
Accumulated other comprehensive (loss) Income	(34)	173
Treasury stock	(121,519)	(25,756)
Retained earnings	321,431	290,048
Total stockholders’ equity	462,119	519,290
Total liabilities and stockholders’ equity	564,733	626,678
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Allowance for credit losses, available-for sale investments	$ 0.0	$ 0.0
Non-marketable debt securities	$ 2.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash from operating activities
Net income	$ 31,383	$ 38,663
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,255	5,211
Amortization of operating lease right-of-use assets	501	523
Amortization of costs capitalized to obtain revenue contracts	2,720	2,500
Deferred income taxes	(5,541)	0
Stock-based compensation, including as amortized	16,371	13,474
Other	(917)	(1,824)
Changes in operating assets and liabilities:
Accounts receivable	(3,116)	(5,470)
Prepaid expenses and other assets	(5,460)	6,349
Accounts payable	2,546	733
Operating lease liabilities	(1,051)	(475)
Accrued expenses and other liabilities	(5,226)	(16,730)
Net cash provided by operating activities	38,465	42,954
Cash from investing activities
Purchases of available-for-sale investments	(62,302)	(57,162)
Proceeds from sales of available-for-sale investments	102,718	0
Proceeds from maturities of available-for-sale investments	42,150	36,670
Purchases of property and equipment	(230)	(1,420)
Capitalization of software development costs	(636)	(1,125)
Cash paid in business acquisition, net of cash acquired	(906)	0
Net cash provided by (used in) investing activities	80,794	(23,037)
Cash from financing activities
Proceeds from stock option exercises	11	3,874
Tax withholding for net share settlement	(9,078)	(14,086)
Purchase of common stock	(95,763)	0
Net cash used in financing activities	(104,830)	(10,212)
Net increase in cash, cash equivalents and restricted cash	14,429	9,705
Cash, cash equivalents and restricted cash
Beginning of period	42,754	49,759
End of period	57,183	59,464
Cash and cash equivalents	56,933	59,214
Restricted cash included in prepaid expenses and other current assets	250	250
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	57,183	59,464
Supplemental disclosure of cash flow information
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 1,558	$ 1,483

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Unearned premium liabilities	$ 5,767	$ 5,455
Insurance reserves	4,041	3,908
Operating lease liabilities-current	4,369	4,273
Other	1,996	2,451
Total other current liabilities	$ 16,173	$ 16,087

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Deferred costs	$ 17,400,000		$ 16,800,000
Deferred costs, current	9,100,000		9,900,000
Deferred costs, noncurrent	8,200,000		$ 6,900,000
Amortization of costs capitalized to obtain revenue contracts	2,720,000	$ 2,500,000
Capitalized contract cost, impairment loss	$ 0	$ 0

Revenue and Other Information

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Core solutions	$	49,513	$	42,920
Value Added Services	164,706		142,331
Other	3,483		2,179
Total revenue	$	217,702	$	187,430

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for income taxes on a quarterly basis by applying an estimated annual effective tax rate to income (loss) from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three months ended March 31, 2025, we recorded income tax expense of $5.4 million, representing an effective tax rate of 14.7%. Our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to excess tax benefits from stock-based compensation and research & development tax credits, partially offset by state income taxes and non-deductible officers' compensation. For the three months ended March 31, 2024, our effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to excess tax benefits from stock-based compensation, partially offset by change in valuation allowance against deferred tax assets, state income taxes and non-deductible officers' compensation. We assess our ability to realize our deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. During the three months ended December 31, 2024, we assessed all available evidence and determined that there was sufficient positive evidence to overcome the negative evidence, including our past and current financial results, growth demonstrated in our top-line performance, as well as projected profitability. Accordingly, we determined it is more likely than not that the deferred tax assets will be realized and we released our valuation allowance at December 31, 2024. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2025, and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the year.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total stock-based compensation expense	$ 16,371	$ 13,474
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	1,287	960
Sales and marketing
Total stock-based compensation expense	2,848	1,510
Research and product development
Total stock-based compensation expense	6,931	5,682
General and administrative
Total stock-based compensation expense	$ 5,305	$ 5,322

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc. ("we," "us" or "our") is a technology leader powering the future of the real estate industry. We provide a cloud-based platform on which our customers operate their businesses. Our services enable our customers to connect communities, increase operational efficiency, deliver exceptional customer experiences, and improve financial and operational performance.

Investment Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	153,853		53		(25)		153,881
Total available-for-sale investment securities	$	153,853	$	53	$	(25)	$	153,881


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	235,509		261		(25)		235,745
Total available-for-sale investment securities	$	235,509	$	261	$	(25)	$	235,745

Schedule of Available-for-sale Investments, by Remaining Contract Maturity

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


	March 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	153,853	$	153,881	$	235,509	$	235,745

Total available-for-sale investment securities	$	153,853	$	153,881	$	235,509	$	235,745

Schedule of Sales, Calls, and Maturities

During the three months ended March 31, 2025 and 2024, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	61		(5)		102,718		42,150
Total	$	61	$	(5)	$	102,718	$	42,150


	Three Months Ended March 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		36,670
Total	$	—	$	—	$	—	$	36,670

Schedule of Fair Value, Assets Measured on Recurring Basis


	March 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	32,019	$	—	$	32,019


Available-for-sale investment securities:


U.S. government and agency securities	—		153,881		153,881
Total	$	32,019	$	153,881	$	185,900


	December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	25,167	$	—	$	25,167

Available-for-sale investment securities:


U.S. government and agency securities	—		235,745		235,745
Total	$	25,167	$	235,745	$	260,912

Share Repurchase Program	3 Months Ended
Share Repurchase Program	Mar. 31, 2025
Share Repurchase Program [Abstract]
Share Repurchase Program	Share Repurchase Program On February 20, 2019, our Board of Directors (our "Board") authorized a $100.0 million share repurchase program (the "2019 Stock Repurchase Program") relating to our outstanding shares of Class A common stock. Under the 2019 Stock Repurchase Program, we were authorized to repurchase shares of our Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2019 Stock Repurchase Program did not obligate us to repurchase any minimum dollar amount or number of shares, did not have an expiration date, and it could have been modified, suspended or terminated at any time and for any reason. During the three months ended March 31, 2025, we repurchased 445,311 shares of our Class A common stock through open market repurchases under the 2019 Stock Repurchase Program at an average purchase price of $215.05 per share, inclusive of broker commissions, for an aggregate repurchase price of $95.8 million which was recorded as a reduction to stockholders' equity. As a result of the repurchases, we have substantially exhausted the remaining shares available for purchase under the 2019 Stock Repurchase Program. We did not repurchase any shares of our Class A common stock under the 2019 Stock Repurchase Program during the three months ended March 31, 2024. On April 23, 2025, our Board authorized a $300.0 million share repurchase program (the "2025 Stock Repurchase Program") relating to our outstanding shares of Class A common stock. Under the 2025 Stock Repurchase Program, we are authorized to repurchase shares of our Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2025 Stock Repurchase Program does not obligate us to repurchase any minimum dollar amount or number of shares, has no expiration date, and can be modified, suspended or terminated at any time and for any reason. The timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and legal requirements, market conditions and other factors. The 2025 Stock Repurchase Program replaces the 2019 Stock Repurchase Program.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 6, 2025. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements.
Reclassification	Reclassification We reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, 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, the 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	Segment Information Our chief operating decision maker ("CODM"), the Chief Executive Officer, allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. There are no segment managers who are held accountable by our CODM, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we have determined that we operate as a single operating and reportable segment. Our CODM uses consolidated net income (loss) as the sole measure of segment profit or loss. Significant segment expenses include cost of revenue (excluding depreciation and amortization), sales and marketing, research and product development, general and administrative expenses, and depreciation and amortization. For expenses incurred during the three months ended March 31, 2025 and 2024, refer to our Condensed Consolidated Statements of Operations. Stock-based compensation expense is also recognized as a significant segment expense. Details regarding this expense for the three months ended March 31, 2025 and 2024 was included in the parenthetical note to the respective Condensed Consolidated Statements of Operations.
Deferred Costs	Deferred Costs Deferred costs were $17.4 million and $16.8 million as of March 31, 2025 and December 31, 2024, respectively, of which $9.1 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $8.2 million and $6.9 million, respectively, are included in Other long-term assets in the accompanying Condensed Consolidated Balance Sheets. Amortization expense for deferred costs was $2.7 million, $2.5 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, no impairments were identified in relation to the costs capitalized for the periods presented.
Net Income per Common Share	Net Income per Common Share Net income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below.

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