0001433195-25-000142 | 10-Q | XBRL Viewer

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Share Repurchase Program	9 Months Ended
Share Repurchase Program	Sep. 30, 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 first quarter of 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 substantially exhausted the remaining shares available for purchase under the 2019 Stock Repurchase Program, and it has terminated. 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. During the second quarter of 2025, we repurchased 243,987 shares of our Class A common stock through open market repurchases under the 2025 Stock Repurchase Program at an average purchase price of $204.77 per share, inclusive of broker commissions, for an aggregate repurchase price of $50.0 million which was recorded as a reduction to stockholders' equity. During the three months ended September 30, 2025, we did not repurchase any shares of our Class A common stock under the 2025 Stock Repurchase Program. As of September 30, 2025, the amount remaining available for repurchases under the 2025 Stock Repurchase Program was $250.0 million.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 76,093	$ 42,504
Investment securities—current	124,056	235,745
Accounts receivable, net	34,346	24,346
Prepaid expenses and other current assets	68,269	32,807
Total current assets	302,764	335,402
Property and equipment, net	22,901	24,483
Operating lease right-of-use assets	16,620	17,472
Capitalized software development costs, net	11,679	15,429
Goodwill	96,410	96,410
Intangible assets, net	41,384	49,057
Deferred income taxes	59,792	76,910
Long-term investments	77,033	2,033
Other long-term assets	11,882	9,482
Total assets	640,465	626,678
Current liabilities
Accounts payable	4,112	2,378
Accrued employee expenses	52,321	30,157
Accrued expenses	19,224	14,658
Other current liabilities	24,775	16,087
Total current liabilities	100,432	63,280
Operating lease liabilities	34,533	37,476
Other liabilities	6,632	6,632
Total liabilities	141,597	107,388
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	280,361	254,821
Accumulated other comprehensive (loss) Income	(74)	173
Treasury stock	(172,480)	(25,756)
Retained earnings	391,057	290,048
Total stockholders’ equity	498,868	519,290
Total liabilities and stockholders’ equity	640,465	626,678
Class A common stock
Stockholders’ equity:
Common stock	3	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 2

Stock-Based Compensation

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	$	159.98
Granted	382	225.92
Vested	(324)	155.28
Forfeited	(62)	166.03
Unvested as of September 30, 2025	781	$	193.70

Unvested RSUs as of September 30, 2025 were composed of 0.7 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 September 30, 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 applicable vesting date. The actual number of shares to be granted 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 $20.5 million and $15.9 million for the three months ended September 30, 2025 and 2024, respectively, and $54.4 million and $43.4 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the total estimated remaining stock-based compensation

expense for the aforementioned RSUs and PSUs was $120.9 million, which is expected to be recognized over a weighted average period of 2.2 years.

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Apr. 23, 2025	Feb. 20, 2019
Share Repurchase Program [Abstract]
Share repurchase program, authorized amount				$ 300.0	$ 100.0
Stock repurchased (in shares)	0	243,987	445,311
Average purchase price (in dollars per share)		$ 204.77	$ 215.05
Stock repurchased		$ 50.0	$ 95.8
Share repurchase program, remaining authorized amount	$ 250.0

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

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Income Statement [Abstract]

Revenue

$ 249,353

$ 205,733

$ 702,630

$ 590,538

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

91,476

71,631

254,801

205,878

Sales and marketing

^[1]

35,912

25,406

103,745

77,161

Research and product development

^[1]

54,037

40,662

144,469

118,079

General and administrative

^[1]

27,446

21,139

72,733

62,525

Depreciation and amortization

5,436

4,327

17,541

14,209

Total costs and operating expenses

214,307

163,165

593,289

477,852

Income from operations

35,046

42,568

109,341

112,686

Other (loss) income, net

(4)

Interest income, net

1,690

4,014

6,109

10,482

Income before provision for income taxes

36,732

46,582

115,491

123,168

Provision for income taxes

3,086

13,576

14,482

21,834

Net income

$ 33,646

$ 33,006

$ 101,009

$ 101,334

Net income per common share:

Basic (in dollars per share)

$ 0.94

$ 0.91

$ 2.80

Diluted (in dollars per share)

$ 0.93

$ 0.90

$ 2.78

$ 2.76

Weighted average common shares outstanding:

Basic (in shares)

35,889

36,306

36,036

36,211

Diluted (in shares)

36,259

36,756

36,368

36,752

[1]

Includes stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	1,241	$	1,126	$	3,947	$	3,261
Sales and marketing	3,443		2,071		9,336		5,284
Research and product development	9,076		7,471		24,182		19,625
General and administrative	7,033		5,367		17,998		16,133
Total stock-based compensation expense	$	20,793	$	16,035	$	55,463	$	44,303

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 14, 2025, Shane Trigg, our Chief Executive Officer and a member of our Board, adopted a Rule 10b5-1 trading arrangement providing for the sale between November 17, 2025 and November 19, 2026 of an indeterminate number of shares of our Class A common stock received by Mr. Trigg in connection with the vesting in between November 10, 2025 and November 10, 2026 of certain restricted stock units and performance share units held by Mr. Trigg. The actual number of shares of Class A common stock will depend on the vesting of the restrictive stock units and performance share units and the number of shares withheld to satisfy tax withholding obligations. Mr. Trigg's trading plan was entered into during an open 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
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Shane Trigg [Member]
Trading Arrangements, by Individual
Name	Shane Trigg
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2025
Expiration Date	November 19, 2026
Arrangement Duration	367 days

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income per share:
Numerator
Net income	$	33,646	$	33,006	$	101,009	$	101,334
Less: undistributed earnings to participating securities	—		—		—		8
Net income attributable to common stockholders	$	33,646	$	33,006	$	101,009	$	101,326
Denominator					—		—
Weighted average common shares outstanding	35,889		36,306		36,036		36,214
Less: Weighted average unvested restricted shares subject to repurchase	—		—		—		3
Weighted average common shares outstanding; basic	35,889		36,306		36,036		36,211
Net income per common share; basic	$	0.94	$	0.91	$	2.80	$	2.80
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	33,646	$	33,006	$	101,009	$	101,326
Denominator
Weighted average common shares outstanding; basic	35,889		36,306		36,036		36,211
Add: Weighted average dilutive options outstanding	48		41		39		64
Add: Weighted average dilutive restricted stock units outstanding	322		409		293		477
Weighted average common shares outstanding; diluted	36,259		36,756		36,368		36,752
Net income per common share; diluted	$	0.93	$	0.90	$	2.78	$	2.76

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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024


Restricted stock units	2	4	2	17
Total potentially dilutive securities	2	4	2	17

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	785
Granted (in shares) \| shares	382
Vested (in shares) \| shares	(324)
Forfeited (in shares) \| shares	(62)
Unvested, ending balance (in shares) \| shares	781
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 159.98
Granted (in dollars per share) \| $ / shares	225.92
Vested (in dollars per share) \| $ / shares	155.28
Forfeited (in dollars per share) \| $ / shares	166.03
Unvested, ending balance (in dollars per share) \| $ / shares	$ 193.70

Investment Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	124,068		19		(31)		124,056
Total available-for-sale investment securities	$	124,068	$	19	$	(31)	$	124,056


	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):


	September 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	124,068	$	124,056	$	235,509	$	235,745

Total available-for-sale investment securities	$	124,068	$	124,056	$	235,509	$	235,745

Schedule of Sales, Calls, and Maturities

During the nine months ended September 30, 2025 and 2024, we had sales and maturities of investment securities, as follows (in thousands):


	Nine Months Ended September 30, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	$	94	$	(49)	$	202,662	$	76,620
Total	$	94	$	(49)	$	202,662	$	76,620


	Nine Months Ended September 30, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		163,755
Total	$	—	$	—	$	—	$	163,755

Schedule of Long-Term Investments

The tables above do not include our strategic investments of non-marketable equity investments in privately-held companies, which are recorded in long-term investments in our Condensed Consolidated Balance Sheets. These strategic investments consist of the following as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025		December 31, 2024
Second Nature	$	75,000	$	—
Others	2,033		2,033
Total long-term investments	$	77,033	$	2,033

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	54,074	$	—	$	54,074


Available-for-sale investment securities:


U.S. government and agency securities	—		124,056		124,056
Total	$	54,074	$	124,056	$	178,130


	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

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expenses (benefit)	$ 3,086	$ 13,576	$ 14,482	$ 21,834
Effective tax rate	8.40%		12.50%

- Definition

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

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+ Details

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 33,646	$ 33,006	$ 101,009	$ 101,334
Other comprehensive loss:
Changes in unrealized losses on investment securities, net of tax	(3)	659	(247)	376
Comprehensive income	$ 33,643	$ 33,665	$ 100,762	$ 101,710

- 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.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 17
-Subparagraph (d)(1)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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 and issuance of common stock under the Employee Stock Purchase Plan (in shares)		244
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	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 income (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, 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]
Other comprehensive income (loss)	376
Net income	101,334
Ending balance (in shares) at Sep. 30, 2024		23,079	13,253
Ending balance at Sep. 30, 2024	412,827	$ 2	$ 2	250,790	475	(25,756)	187,314
Beginning balance (in shares) at Mar. 31, 2024		22,281	13,917
Beginning balance at Mar. 31, 2024	339,195	$ 2	$ 2	240,419	(115)	(25,756)	124,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		3
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	25			25
Stock-based compensation	15,032			15,032
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		71
Vesting of restricted stock units, net of shares withheld for taxes	(12,436)			(12,436)
Conversion of Class B common stock to Class A common stock (in shares)		644	(644)
Other comprehensive income (loss)	(69)				(69)
Net income	29,665						29,665
Ending balance (in shares) at Jun. 30, 2024		22,999	13,273
Ending balance at Jun. 30, 2024	371,412	$ 2	$ 2	243,040	(184)	(25,756)	154,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		3
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	14			14
Stock-based compensation	16,315			16,315
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		57
Vesting of restricted stock units, net of shares withheld for taxes	(8,579)			(8,579)
Conversion of Class B common stock to Class A common stock (in shares)		20	(20)
Other comprehensive income (loss)	659				659
Net income	33,006						33,006
Ending balance (in shares) at Sep. 30, 2024		23,079	13,253
Ending balance at Sep. 30, 2024	412,827	$ 2	$ 2	250,790	475	(25,756)	187,314
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 and issuance of common stock under the Employee Stock Purchase Plan (in shares)		1
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	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 income (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
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]
Other comprehensive income (loss)	(247)
Net income	101,009
Ending balance (in shares) at Sep. 30, 2025		23,072	12,848
Ending balance at Sep. 30, 2025	498,868	$ 3	$ 1	280,361	(74)	(172,480)	391,057
Beginning balance (in shares) at Mar. 31, 2025		23,039	12,981
Beginning balance at Mar. 31, 2025	462,119	$ 2	$ 2	262,237	(34)	(121,519)	321,431
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		8
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	117			117
Stock-based compensation	18,448			18,448
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		68
Vesting of restricted stock units, net of shares withheld for taxes	(10,020)			(10,020)
Repurchase on common stock (in shares)		(244)
Repurchase on common stock	(50,961)					(50,961)
Other comprehensive income (loss)	(37)				(37)
Net income	35,980						35,980
Ending balance (in shares) at Jun. 30, 2025		22,871	12,981
Ending balance at Jun. 30, 2025	455,646	$ 2	$ 2	270,782	(71)	(172,480)	357,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)		4
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	953			953
Stock-based compensation	20,958			20,958
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		64
Vesting of restricted stock units, net of shares withheld for taxes	(12,332)			(12,332)
Conversion of Class B common stock to Class A common stock (in shares)		133	(133)
Conversion of Class B common stock to Class A common stock	0	$ 1	$ (1)
Other comprehensive income (loss)	(3)				(3)
Net income	33,646						33,646
Ending balance (in shares) at Sep. 30, 2025		23,072	12,848
Ending balance at Sep. 30, 2025	$ 498,868	$ 3	$ 1	$ 280,361	$ (74)	$ (172,480)	$ 391,057

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 124,068	$ 235,509
Gross Unrealized Gains	19	261
Gross Unrealized Losses	(31)	(25)
Estimated Fair Value	124,056	235,745
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,068	235,509
Gross Unrealized Gains	19	261
Gross Unrealized Losses	(31)	(25)
Estimated Fair Value	$ 124,056	$ 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

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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Investment Securities and Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	124,068		19		(31)		124,056
Total available-for-sale investment securities	$	124,068	$	19	$	(31)	$	124,056


	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 September 30, 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 September 30, 2025 or December 31, 2024.

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


	September 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	124,068	$	124,056	$	235,509	$	235,745

Total available-for-sale investment securities	$	124,068	$	124,056	$	235,509	$	235,745

During the nine months ended September 30, 2025 and 2024, we had sales and maturities of investment securities, as follows (in thousands):


	Nine Months Ended September 30, 2025
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	$	94	$	(49)	$	202,662	$	76,620
Total	$	94	$	(49)	$	202,662	$	76,620


	Nine Months Ended September 30, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		163,755
Total	$	—	$	—	$	—	$	163,755


	September 30, 2025		December 31, 2024
Second Nature	$	75,000	$	—
Others	2,033		2,033
Total long-term investments	$	77,033	$	2,033

In April 2025, we purchased a minority, non-controlling equity interest in Second Nature Holdings, L.P. (“Second Nature”) for $75.0 million, paid with cash on hand. We determined that we do not have significant influence over Second Nature, and our investment in Second Nature has been classified as an investment in equity securities without readily determinable fair value.

There were no realized or unrealized gains or losses from remeasurement of investments in equity securities under the measurement alternative for the nine months ended September 30, 2025 and 2024.

Fair Value Measurements

Recurring Fair Value Measurements


	September 30, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	54,074	$	—	$	54,074


Available-for-sale investment securities:


U.S. government and agency securities	—		124,056		124,056
Total	$	54,074	$	124,056	$	178,130


	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.

Strategic Investments Measured and Recorded at Fair Value on a Non-Recurring Basis

Strategic investments primarily include equity investments in privately-held companies, which do not have a readily determinable fair value. Strategic investments are classified as Level 3 in the fair value hierarchy, as their nonrecurring fair value measurements may include observable and unobservable inputs. As of September 30, 2025 and December 31, 2024, the balance of strategic investments was $77.0 million and $2.0 million, respectively.

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	2	4	2	17
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	2	4	2	17

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash from operating activities
Net income	$ 101,009	$ 101,334
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,541	14,207
Amortization of operating lease right-of-use assets	1,525	1,541
Amortization of costs capitalized to obtain revenue contracts	8,187	7,471
Deferred income taxes	17,118	0
Stock-based compensation, including as amortized	55,463	44,304
Other	(1,281)	(6,146)
Changes in operating assets and liabilities:
Accounts receivable	(10,000)	(4,872)
Prepaid expenses and other assets	(15,677)	(6,360)
Accounts payable	1,746	(291)
Operating lease liabilities	(3,177)	(3,196)
Accrued expenses and other liabilities	4,661	3,601
Net cash provided by operating activities	177,115	151,593
Cash from investing activities
Purchases of available-for-sale investments	(166,575)	(265,319)
Proceeds from sales of available-for-sale investments	202,662	0
Proceeds from maturities of available-for-sale investments	76,620	163,755
Purchases of property and equipment	(1,841)	(1,821)
Capitalization of software development costs	(2,414)	(4,112)
Purchases of long-term investments	(75,000)	0
Cash paid in business acquisition, net of cash acquired	(906)	0
Net cash provided by (used in) investing activities	32,546	(107,497)
Cash from financing activities
Proceeds from stock option exercises	130	3,913
Tax withholding for net share settlement	(31,430)	(35,101)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan	951	0
Purchase of common stock	(145,723)	0
Net cash used in financing activities	(176,072)	(31,188)
Net increase in cash, cash equivalents and restricted cash	33,589	12,908
Cash, cash equivalents and restricted cash
Beginning of period	42,754	49,759
End of period	76,343	62,667
Cash and cash equivalents	76,093	62,417
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	$ 76,343	$ 62,667

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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. We also reclassified long-term investments from other long-term assets in our Condensed Consolidated Balance Sheets 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, the fair value of privately-held strategic investments, 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.
Strategic Investments	Strategic Investments Our strategic investments consist of non-marketable equity investments in privately-held companies in which we do not have a controlling interest or significant influence. We record these strategic investments as long-term investments in our Condensed Consolidated Balance Sheets. We have elected to apply the measurement alternative for equity investments in privately-held companies that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred. In determining the estimated fair value of our strategic investments in privately held companies, we use the most recent and available data. Valuations of privately held securities are inherently complex due to the lack of readily available market data and require the use of judgment. The determination of whether an orderly transaction is for an identical or similar investment requires use of significant judgment. In our evaluation, we consider factors such as differences in the rights and preferences of the investments and the extent to which those differences would affect the fair values of those investments. Our impairment analysis encompasses an assessment of both qualitative and quantitative factors including the investee's financial metrics, market acceptance of the investee's product or technology, general market conditions and liquidity considerations.
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 nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 was included in the parenthetical note to the respective Condensed Consolidated Statements of Operations.
Deferred Costs	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 deferred costs is included within sales and marketing expense in the accompanying Condensed Consolidated Statements of Operations. Deferred costs were $19.6 million and $16.8 million as of September 30, 2025 and December 31, 2024, respectively, of which $9.9 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $9.7 million and $6.9 million, respectively, are included in Other long-term assets in the accompanying Condensed Consolidated Balance Sheets.
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.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("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 at which reconciliation and income taxes are paid. The amendment in ASU 2023-09 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 plan to adopt the standard in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures. In November 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2027 annual period and in 2028 for interim periods with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements. In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance will be applied on a prospective basis and is effective for calendar year-end public business entities in the 2026 annual period and its interim periods, with early adoption permitted. We plan to adopt the standard from January 1, 2026, and we expect the adoption of the standard will not have any material impact on our financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. The new guidance will be effective for calendar year-end public business entities in the 2028 annual period. The guidance can be applied on a fully prospective basis, a modified basis for in-process projects, or a full retrospective basis. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for investment in financial asset.

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- Definition

Disclosure of accounting policy for revenue from contract with customer.

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Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Quota share of tenant liability insurance (as a percent)	100.00%
Credit Facility \| Line of credit
Loss Contingencies [Line Items]
Maximum borrowing capacity	$ 150.0
Outstanding borrowings	$ 0.0
Credit Facility \| Line of credit \| Minimum
Loss Contingencies [Line Items]
Commitment fee, in basis points	0.00150
Credit Facility \| Line of credit \| Minimum \| SOFR
Loss Contingencies [Line Items]
Variable rate margin	1.25%
Credit Facility \| Line of credit \| Minimum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin	0.25%
Credit Facility \| Line of credit \| Maximum
Loss Contingencies [Line Items]
Commitment fee, in basis points	0.00300
Credit Facility \| Line of credit \| Maximum \| SOFR
Loss Contingencies [Line Items]
Variable rate margin	2.00%
Credit Facility \| Line of credit \| Maximum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin	1.00%
Credit Facility \| Line of credit \| Letters of credit
Loss Contingencies [Line Items]
Maximum borrowing capacity	$ 25.0
Credit Facility \| Line of credit \| Swingline loans
Loss Contingencies [Line Items]
Maximum borrowing capacity	25.0
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported	5.7	$ 3.9
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 4.6	$ 6.7

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 124,056	$ 235,745
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	178,130	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:	124,056	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	54,074	25,167
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	54,074	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	54,074	25,167
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	124,056	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:	124,056	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

Revenue and Other Information

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Core solutions	$	53,752	$	46,030	$	155,738	$	132,974
Value Added Services	192,092		157,726		536,943		451,677
Other	3,509		1,977		9,949		5,887
Total revenue	$	249,353	$	205,733	$	702,630	$	590,538

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.

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-Topic 606
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+ Details

Other Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Income tax receivable(1)	$	31,460	$	1,089
Prepaid expenses	19,668		12,430
Deferred commissions(2)	9,936		9,898
Deposits for insurance services(3)	4,592		6,668
Other	2,613		2,722
Total Prepaid expenses and other current assets	$	68,269	$	32,807

(1)For additional information on income tax, refer to Note 8, Income Taxes.

(2)For additional information on deferred commissions, refer to Deferred Costs in Note 2, Summary of Significant Accounting Policies.

(3)For additional information on deposits held with a third party related to requirements to maintain collateral for insurance services, refer to "Legal Liability to Landlord Insurance" in Note 5, Commitments and Contingencies.

Accrued Employee Expenses

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


	September 30, 2025		December 31, 2024
Accrued bonuses	$	34,571	$	17,092
Accrued payroll and other	17,750		13,065
Total accrued employee expenses	$	52,321	$	30,157

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Unearned premium liabilities	$	6,869	$	5,455
Insurance reserves(1)	5,682		3,908
Operating lease liabilities-current	4,713		4,273
Other	7,511		2,451
Total other current liabilities	$	24,775	$	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.

(1)For additional information on insurance reserves, refer to "Legal Liability to Landlord Insurance" in Note 5, Commitments and Contingencies.

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 20,793	$ 16,035	$ 55,463	$ 44,303
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	20,500	$ 15,900	54,400	$ 43,400
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 120,900		$ 120,900
Stock-based compensation expense, weighted average recognition period (in years)			2 years 2 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	781		781		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)	700		700
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		100
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Percent of targeted performance metric	100.00%		100.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%		0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	171.00%		171.00%

Other Balance Sheet Components- Schedule of Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax receivable	$ 31,460	$ 1,089
Prepaid expenses	19,668	12,430
Deferred costs, current	9,936	9,898
Deposits for insurance services	4,592	6,668
Other	2,613	2,722
Prepaid expenses and other current assets	$ 68,269	$ 32,807

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	$	159.98
Granted	382	225.92
Vested	(324)	155.28
Forfeited	(62)	166.03
Unvested as of September 30, 2025	781	$	193.70

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 94	$ 0
Gross Realized Losses	(49)	0
Gross Proceeds from Sales	202,662	0
Gross Proceeds from Maturities	76,620	163,755
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	94	0
Gross Realized Losses	(49)	0
Gross Proceeds from Sales	202,662	0
Gross Proceeds from Maturities	$ 76,620	$ 163,755

- 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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2025 and December 31, 2024 was $5.7 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 September 30, 2025 and December 31, 2024 are $4.6 million and $6.7 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Credit Facility On September 30, 2025, we entered into a credit agreement by and among AppFolio, Inc., certain of our subsidiaries as guarantors, the lender(s) party thereto, and PNC Bank, National Association, in its capacity as Administrative Agent, Swingline Loan Lender and Issuing Lender (the “Credit Facility”). The Credit Facility provides for a $150.0 million senior secured revolving credit facility, including sublimits of $25.0 million for letters of credit and $25.0 million for swingline loans, and is scheduled to mature on September 30, 2030. We may, subject to customary conditions and consent of the applicable lenders, increase the revolving commitment or incur term loans thereunder (capped at amounts specified in the Credit Facility) or extend the maturity date of the Credit Facility. Borrowings under the Credit Facility bear interest at variable rates based, at our option, on Term Secured Overnight Financing Rate Data ("SOFR"), Daily Simple SOFR, or a Base Rate, plus an applicable margin (ranging from 125.0 to 200.00 basis points in the case of Term SOFR and Daily Simple SOFR and 25.0 to 100.00 basis points in the case of the Base Rate) determined by our Consolidated Net Leverage Ratio, all as defined in the Credit Facility. We also pay a quarterly commitment fee (ranging from 15.0 to 30.0 basis points depending on our Consolidated Net Leverage Ratio) on unused amounts, as well as customary letter of credit and agency fees. The obligations under the Credit Facility are guaranteed by certain of our subsidiaries and secured by a first-priority security interest in substantially all of our and our guarantors' personal property, subject to customary exclusions and exceptions. The Credit Facility includes customary representations, warranties, and affirmative and negative covenants, including a financial covenant requiring maintenance of a Consolidated Net Leverage Ratio. The negative covenants include, among other things, restrictions on our and our subsidiaries' ability to incur indebtedness and liens, make investments, pay dividends or distributions or repurchase equity interests, merge, consolidate or otherwise dispose of assets, enter into transactions with affiliates, and prepay, redeem, purchase or otherwise retire junior indebtedness, all subject to certain exceptions. As of September 30, 2025, there were no outstanding borrowings under the Credit Facility, and we were in compliance with the covenants under the Credit Facility. 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 Condensed Consolidated Financial Statements.

Other Balance Sheet Components - Schedule of Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued bonuses	$ 34,571	$ 17,092
Accrued payroll and other	17,750	13,065
Total accrued employee expenses	$ 52,321	$ 30,157

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 23, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,073,192
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,848,178

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Capitalized contract cost, amortization period	3 years		3 years
Deferred costs	$ 19,600,000		$ 19,600,000		$ 16,800,000
Deferred costs, current	9,936,000		9,936,000		9,898,000
Deferred costs, noncurrent	9,700,000		9,700,000		$ 6,900,000
Amortization of costs capitalized to obtain revenue contracts	$ 2,800,000	$ 2,500,000	8,187,000	$ 7,471,000
Capitalized contract cost, impairment loss			$ 0	$ 0

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 124,068	$ 235,509
Amortized Cost	124,068	235,509
Estimated Fair Value
Due in one year or less	124,056	235,745
Estimated Fair Value	$ 124,056	$ 235,745

Other Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Income tax receivable(1)	$	31,460	$	1,089
Prepaid expenses	19,668		12,430
Deferred commissions(2)	9,936		9,898
Deposits for insurance services(3)	4,592		6,668
Other	2,613		2,722
Total Prepaid expenses and other current assets	$	68,269	$	32,807

(1)For additional information on income tax, refer to Note 8, Income Taxes.

(2)For additional information on deferred commissions, refer to Deferred Costs in Note 2, Summary of Significant Accounting Policies.

Schedule of Accrued Employee Expenses

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


	September 30, 2025		December 31, 2024
Accrued bonuses	$	34,571	$	17,092
Accrued payroll and other	17,750		13,065
Total accrued employee expenses	$	52,321	$	30,157

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Unearned premium liabilities	$	6,869	$	5,455
Insurance reserves(1)	5,682		3,908
Operating lease liabilities-current	4,713		4,273
Other	7,511		2,451
Total other current liabilities	$	24,775	$	16,087

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total stock-based compensation expense	$ 20,793	$ 16,035	$ 55,463	$ 44,303
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	1,241	1,126	3,947	3,261
Sales and marketing
Total stock-based compensation expense	3,443	2,071	9,336	5,284
Research and product development
Total stock-based compensation expense	9,076	7,471	24,182	19,625
General and administrative
Total stock-based compensation expense	$ 7,033	$ 5,367	$ 17,998	$ 16,133

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 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 and nine months ended September 30, 2025, we recorded income tax expense of $3.1 million and $14.5 million, representing an effective tax rate of 8.4% and 12.5%, respectively. 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 and development tax credits, partially offset by state income taxes and non-deductible officers' compensation. For the three and nine months ended September 30, 2024, our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to changes in valuation allowance against deferred tax assets and excess tax benefits from stock-based 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 and nine months ended September 30, 2025, and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the year. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. Included in this legislation are provisions that allow for the immediate expensing of domestic United States research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We believe the impact of the relevant OBBBA provisions to our income tax expense is not material and are currently expecting a favorable impact on our cash flows. We will continue to monitor and assess the impact of OBBBA on our Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Business Combination [Line Items]
Allowance for credit losses, available-for sale investments	$ 0		$ 0
Purchases of long-term investments	75,000	$ 0
Long-term investments	$ 77,000		$ 2,000

- 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

Other Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unearned premium liabilities	$ 6,869	$ 5,455
Insurance reserves	5,682	3,908
Operating lease liabilities-current	4,713	4,273
Other	7,511	2,451
Total other current liabilities	$ 24,775	$ 16,087

Investment Securities and Fair Value Measurements- Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	$ 77,033	$ 2,033
Second Nature
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	75,000	0
Others
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total long-term investments	$ 2,033	$ 2,033

- 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

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 249,353	$ 205,733	$ 702,630	$ 590,538
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	53,752	46,030	155,738	132,974
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	192,092	157,726	536,943	451,677
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,509	$ 1,977	$ 9,949	$ 5,887

- 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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- 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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+ Details

Revenue and Other Information (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Core solutions	$	53,752	$	46,030	$	155,738	$	132,974
Value Added Services	192,092		157,726		536,943		451,677
Other	3,509		1,977		9,949		5,887
Total revenue	$	249,353	$	205,733	$	702,630	$	590,538

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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. We also reclassified long-term investments from other long-term assets in our Condensed Consolidated Balance Sheets 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, the fair value of privately-held strategic investments, 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.

Strategic Investments

Our strategic investments consist of non-marketable equity investments in privately-held companies in which we do not have a controlling interest or significant influence. We record these strategic investments as long-term investments in our Condensed Consolidated Balance Sheets. We have elected to apply the measurement alternative for equity investments in privately-held companies that do not have readily determinable fair values, measuring them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. An impairment loss is recorded when an event or circumstance indicates a decline in value has occurred.

In determining the estimated fair value of our strategic investments in privately held companies, we use the most recent and available data. Valuations of privately held securities are inherently complex due to the lack of readily available market data and require the use of judgment. The determination of whether an orderly transaction is for an identical or similar investment requires use of significant judgment. In our evaluation, we consider factors such as differences in the rights and preferences of the investments and the extent to which those differences would affect the fair values of those investments. Our impairment analysis encompasses an assessment of both qualitative and quantitative factors including the investee's financial metrics, market acceptance of the investee's product or technology, general market conditions and liquidity considerations.

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 nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 was included in the parenthetical note to the respective Condensed Consolidated Statements of Operations.

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 deferred costs is included within sales and marketing expense in the accompanying Condensed Consolidated Statements of Operations.

Deferred costs were $19.6 million and $16.8 million as of September 30, 2025 and December 31, 2024, respectively, of which $9.9 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $9.7 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 $2.8 million, and $2.5 million for three months ended September 30, 2025 and 2024, respectively, and $8.2 million, and $7.5 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income per share:
Numerator
Net income	$	33,646	$	33,006	$	101,009	$	101,334
Less: undistributed earnings to participating securities	—		—		—		8
Net income attributable to common stockholders	$	33,646	$	33,006	$	101,009	$	101,326
Denominator					—		—
Weighted average common shares outstanding	35,889		36,306		36,036		36,214
Less: Weighted average unvested restricted shares subject to repurchase	—		—		—		3
Weighted average common shares outstanding; basic	35,889		36,306		36,036		36,211
Net income per common share; basic	$	0.94	$	0.91	$	2.80	$	2.80
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	33,646	$	33,006	$	101,009	$	101,326
Denominator
Weighted average common shares outstanding; basic	35,889		36,306		36,036		36,211
Add: Weighted average dilutive options outstanding	48		41		39		64
Add: Weighted average dilutive restricted stock units outstanding	322		409		293		477
Weighted average common shares outstanding; diluted	36,259		36,756		36,368		36,752
Net income per common share; diluted	$	0.93	$	0.90	$	2.78	$	2.76

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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024


Restricted stock units	2	4	2	17
Total potentially dilutive securities	2	4	2	17

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board ("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 at which reconciliation and income taxes are paid. The amendment in ASU 2023-09 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 plan to adopt the standard in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures.

In November 2024, FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2027 annual period and in 2028 for interim periods with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 on our Consolidated Financial Statements.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance will be applied on a prospective basis and is effective for calendar year-end public business entities in the 2026 annual period and its interim periods, with early adoption permitted. We plan to adopt the standard from January 1, 2026, and we expect the adoption of the standard will not have any material impact on our financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. The new guidance will be effective for calendar year-end public business entities in the 2028 annual period. The guidance can be applied on a fully prospective basis, a modified basis for in-process projects, or a full retrospective basis. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator
Net income	$ 33,646	$ 35,980	$ 31,383	$ 33,006	$ 29,665	$ 38,663	$ 101,009	$ 101,334
Less: undistributed earnings to participating securities	0			0			0	8
Net income attributable to common stockholders	$ 33,646			$ 33,006			$ 101,009	$ 101,326
Denominator
Weighted average common shares outstanding (in shares)	35,889			36,306			36,036	36,214
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	0			0			0	3
Weighted average common shares outstanding; basic (in shares)	35,889			36,306			36,036	36,211
Net income per common share, basic (in dollars per share)	$ 0.94			$ 0.91			$ 2.80	$ 2.80
Numerator
Net income attributable to common stockholders	$ 33,646			$ 33,006			$ 101,009	$ 101,326
Denominator
Basic (in shares)	35,889			36,306			36,036	36,211
Weighted average common shares outstanding; diluted (in shares)	36,259			36,756			36,368	36,752
Net income per common share, diluted (in dollars per share)	$ 0.93			$ 0.90			$ 2.78	$ 2.76
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	48			41			39	64
Restricted stock units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	322			409			293	477