0001433195-26-000011 | 10-K | XBRL Viewer

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Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 22, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill		$ 96,410	$ 96,410	$ 56,060
Move EZ, Inc., d/b/a LiveEasy
Business Combination [Line Items]
Cash and cash equivalents	$ 272
Goodwill	40,350
Deferred tax liabilities	(8,874)
Other net tangible liabilities	(2,047)
Net assets acquired	78,501
Move EZ, Inc., d/b/a LiveEasy \| Customer relationships
Business Combination [Line Items]
Identified intangible assets	$ 39,000
Estimated Useful Life (in years)	5 years
Move EZ, Inc., d/b/a LiveEasy \| Developed technology
Business Combination [Line Items]
Identified intangible assets	$ 9,800
Estimated Useful Life (in years)	5 years

Investment Securities and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	$ 144,256	$ 235,745
Total	233,621	260,912
U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	144,256	235,745
Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents	89,365	25,167
Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total	89,365	25,167
Level 1 \| U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	0	0
Level 1 \| Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents	89,365	25,167
Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total	144,256	235,745
Level 2 \| U.S. government and agency securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale investment securities:	144,256	235,745
Level 2 \| Money market funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Cash equivalents	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

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


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

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


	December 31,
	2025		2024
Computer equipment	$	2,387	$	2,796
Furniture and fixtures	5,126		5,292
Office equipment	3,708		3,729
Leasehold improvements	32,144		28,787
Construction in process	19		357
Gross property and equipment	43,384		40,961
Less: Accumulated depreciation	(20,156)		(16,478)
Total property and equipment, net	$	23,228	$	24,483

Investment Securities and Fair Value Measurements- Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 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

Income Taxes - Schedule of (Benefit From) Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 550	$ 26,452	$ 3,485
State and local	2,169	6,280	2,299
Foreign	11	30	0
Total current	2,730	32,762	5,784
Deferred
Federal	19,453	(46,578)	(477)
State and local	(1,994)	(39,930)	(12)
Total deferred	17,459	(86,508)	(489)
Total (benefit from) provision for income taxes	$ 20,189	$ (53,746)	$ 5,295

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Allowance for credit losses, available-for sale investments	$ 0	$ 0
Impairment losses for goodwill	0	0	$ 0
Impairment, long-lived asset, held-for-use	$ 0	0	0
Amortization period of deferred cost (in years)	3 years
Advertising expenses	$ 14,300,000	$ 10,600,000	$ 8,600,000
Capitalized Software Development Costs
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives (in years)	3 years
Accounts Receivable \| Customer Concentration Risk \| Third-Party Risk Mitigation Provider
Finite-Lived Intangible Assets [Line Items]
Concentration risk, percentage	22.00%

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Revenue

$ 950,822

$ 794,202

$ 620,445

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

345,341

282,067

238,076

Sales and marketing

^[1]

143,904

110,597

107,602

Research and product development

^[1]

190,419

160,375

151,364

General and administrative

^[1]

95,590

85,974

93,452

Depreciation and amortization

22,651

19,545

28,988

Total costs and operating expenses

797,905

658,558

619,482

Income from operations

152,917

135,644

963

Other income, net

697

Interest income, net

8,157

13,981

7,031

Income before provision for income taxes

161,112

150,322

7,997

Provision for (benefit from) income taxes

20,189

(53,746)

5,295

Net income

$ 140,923

$ 204,068

$ 2,702

Net income per common share:

Basic (in dollars per share)

$ 3.91

$ 5.63

$ 0.08

Diluted (in dollars per share)

$ 3.88

$ 5.55

$ 0.07

Weighted average common shares outstanding:

Basic (in shares)

36,013

36,252

35,629

Diluted (in shares)

36,327

36,782

36,417

[1]

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


	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	5,138	$	4,522	$	3,703
Sales and marketing	12,332		8,030		5,983
Research and product development	30,687		25,414		20,974
General and administrative	22,633		22,361		21,704
Total stock-based compensation expense	$	70,790	$	60,327	$	52,364

Revenue and Deferred Costs

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Deferred Costs

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


	Year Ended December 31,
	2025		2024		2023
Subscription Services	$	211,457	$	180,605	$	156,692
Value Added Services	721,549		605,011		454,098
Other	17,816		8,586		9,655
Total revenue	$	950,822	$	794,202	$	620,445

Our revenue is generated primarily from United States customers.

Deferred Costs

Deferred costs were $22.8 million and $16.8 million as of December 31, 2025 and 2024, respectively, of which $11.2 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $11.6 million and $6.9 million, respectively, are included in Other long-term assets in the accompanying Consolidated Balance Sheets. Amortization expense for deferred costs was $11.1 million, $10.0 million, and $9.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025 and 2024, no impairments were identified in relation to the costs capitalized for the periods presented.

Remaining Performance Obligations

Transaction price allocated to remaining performance obligations (“RPO”) represents contracted revenue that has not been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. RPO does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less or related to usage-based Value Added Services that are billed in arrears.

As of December 31, 2025, the total non-cancelable RPO under our contracts with customers was $93.9 million, and we expect to recognize revenue on approximately 38.4% of these RPO over the following 12 months, with the balance to be recognized thereafter. This RPO balance grew significantly during 2025 as we began selling more multi-year revenue contracts.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment Securities and Fair Value Measurements - Schedule of Fair Values of Available-for-Sale Investment Securities, by Remaining Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 144,216	$ 235,509
Amortized Cost	144,216	235,509
Estimated Fair Value
Due in one year or less	144,256	235,745
Available-for-sale investment securities:	$ 144,256	$ 235,745

Income Taxes - Schedule of Unrecognized Tax Benefits from Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit beginning of year	$ 14,935	$ 12,315	$ 9,455
Increases-tax positions in prior year	416	1,203	0
Increases-tax positions in current year	3,418	3,732	2,860
Statute of limitation expiration	0	(2,315)	0
Unrecognized tax benefit end of year	$ 18,769	$ 14,935	$ 12,315

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	25,443,000	23,660,000
Common stock, shares outstanding (in shares)	24,335,000	23,241,000
Treasury stock (in shares)	1,108,000	419,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	11,655,000	13,163,000
Common stock, shares outstanding (in shares)	11,655,000	13,163,000

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

As described in Note 2, Summary of Significant Accounting Policies, we have elected to prospectively adopt the guidance in ASU 2023-09, Improvements to Income Taxes Disclosures. The following table is a reconciliation of the U.S. federal statutory rate of 21% to our effective tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09:


	Year Ended December 31,
	2025
	(dollars in thousands)
U.S. federal statutory income tax rate	$	33,833	21	%
State and local income taxes, net of federal benefit(1)	(1,083)		(1)
Tax credits	(11,424)		(7)
Nontaxable or nondeductible items
Excess tax benefits from stock-based compensation	(10,340)		(6)
Non-deductible officers' compensation	4,559		3
Other nondeductible items	896		1
Changes in unrecognized tax benefits	3,748		2
Provision for (benefit from) income taxes	$	20,189	13	%

(1)The state(s) that contribute to the majority (greater than 50%) of the tax effect in this category is California

The following table is a reconciliation of the U.S. federal statutory rate of 21% to our effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:


	Year Ended December 31,
	2024		2023
U.S. federal statutory income tax rate	21	%	21	%
State and local income taxes, net of federal benefit	(2)		(44)
Change in valuation allowance	(37)		215
Stock-based compensation expense	(13)		(108)
Federal research and development tax credits	(10)		(93)
Non-deductible officers' compensation	5		79
Other permanent differences	—		(4)
Provision for (benefit from) income taxes	(36)	%	66	%

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


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	550	$	26,452	$	3,485
State and local	2,169		6,280		2,299
Foreign	11		30		—
Total current	2,730		32,762		5,784
Deferred
Federal	19,453		(46,578)		(477)
State and local	(1,994)		(39,930)		(12)
Total deferred	17,459		(86,508)		(489)
Total (benefit from) provision for income taxes	$	20,189	$	(53,746)	$	5,295

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


	December 31,
	2025		2024
Deferred income tax assets:
Net operating loss carryforwards	$	39,660	$	9,201
Research and development tax credits	36,205		24,326
Capitalized research and software costs	996		66,090
Stock-based compensation	3,252		413
Lease liability	9,939		11,139
Other	2,073		1,495
Total deferred tax assets	92,125		112,664


Deferred tax liabilities:
Property and equipment	$	(2,524)	$	(3,351)
Intangible assets	(12,514)		(15,387)
Capitalized commissions	(5,927)		(4,463)
State taxes	(8,170)		(7,749)
Lease asset	(4,148)		(4,695)
Other	(19)		(109)
Total deferred tax liabilities	(33,302)		(35,754)
Total net deferred tax liabilities	$	58,823	$	76,910

In evaluating the need for a valuation allowance at each reporting period, we consider the weighting of all available positive and negative evidence, which includes, among other things, the nature, frequency and severity of current and cumulative taxable income or losses, future projections of profitability, timing of the future reversal of existing temporary differences, and the duration of statutory carryforward periods. In assessing all available evidence, we 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.

As of December 31, 2025, we had federal and state net operating loss carryforwards $146.8 million and $112.5 million, respectively. The federal net operating loss carryforwards do not expire and state net operating losses will begin to expire in 2028. As of December 31, 2025, we also had federal and state research and development credit carryforwards of $11.8 million and $36.9 million, respectively. The federal credit carryforwards will begin to expire in 2044, while the state credit carryforwards apply indefinitely. Utilization of our net operating loss and credit carryforwards may be subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions.

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


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefit beginning of year	$	14,935	$	12,315	$	9,455
Increases-tax positions in prior year	416		1,203		—
Increases-tax positions in current year	3,418		3,732		2,860
Statute of limitation expiration	$	—	$	(2,315)	$	—
Unrecognized tax benefit end of year	$	18,769	$	14,935	$	12,315

As of December 31, 2025, we recorded gross uncertain tax benefits of $18.8 million a majority of which would impact our effective tax rate, if recognized. We accrued interest and penalties related to our uncertain income tax positions in our income tax expense, and the amount of interest and penalties accrued for the year ended December 31, 2025 and 2024 are immaterial.

We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. While the applicable statute of limitations are generally open for three to four years for the jurisdictions we file in, we remain subject to income tax examinations for years ended after December 31, 2019 for federal taxes and all years for most state jurisdictions due to the usage of carryforward attributes, such as net operating losses and research and development credits. As of December 31, 2025, we have not been notified for audit by the Internal Revenue Service or any significant state jurisdiction.

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):


	Year Ended December 31,
	2025
Federal taxes	$	22,390
State taxes	6,450
International taxes	—
Cash paid for income taxes (net of refunds)	$	28,840

- Definition

The entire disclosure for income tax.

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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A common stock	Class B common stock	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022				20,569,000	14,746,000
Beginning balance at Dec. 31, 2022	$ 265,546			$ 2	$ 2	$ 209,704	$ (1,684)	$ (25,756)	$ 83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan (in shares)				255,000
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	2,595					2,595
Stock-based compensation	53,240					53,240
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				289,000
Vesting of restricted stock units, net of shares withheld for taxes	(28,554)					(28,554)
Conversion of Class B common stock to Class A common stock (in shares)				630,000	(630,000)
Issuance of restricted stock awards (in shares)				6,000
Other comprehensive income (loss)	1,783						1,783
Net income	2,702								2,702
Ending balance (in shares) at Dec. 31, 2023				21,749,000	14,116,000
Ending 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)				251,000
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	3,924					3,924
Stock-based compensation	61,239					61,239
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				288,000
Vesting of restricted stock units, net of shares withheld for taxes	(47,327)					(47,327)
Conversion of Class B common stock to Class A common stock (in shares)				953,000	(953,000)
Other comprehensive income (loss)	74						74
Net income	204,068								204,068
Ending balance (in shares) at Dec. 31, 2024		23,241,000	13,163,000	23,241,000	13,163,000
Ending 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)				13,000
Exercise of stock options and issuance of common stock under the Employee Stock Purchase Plan	1,084					1,084
Stock-based compensation	71,397					71,397
Vesting of restricted stock units, net of shares withheld for taxes (in shares)				262,000
Vesting of restricted stock units, net of shares withheld for taxes	(43,248)					(43,248)
Conversion of Class B common stock to Class A common stock (in shares)				1,508,000	(1,508,000)
Conversion of Class B common stock to Class A common stock				$ 1	$ (1)
Repurchase on common stock (in shares)				(689,000)
Repurchase of common stock	(146,724)							(146,724)
Other comprehensive income (loss)	(143)						(143)
Net income	140,923								140,923
Ending balance (in shares) at Dec. 31, 2025		24,335,000	11,655,000	24,335,000	11,655,000
Ending balance at Dec. 31, 2025	$ 542,579			$ 3	$ 1	$ 284,054	$ 30	$ (172,480)	$ 430,971

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total stock-based compensation expense	$ 70,790	$ 60,327	$ 52,364
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	5,138	4,522	3,703
Sales and marketing
Total stock-based compensation expense	12,332	8,030	5,983
Research and product development
Total stock-based compensation expense	30,687	25,414	20,974
General and administrative
Total stock-based compensation expense	$ 22,633	$ 22,361	$ 21,704

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table is a reconciliation of the U.S. federal statutory rate of 21% to our effective tax rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09:


	Year Ended December 31,
	2025
	(dollars in thousands)
U.S. federal statutory income tax rate	$	33,833	21	%
State and local income taxes, net of federal benefit(1)	(1,083)		(1)
Tax credits	(11,424)		(7)
Nontaxable or nondeductible items
Excess tax benefits from stock-based compensation	(10,340)		(6)
Non-deductible officers' compensation	4,559		3
Other nondeductible items	896		1
Changes in unrecognized tax benefits	3,748		2
Provision for (benefit from) income taxes	$	20,189	13	%

(1)The state(s) that contribute to the majority (greater than 50%) of the tax effect in this category is California


	Year Ended December 31,
	2024		2023
U.S. federal statutory income tax rate	21	%	21	%
State and local income taxes, net of federal benefit	(2)		(44)
Change in valuation allowance	(37)		215
Stock-based compensation expense	(13)		(108)
Federal research and development tax credits	(10)		(93)
Non-deductible officers' compensation	5		79
Other permanent differences	—		(4)
Provision for (benefit from) income taxes	(36)	%	66	%

Schedule of (Benefit From) Provision for Income Tax

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


	Year Ended December 31,
	2025		2024		2023
Current
Federal	$	550	$	26,452	$	3,485
State and local	2,169		6,280		2,299
Foreign	11		30		—
Total current	2,730		32,762		5,784
Deferred
Federal	19,453		(46,578)		(477)
State and local	(1,994)		(39,930)		(12)
Total deferred	17,459		(86,508)		(489)
Total (benefit from) provision for income taxes	$	20,189	$	(53,746)	$	5,295

Schedule of Components of Deferred Tax Assets (Liabilities)

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


	December 31,
	2025		2024
Deferred income tax assets:
Net operating loss carryforwards	$	39,660	$	9,201
Research and development tax credits	36,205		24,326
Capitalized research and software costs	996		66,090
Stock-based compensation	3,252		413
Lease liability	9,939		11,139
Other	2,073		1,495
Total deferred tax assets	92,125		112,664


Deferred tax liabilities:
Property and equipment	$	(2,524)	$	(3,351)
Intangible assets	(12,514)		(15,387)
Capitalized commissions	(5,927)		(4,463)
State taxes	(8,170)		(7,749)
Lease asset	(4,148)		(4,695)
Other	(19)		(109)
Total deferred tax liabilities	(33,302)		(35,754)
Total net deferred tax liabilities	$	58,823	$	76,910

Schedule of Unrecognized Tax Benefits from Uncertain Tax Positions

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


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefit beginning of year	$	14,935	$	12,315	$	9,455
Increases-tax positions in prior year	416		1,203		—
Increases-tax positions in current year	3,418		3,732		2,860
Statute of limitation expiration	$	—	$	(2,315)	$	—
Unrecognized tax benefit end of year	$	18,769	$	14,935	$	12,315

Schedule of Cash Flow

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):


	Year Ended December 31,
	2025
Federal taxes	$	22,390
State taxes	6,450
International taxes	—
Cash paid for income taxes (net of refunds)	$	28,840

Leases - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
Leases - Narrative (Details) - USD ($)	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term			10 years
Gain on lease modification	$ 1,900,000	$ 2,400,000	$ 0	$ 0	$ 4,281,000
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 2,900,000		6,251,000	$ 5,828,000	4,732,000
Operating lease, liability, to be paid			$ 44,841,000
Minimum
Lessee, Lease, Description [Line Items]
Lease term			1 year 7 months 6 days
Maximum
Lessee, Lease, Description [Line Items]
Lease term			7 years 1 month 6 days
Santa Barbara Office Lease
Lessee, Lease, Description [Line Items]
Operating lease, liability, to be paid						$ 6,100,000
Operating lease, payment to be received						$ 6,100,000
Operating lease, impairment loss					$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

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

Reclassification

We reclassified certain amounts in our Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation. We also reclassified long-term investments from other long-term assets in our Consolidated Balance Sheets in the prior year to conform to the current year's presentation.

Principles of Consolidation

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

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 years ended December 31, 2025, 2024 and 2023, refer to our Consolidated Statements of Operations. Stock-based compensation expense is also recognized as a significant segment expense. Details regarding this expense for the years ended December 31, 2025, 2024 and 2023 was included in the parenthetical note to the respective Consolidated Statements of Operations.

Concentrations of Credit Risk

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

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

Business Combinations

The results of a business acquired in a business combination are included in our Consolidated Financial Statements from the date of acquisition. We allocate the purchase price to the identifiable assets and liabilities of the acquired business at their acquisition date fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill.

Determining the fair value of assets acquired and liabilities assumed requires management to make significant judgments and estimates, including the selection of valuation methodologies and assumptions. Critical estimates used in valuing certain intangible assets include, but are not limited to, development costs, the time required to recreate the assets and profit margin a market participant would receive, and rate of return. These estimates are based on information obtained from the management of the acquired companies, our assessment of the information, and historical experience. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period of up to one year from the acquisition date, we may record adjustments to the preliminary fair value of the assets acquired and liabilities assumed with a corresponding offset to goodwill for these business combinations.

Acquisition-related transaction costs are not included as a component of consideration transferred, but are accounted for as an operating expense in the period in which the costs are incurred.

Fair Value Measurements

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

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

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

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

Cash, Cash Equivalents and Restricted Cash

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

Investment Securities

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

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

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 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.

Accounts Receivable

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

Property and Equipment

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


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

Leases

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

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

Capitalized Software Development Costs

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

Goodwill and Intangible Assets, Net

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

We test for goodwill impairment annually during the fourth quarter of the calendar year. Based on the annual assessment performed at November 1, 2025, we determined it was not more likely than not that our reporting unit fair value was less than its carrying value and no quantitative impairment test assessment was required. No impairment losses were recorded for goodwill during the years ended December 31, 2025, 2024 and 2023.

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

Impairment of Long-Lived Assets

We assess the recoverability of our long-lived assets when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset or asset group to the future undiscounted cash flows we expect the asset or asset group to generate. Any excess of the carrying value of the asset or asset group above its fair value is recognized as an impairment loss.

Revenue Recognition and Deferred Costs and Remaining Performance Obligations

Revenue Recognition

We generate revenue from our customers primarily from our Subscription Services and Value Added Services. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration we expect to receive in exchange for those services. We enter into contracts that can include various combinations of services, which are generally capable of being distinct within the context of the contract and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. We recognize revenue in proportion to the amount that we have the right to invoice for certain Subscription Services and Value Added Services, as that amount corresponds directly with our performance completed to date. Refer to Note 3, Revenue and Other Information for the disaggregated breakdown of revenue between Subscription Services, Value Added Services and Other revenue.

Many of our contracts with customers contain multiple performance obligations. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require judgment. We account for individual performance obligations separately if they are distinct. The performance obligations for these contracts include access and use of our Subscription Services, implementation services, and customer support. Access and use of our Subscription Services and implementation services are considered distinct.

The transaction price is allocated to each performance obligation on a relative standalone selling price basis. Judgment is required to determine the standalone selling price for each distinct performance obligation. We typically have more than one standalone selling price for individual products and services due to the stratification of those products and services by customers and circumstances. In these instances, we determine the standalone selling price based on our overall pricing objectives, taking into consideration customer demographics and other factors. Fees are fixed based on rates specified in the subscription agreements, which do not provide for any refunds or adjustments.

Subscription Services

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

Value Added Services

We primarily charge our customers on a usage basis for our Value Added Services. Usage-based fees are charged either as a percentage of the transaction amount (e.g., for certain of our electronic payment services) or on a flat fee per transaction basis with no minimum usage commitments (e.g., for our tenant screening and risk mitigation services). We recognize revenue for usage-based services in the period the service is rendered. Our electronic payments services fees are recorded gross of interchange and payment processing related fees. We generally invoice our customers for usage-based services on a monthly basis or collect the fee at the time of service. We also have certain Value Added Services which are charged on a subscription basis. Revenue from these services is recognized in a similar manner as the above-described Subscription Services. Some subscription or usage-based Value Added Services, such as fees for electronic payment services, are paid by either our customers or our customers' stakeholders at the time the services are rendered.

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

Other Revenue

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

Deferred Costs

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

Remaining Performance Obligations

Cost of Revenue (Exclusive of Depreciation and Amortization)

Many of our Value Added Services are facilitated by third-party service providers. Cost of revenue paid to these third-party service providers includes, without limitation, the cost of electronic interchange and payment processing-related services to support our payments services, the cost of credit reporting services for our tenant screening services, and various costs associated with our risk mitigation service providers. These third-party costs vary both in amount and as a percent of revenue for each Value Added Service offering. Cost of revenue also consists of personnel-related costs for our employees focused on customer service and the support of our operations (including salaries, cash bonuses, benefits, and stock-based compensation), platform infrastructure costs (such as data center operations and hosting-related costs), and allocated shared and other costs. Cost of revenue excludes depreciation of property and equipment, amortization of capitalized software development costs and amortization of intangible assets.

Sales and Marketing, and General and Administrative

Sales and Marketing

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

General and Administrative

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

Research and Product Development

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

Depreciation and Amortization

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

Stock-Based Compensation

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

Income Taxes

We recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance at each reporting period, we consider the weighting of all available positive and negative evidence, which includes, among other things, the nature, frequency and severity of current and cumulative taxable income or losses, future projections of profitability, timing of the future reversal of existing temporary differences and the duration of statutory carryforward periods.

Recent Accounting Pronouncements Adopted and Not Yet Adopted

Recent Accounting Pronouncements Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, including more detailed breakdowns of the effective tax rate to the statutory rate and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2025 annual period and in 2026 for interim periods with early adoption permitted. We adopted the standard in our fiscal year 2025 annual financial statements prospectively. For additional information, refer to Note 14 Income Taxes, in our Consolidated Financial Statements.

Recent Accounting Pronouncements Not Yet Adopted

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 this ASU 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.

Net Income per Share

Net Income Per Share

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

Capitalized Software Development Costs, net (Tables)

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

Schedule of Capitalized Software Development Costs, Net

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


	December 31,
	2025		2024
Capitalized software development costs, gross	$	112,108	$	117,480
Less: Accumulated amortization	(100,784)		(102,051)
Capitalized software development costs, net	$	11,324	$	15,429

Schedule of Future Amortization Expense of Capitalized Software Development Costs

Future amortization expense with respect to capitalized software development costs is estimated as follows (in thousands):


Years Ending December 31,
2026	5,808
2027	4,242
2028	1,274
Total amortization expense	$	11,324

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	14	2	146
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	0	0	6
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	0	0	120
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	14	2	20

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Jan. 29, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37468
Entity Registrant Name	AppFolio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0359894
Entity Address, Address Line One	70 Castilian Drive
Entity Address, City or Town	Santa Barbara,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	364-6093
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8,256
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed with the Securities and Exchange Commission (the “SEC”) pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K (this “Annual Report”), are incorporated by reference in Part III, Items 10-14 of this Annual Report. Except for the portions of the Proxy Statement specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Entity Central Index Key	0001433195
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,334,816
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,655,112

Other Balance Sheet Components - Schedule of Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued bonuses	$ 43,298	$ 17,092
Accrued payroll and other	16,476	13,065
Total accrued employee expenses	$ 59,774	$ 30,157

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 43,384	$ 40,961
Less: Accumulated depreciation	(20,156)	(16,478)
Total property and equipment, net	23,228	24,483
Computer equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	2,387	2,796
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	5,126	5,292
Office equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment	3,708	3,729
Leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment	32,144	28,787
Construction in process
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 19	$ 357

Investment Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Investment Securities Available-for-Sale

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


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


U.S. government and agency securities	$	144,216	$	40	$	—	$	144,256
Total available-for-sale investment securities	$	144,216	$	40	$	—	$	144,256


	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 Fair Values of Available-for-Sale Investment Securities, by Remaining Contractual Maturity

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


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	144,216	$	144,256	$	235,509	$	235,745

Total available-for-sale investment securities	$	144,216	$	144,256	$	235,509	$	235,745

Schedule of Sales and Maturities of Investment Securities

During the years ended December 31, 2025 and 2024, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Year Ended December 31, 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		118,970
	$	94	$	(49)	$	202,662	$	118,970


	Year Ended December 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	4		(1)		9,984		240,035
	$	4	$	(1)	$	9,984	$	240,035

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 Consolidated Balance Sheets. These strategic investments consist of the following as of December 31, 2025 and December 31, 2024 (in thousands):


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

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

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


	December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	89,365	$	—	$	89,365

Available-for-sale investment securities:



U.S. government and agency securities	—		144,256		144,256
Total	$	89,365	$	144,256	$	233,621


	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

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

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


	December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	89,365	$	—	$	89,365

Available-for-sale investment securities:



U.S. government and agency securities	—		144,256		144,256
Total	$	89,365	$	144,256	$	233,621


	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

Investment Securities and Fair Value Measurements

12 Months Ended

Dec. 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 December 31, 2025 and 2024 (in thousands):


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


U.S. government and agency securities	$	144,216	$	40	$	—	$	144,256
Total available-for-sale investment securities	$	144,216	$	40	$	—	$	144,256


	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 December 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 December 31, 2025 or 2024.

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


	December 31, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	144,216	$	144,256	$	235,509	$	235,745

Total available-for-sale investment securities	$	144,216	$	144,256	$	235,509	$	235,745

During the years ended December 31, 2025 and 2024, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Year Ended December 31, 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		118,970
	$	94	$	(49)	$	202,662	$	118,970


	Year Ended December 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
U.S. government and agency securities	4		(1)		9,984		240,035
	$	4	$	(1)	$	9,984	$	240,035


	December 31, 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 years ended December 31, 2025 and 2024.

Fair Value Measurements

Recurring Fair Value Measurements

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


	December 31, 2025
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	89,365	$	—	$	89,365

Available-for-sale investment securities:



U.S. government and agency securities	—		144,256		144,256
Total	$	89,365	$	144,256	$	233,621


	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.

There were no changes to our valuation techniques used to measure asset and liability fair values on a recurring basis during the year ended December 31, 2025. The valuation techniques for the financial assets in the tables above are as follows:

Cash Equivalents

As of December 31, 2025 and 2024, cash equivalents include cash invested in money market funds with a maturity of three months or less. Fair value is based on market prices for identical assets.

Available-for-Sale Investment Securities

Our Level 2 investment 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 December 31, 2025 and December 31, 2024, the balance of strategic investments was $77.0 million and $2.0 million, respectively.

Other Balance Sheet Components

12 Months Ended

Dec. 31, 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):


	December 31,
	2025		2024
Income tax receivable(1)	$	27,133	$	1,089
Prepaid expenses	15,707		12,430
Deferred commissions(2)	11,166		9,898
Deposits for insurance services(3)	7,765		6,668
Other	3,447		2,722
Total Prepaid expenses and other current assets	$	65,218	$	32,807

(1)For additional information on income tax, refer to Note 14, 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 "Liability to Landlord Insurance" in Note 11, Commitments and Contingencies.

Accrued Employee Expenses

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


	December 31,
	2025		2024
Accrued bonuses(1)	$	43,298	$	17,092
Accrued payroll and other	16,476		13,065
Total accrued employee expenses	$	59,774	$	30,157

(1)Accrued bonuses increased significantly as of December 31, 2025, due to the shift from a semi-annual to an annual payment cycle. Whereas a portion of the prior year’s bonus was paid mid-year, the 2025 fiscal year accrual represents the total annual incentive to be paid in the first quarter of 2026.

Other Current Liabilities

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


	December 31,
	2025		2024
Unearned premium liabilities(1)	$	6,662	$	5,455
Insurance reserves(2)	6,630		3,908
Operating lease liabilities-current	4,873		4,273
Others	3,956		2,451
Total other current liabilities	$	22,121	$	16,087

(1)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.

(2)For additional information on insurance reserves, refer to "Legal Liability to Landlord Insurance" in Note 11, Commitments and Contingencies.

Capitalized Software Development Costs, net - Schedule of Capitalized Software Development Costs, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Research and Development [Abstract]
Capitalized software development costs, gross	$ 112,108	$ 117,480
Less: Accumulated amortization	(100,784)	(102,051)
Capitalized software development costs, net	$ 11,324	$ 15,429

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Purchase commitment	$ 31,300
Purchase commitment, period (in years)	3 years
Operating lease liability	$ 38,160		$ 41,749
Total future minimum lease payments	$ 44,841
Future lease payments, period (in years)	5 years
Quota share of tenant liability insurance provided, percent	100.00%
The Credit Facility \| Line of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity		$ 150,000
Outstanding borrowings	$ 0
The Credit Facility \| Line of Credit \| Minimum
Loss Contingencies [Line Items]
Commitment fee percentage	0.15%
The Credit Facility \| Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Loss Contingencies [Line Items]
Variable rate margin	1.25%
The Credit Facility \| Line of Credit \| Minimum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin	0.25%
The Credit Facility \| Line of Credit \| Maximum
Loss Contingencies [Line Items]
Commitment fee percentage	0.30%
The Credit Facility \| Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Loss Contingencies [Line Items]
Variable rate margin	2.00%
The Credit Facility \| Line of Credit \| Maximum \| Base Rate
Loss Contingencies [Line Items]
Variable rate margin	1.00%
The Credit Facility \| Line of Credit \| Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity		25,000
The Credit Facility \| Line of Credit \| Bridge Loan
Loss Contingencies [Line Items]
Maximum borrowing capacity		$ 25,000
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and incurred but not reported claims	$ 6,600		3,900
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 7,800		$ 6,700

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unrecognized tax benefits	$ 18,769	$ 14,935	$ 12,315	$ 9,455
UNITED STATES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net operating loss carryforwards	146,800
UNITED STATES \| Research Tax Credit Carryforward
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit carryforwards	11,800
CALIFORNIA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net operating loss carryforwards	112,500
CALIFORNIA \| Research Tax Credit Carryforward
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Credit carryforwards	$ 36,900

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [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):


	Year Ended December 31,
	2025		2024		2023
Basic net income per share:
Numerator
Net income	$	140,923	$	204,068	$	2,702
Less: undistributed earnings to participating securities	—		12		—
Net income attributable to common stockholders	$	140,923	$	204,056	$	2,702
Denominator
Weighted average common shares outstanding	36,013		36,254		35,636
Less: Weighted average unvested restricted shares subject to repurchase	—		2		7
Weighted average common shares outstanding; basic	36,013		36,252		35,629
Net income per common share; basic	$	3.91	$	5.63	$	0.08
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	140,923	$	204,056	$	2,702
Denominator
Weighted average common shares outstanding; basic	36,013		36,252		35,629
Add: Weighted average dilutive options outstanding	40		58		333
Add: Weighted average dilutive RSUs outstanding	274		472		455
Weighted average common shares outstanding; diluted	36,327		36,782		36,417
Net income per common share; diluted	$	3.88	$	5.55	$	0.07

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):


	Year Ended December 31,
	2025	2024	2023
Unvested Restricted Stock Awards	—	—	6
Options	—	—	120
Restricted Stock Units	14	2	20
Total potentially dilutive securities	14	2	146

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our business involves the collection, storage, processing and transmission of a significant amount of confidential and sensitive information. As a result, we take the confidentiality, integrity, and availability of such information seriously and invest significant time, effort, and resources into protecting such information. Our cybersecurity risk management strategy is designed with the foregoing principles in mind and prioritizes detecting and responding to threats and effective management of security risks. To implement our cybersecurity risk management strategy, we maintain comprehensive processes and safeguards to secure the data we hold and to assess, identify and manage material risks from cybersecurity threats, including: •encrypting sensitive data; •utilizing a robust 24/7/365 security monitoring system; •regularly assessing product features for security vulnerabilities; •periodically conducting both internal and third-party penetration tests; and •providing our customers with multi-factor authentication options to help them effectively protect their information. We also maintain data and cybersecurity protection and control policies to facilitate a secure environment for sensitive information and to ensure the availability of critical data and systems. We have processes in place to assess, identify and manage vendor cybersecurity risks, which include initial and periodic security program reviews and, in cases where personal information is shared, ongoing cybersecurity and privacy obligations that are documented in data processing agreements. Our cybersecurity policies, standards, and processes are informed by a variety of industry standards and best practices, including the NIST Cybersecurity Framework and ISO 27001. We engage independent third parties to audit our adherence to our cybersecurity policies and conduct infrastructure and application security assessments and penetration testing. These third parties help us assess our internal preparedness, adherence to best practices and industry standards, and compliance with applicable laws and regulations as well as help us to identify areas for continued focus and improvement. We also conduct annual information security awareness training for all employees. In addition, we carry insurance that provides certain, limited protection against potential losses arising from a cybersecurity incident. Cybersecurity Governance
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our business involves the collection, storage, processing and transmission of a significant amount of confidential and sensitive information. As a result, we take the confidentiality, integrity, and availability of such information seriously and invest significant time, effort, and resources into protecting such information. Our cybersecurity risk management strategy is designed with the foregoing principles in mind and prioritizes detecting and responding to threats and effective management of security risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate. Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate. Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis. The CISO attends each quarterly meeting of the RCOC to brief members on information security matters and discuss cybersecurity risks generally. In addition, our management team has established an Enterprise Risk Management Program (the "ERM Program"), which includes processes designed to assess, identify, manage, categorize, and monitor key current and evolving risks facing AppFolio, including cybersecurity risks. Management is made aware of current and evolving cybersecurity risks through ERM Program reporting and periodic updates at weekly executive leadership team meetings. In the event of a material or potentially material cybersecurity incident, senior members of management are promptly informed of such incident and oversee response and disclosure efforts pursuant to the terms of a documented incident response plan.
Cybersecurity Risk Role of Management [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate. Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis. The CISO attends each quarterly meeting of the RCOC to brief members on information security matters and discuss cybersecurity risks generally. In addition, our management team has established an Enterprise Risk Management Program (the "ERM Program"), which includes processes designed to assess, identify, manage, categorize, and monitor key current and evolving risks facing AppFolio, including cybersecurity risks. Management is made aware of current and evolving cybersecurity risks through ERM Program reporting and periodic updates at weekly executive leadership team meetings. In the event of a material or potentially material cybersecurity incident, senior members of management are promptly informed of such incident and oversee response and disclosure efforts pursuant to the terms of a documented incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate. Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis. The CISO attends each quarterly meeting of the RCOC to brief members on information security matters and discuss cybersecurity risks generally.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Risk and Compliance Oversight Committee of our Board of Directors (the "RCOC") is responsible for overseeing and reviewing AppFolio's cybersecurity program and cybersecurity risk exposure and the steps taken to monitor and mitigate such exposure. The RCOC updates the full Board of Directors on cybersecurity matters as appropriate. Our information security team is led by our Chief Information Security Officer ("CISO"), who has served in the role since 2015 and has experience in application security, intrusion detection, penetration testing, complex threat modeling, and unconventional cyber-attack vectors. The CISO oversees a team of information security professionals who are devoted full time to assessing, identifying and managing cybersecurity threats on a day-to-day basis. The CISO attends each quarterly meeting of the RCOC to brief members on information security matters and discuss cybersecurity risks generally. In addition, our management team has established an Enterprise Risk Management Program (the "ERM Program"), which includes processes designed to assess, identify, manage, categorize, and monitor key current and evolving risks facing AppFolio, including cybersecurity risks. Management is made aware of current and evolving cybersecurity risks through ERM Program reporting and periodic updates at weekly executive leadership team meetings. In the event of a material or potentially material cybersecurity incident, senior members of management are promptly informed of such incident and oversee response and disclosure efforts pursuant to the terms of a documented incident response plan. Notwithstanding the foregoing efforts, there can be no assurance that our cybersecurity risk management program will entirely eliminate all risks from cybersecurity threats or incidents. Like many other businesses, we have experienced cybersecurity threats and incidents in the past, and expect to continue to experience cybersecurity threats and potentially cybersecurity incidents in the future. While the risks from previous cybersecurity threats and incidents have not materially affected, and, in our belief, are not reasonably likely to materially affect, us, including our business strategy, results of operations or financial condition, future cybersecurity threats and incidences may materially affect us, including our business strategy, results of operations, or financial condition. See Item 1A., "Risk Factors" for additional details regarding cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Workforce Reduction

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Workforce Reduction

During the year ended December 31, 2023, we implemented a plan to reduce our workforce by 149 employees in order to scale our business more efficiently. Impacted employees were notified in August 2023. There were no workforce reductions during the years ended December 31, 2025 and 2024.

The following table presents the total severance and related personnel costs by function, for the year ended December 31, 2023 (in thousands):


	Severance and Related Personnel Cost
Cost of revenue	$	2,367
Sales and marketing	3,795
Research and product development	3,407
General and administrative	2,514
Total(1)	$	12,083

(1) Total severance and related personnel costs include $1.8 million of accelerated stock-based compensation expense recognized during the year ended December 31, 2023.

The following is a summary of changes in the accrued severance and related personnel cost, within Accrued Employee Expenses on the Consolidated Balance Sheets (in thousands):


	Accrued Severance and Related Personnel Cost
Balance as of December 31, 2022	$	—
Severance and related personnel cost	10,278
Cash Payments	(9,425)
Balance as of December 31, 2023	$	853
Cash Payments	(853)
Balance as of December 31, 2024	$	—

Workforce Reduction - Narrative (Details) - position	12 Months Ended
Workforce Reduction - Narrative (Details) - position	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated	0	0	149
Restructuring and related cost, location not disclosed			severance and related personnel costs

Income Taxes - Schedule of Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
Net operating loss carryforwards	$ 39,660	$ 9,201
Research and development tax credits	36,205	24,326
Capitalized research and software costs	996	66,090
Stock-based compensation	3,252	413
Lease liability	9,939	11,139
Other	2,073	1,495
Total deferred tax assets	92,125	112,664
Deferred tax liabilities:
Property and equipment	(2,524)	(3,351)
Intangible assets	(12,514)	(15,387)
Capitalized commissions	(5,927)	(4,463)
State taxes	(8,170)	(7,749)
Lease asset	(4,148)	(4,695)
Other	(19)	(109)
Total deferred tax liabilities	(33,302)	(35,754)
Total net deferred tax liabilities	$ 58,823	$ 76,910

Workforce Reduction - Schedule of Total Severance and Related Personnel Costs by Function (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 12,083
Share-based payment arrangement, accelerated cost	1,800
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Severance costs	2,367
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Severance costs	3,795
Research and product development
Restructuring Cost and Reserve [Line Items]
Severance costs	3,407
General and administrative
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 2,514

- Definition

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

+ References + Details

Nature of Business	12 Months Ended
Nature of Business	Dec. 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 real estate. 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.

Capitalized Software Development Costs, net

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

Capitalized Software Development Costs, net

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


	December 31,
	2025		2024
Capitalized software development costs, gross	$	112,108	$	117,480
Less: Accumulated amortization	(100,784)		(102,051)
Capitalized software development costs, net	$	11,324	$	15,429

Capitalized software development costs were $4.0 million, $6.1 million and $5.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense with respect to software development costs totaled $8.2 million, $12.2 million and $19.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025 and 2024, we disposed of $9.4 million and $15.2 million, respectively, of fully amortized capitalized software development costs.

Future amortization expense with respect to capitalized software development costs is estimated as follows (in thousands):


Years Ending December 31,
2026	5,808
2027	4,242
2028	1,274
Total amortization expense	$	11,324

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

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


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	39,000		(9,100)		29,900		5.0
Developed technology	9,800		(2,287)		7,513		5.0
Database	4,710		(3,297)		1,413		10.0
Domain names	90		(90)		—		5.0
Patents	252		(252)		—		5.0
Total intangible assets, net	$	53,852	$	(15,026)	$	38,826	5.4


	December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	39,000		(1,300)		37,700		5.0
Developed technology	9,800		(327)		9,473		5.0
Database	4,710		(2,826)		1,884		10.0
Domain names	90		(90)		—		5.0
Patents	252		(252)		—		5.0
Total intangible assets, net	$	53,852	$	(4,795)	$	49,057	5.4

Scheduled of Future Amortization Expense of Intangible Assets

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


Years Ending December 31,
2026	$	10,231
2027	10,231
2028	10,231
2029	8,133

Total	$	38,826

Schedule of Change in the Carrying Amount of Goodwill

The change in the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


Goodwill at December 31, 2023	$	56,060
Acquisition of LiveEasy	40,350
Goodwill at December 31, 2024	96,410
Goodwill at December 31, 2025	$	96,410

- Definition

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

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+ Details

Stockholders' Equity - Amended and Restated Certificate of Incorporation (Narrative) (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock \| Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000
Common stock, par value (in dollars per share)	$ 0.0001
Common Stock \| Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000
Common stock, par value (in dollars per share)	$ 0.0001
Preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	25,000,000

- Definition

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

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+ Details

Goodwill and Intangible Assets, Net - Schedule of Change in the Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 56,060
Acquisition of LiveEasy	40,350
Goodwill, ending balance	$ 96,410

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

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


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	39,000		(9,100)		29,900		5.0
Developed technology	9,800		(2,287)		7,513		5.0
Database	4,710		(3,297)		1,413		10.0
Domain names	90		(90)		—		5.0
Patents	252		(252)		—		5.0
Total intangible assets, net	$	53,852	$	(15,026)	$	38,826	5.4


	December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	39,000		(1,300)		37,700		5.0
Developed technology	9,800		(327)		9,473		5.0
Database	4,710		(2,826)		1,884		10.0
Domain names	90		(90)		—		5.0
Patents	252		(252)		—		5.0
Total intangible assets, net	$	53,852	$	(4,795)	$	49,057	5.4

Amortization expense with respect to intangible assets totaled $10.2 million, $2.1 million and $2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2026	$	10,231
2027	10,231
2028	10,231
2029	8,133

Total	$	38,826

Our goodwill balance is solely attributed to acquisitions. The change in the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


Goodwill at December 31, 2023	$	56,060
Acquisition of LiveEasy	40,350
Goodwill at December 31, 2024	96,410
Goodwill at December 31, 2025	$	96,410

Workforce Reduction (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Total Severance and Related Personnel Costs by Function

The following table presents the total severance and related personnel costs by function, for the year ended December 31, 2023 (in thousands):


	Severance and Related Personnel Cost
Cost of revenue	$	2,367
Sales and marketing	3,795
Research and product development	3,407
General and administrative	2,514
Total(1)	$	12,083

(1) Total severance and related personnel costs include $1.8 million of accelerated stock-based compensation expense recognized during the year ended December 31, 2023.

Schedule of Changes in the Accrued Severance and Related Personnel Cost

The following is a summary of changes in the accrued severance and related personnel cost, within Accrued Employee Expenses on the Consolidated Balance Sheets (in thousands):


	Accrued Severance and Related Personnel Cost
Balance as of December 31, 2022	$	—
Severance and related personnel cost	10,278
Cash Payments	(9,425)
Balance as of December 31, 2023	$	853
Cash Payments	(853)
Balance as of December 31, 2024	$	—

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Los Angeles, California

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments As of December 31, 2025, our non-cancelable purchase commitments for business operations totaled $31.3 million, which are due primarily over the next three years. Operating lease obligations associated with lease facilities totaled $38.2 million as of December 31, 2025 and have varying maturities with $44.8 million due over the next five years. 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 a third-party service provider. We assume a 100% quota share of the liability to landlord insurance policies placed with our customers by our third-party service provider. We accrue for reported claims, and include an estimate of losses incurred but not reported by our property manager customers, in cost of revenue because we bear the risk related to all such claims. Our estimated liability for reported claims and incurred but not reported claims as of December 31, 2025 and 2024 was $6.6 million and $3.9 million, respectively, and is included in Other current liabilities on our Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of December 31, 2025 and 2024 are $7.8 million and $6.7 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this risk mitigation service. Credit Facility On September 30, 2025, we entered into the Credit Facility which 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, affirmative and negative covenants, including a financial covenant requiring maintenance of a Consolidated Net Leverage Ratio, and events of default. 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 December 31, 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 other investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the 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.

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans We have a 401(k) retirement and savings plan made available to all employees. We may, at our discretion, make matching contributions to the 401(k) plan. Cash contributions to the plan were $7.7 million, $7.4 million, and $7.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ 33,833
State and local income taxes, net of federal benefit	(1,083)
Tax credits	(11,424)
Excess tax benefits from stock-based compensation	(10,340)
Non-deductible officers' compensation	4,559
Other nondeductible items	896
Changes in unrecognized tax benefits	3,748
Total (benefit from) provision for income taxes	$ 20,189	$ (53,746)	$ 5,295
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	(1.00%)	(2.00%)	(44.00%)
Tax credits	(7.00%)
Change in valuation allowance		(37.00%)	215.00%
Stock-based compensation expense	(6.00%)	(13.00%)	(108.00%)
Federal research and development tax credits		(10.00%)	(93.00%)
Non-deductible officers' compensation	3.00%	5.00%	79.00%
Other nondeductible items	1.00%
Changes in unrecognized tax benefits	2.00%
Other permanent differences		0.00%	(4.00%)
Provision for (benefit from) income taxes	13.00%	(36.00%)	66.00%

Net Income Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income	$ 140,923	$ 204,068	$ 2,702
Less: undistributed earnings to participating securities	0	12	0
Net income attributable to common stockholders	$ 140,923	$ 204,056	$ 2,702
Denominator
Weighted average common shares outstanding (in shares)	36,013	36,254	35,636
Less: weighted average unvested restricted shares subject to repurchase (in shares)	0	2	7
Weighted average common shares outstanding; basic (in shares)	36,013	36,252	35,629
Net income per common share; basic (in dollars per share)	$ 3.91	$ 5.63	$ 0.08
Numerator
Net income attributable to common stockholders	$ 140,923	$ 204,056	$ 2,702
Denominator
Weighted average common shares outstanding; basic (in shares)	36,013	36,252	35,629
Weighted average common shares outstanding; diluted (in shares)	36,327	36,782	36,417
Net income per common share; diluted (in dollars per share)	$ 3.88	$ 5.55	$ 0.07
Options
Denominator
Add: weighted average diluted awards outstanding (in shares)	40	58	333
Restricted Stock Units
Denominator
Add: weighted average diluted awards outstanding (in shares)	274	472	455

Stock-Based Compensation - Narrative (Details)	12 Months Ended
Stock-Based Compensation - Narrative (Details)	Dec. 31, 2025 plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| plan	2
Aggregate number of shares reserved for stock incentive plan (in shares)	1,500,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved for stock incentive plan (in shares)	1,250,000
Purchase price of common stock (as a percent)	85.00%
Purchase period	6 months
Number of additional shares allowable under the plan (in shares)	1,250,000

- 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

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


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4,070	$	4,188	$	4,362
Variable lease cost	1,370		1,479		1,737
Total lease cost	$	5,440	$	5,667	$	6,099

Schedule of Lease-Related Assets and Liabilities

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


	December 31,
	2025			2024
Assets

Operating lease right-of-use assets	15,924			17,472

Liabilities
Other current liabilities	$	4,873		$	4,273
Operating lease liabilities	33,287			37,476
Total lease liabilities	$	38,160		$	41,749

Weighted-average remaining lease term (years)	6.3			7.4
Weighted-average discount rate	5.2		%	5.1		%

Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows (in thousands):


Years ending December 31,
2026	$	6,662
2027	6,844
2028	6,962
2029	6,910
2030	7,110
Thereafter	10,353
Total future minimum lease payments	44,841
Less: imputed interest	(6,681)
Total	$	38,160

Stockholders' Equity - Share Repurchase Program (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Apr. 23, 2025	Feb. 20, 2019
Equity [Abstract]
Authorized amount under share repurchase program					$ 300,000	$ 100,000
Stock repurchased (in shares)	0	243,987	445,311
Average purchase price (in dollars per share)		$ 204.77	$ 215.05
Stock repurchased		$ 50,000	$ 95,800	$ 146,724
Share repurchase program, remaining authorized amount				$ 250,000

Goodwill and Intangible Assets, Net - Scheduled of Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 10,231
2027	10,231
2028	10,231
2029	8,133
Net Carrying Value	$ 38,826	$ 49,057

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 6,662
2027	6,844
2028	6,962
2029	6,910
2030	7,110
Thereafter	10,353
Total future minimum lease payments	44,841
Less: imputed interest	(6,681)
Total	$ 38,160	$ 41,749

Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the final purchase price allocation (in thousands) as well as the estimated useful lives of the acquired intangible assets over which they are amortized on a straight-line basis, as this approximates the pattern in which economic benefits are consumed:


	Estimated Fair Value		Estimated Useful Life (in years)
Cash and cash equivalents	272
Identified intangible assets:
Customer relationships	39,000		5
Developed technology	9,800		5
Goodwill	40,350
Deferred tax liabilities	(8,874)
Other net tangible liabilities	(2,047)
Net assets acquired	$	78,501

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We currently have two stock incentive plans: the 2015 Stock Incentive Plan (the "2015 Plan") and, the 2025 Omnibus Incentive Plan (the "2025 Plan"), which was approved by our stockholders at our 2024 annual meeting of stockholders.

We did not grant any awards under the 2025 Plan in 2024. On January 1, 2025, the 2025 Plan superseded and replaced the 2015 Plan and no further awards will be granted under the 2015 Plan, but the 2015 Plan will continue to govern outstanding awards granted under the 2015 Plan.

Under the 2025 Plan, 1,500,000 shares of our Class A common stock were initially reserved and available for grant and issuance subject to adjustment in accordance with the terms of the 2025 Plan. In addition, the number of shares of Class A common stock authorized for issuance under the 2025 Plan will be subject to an annual increase on January 31 of each calendar year during the term of the 2025 Plan, equal to the lesser of (a) the total number of shares of Class A common stock underlying awards granted under the 2025 Plan in the immediately preceding calendar year, less the sum of (i) the number of shares of Class A common stock subject to an award granted under the 2025 Plan that expired, or was canceled, forfeited or terminated, and (ii) the number of shares of Class A common stock withheld by the Company to satisfy any tax withholding obligation, in the case of each of (i) and (ii), during the immediately preceding calendar year, and (b) such smaller number of shares of Class A common stock as is determined by the Board of Directors. We granted RSUs and PSUs during 2025 pursuant to the 2025 Plan.

RSUs and PSUs represent the right on the part of the holder to receive shares of our Class A common stock at a specified date in the future and/or upon the achievement of performance conditions at the discretion of our compensation committee, subject to forfeiture of that right due to termination of employment.

Our 2025 Employee Stock Purchase Plan (the “ESPP”) authorizes the issuance of shares of our Class A common stock pursuant to purchase rights granted to our employees. The purchase price for shares purchased under the 2025 ESPP with respect to any offering period is an amount equal to 85% of the fair market value of a share of our Class A common stock on the applicable purchase date (i.e., the last trading day of the applicable offering period). Offering periods are six months long and begin on February 16 and August 16 of each year. The first offering period under the ESPP began on Monday, February 17, 2025. 1,250,000 shares of Class A common stock are authorized for issuance under the ESPP, subject to adjustment in accordance with the terms of the ESPP. In addition, commencing on January 31, 2026 and on each January 31st thereafter during the term of the ESPP, the number of shares of Class A common stock authorized for issuance under the ESPP will be increased by the lesser of (a) the number of shares of Class A common stock issued or transferred pursuant to rights granted under the ESPP during the preceding calendar year, (b) such lesser number of shares of Class A common stock as determined by our compensation committee, or (c) 1,250,000 shares of Class A common stock. For the year ended December 31, 2025, our stock-based compensation expense for the ESPP was not material.

Stock Options

A summary of activity in connection with our stock options for the year ended December 31, 2025 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2024	129	$	121.50	7.6
Options granted	—	—
Options exercised	(9)	14.83
Options cancelled/forfeited	—	12.00
Options outstanding as of December 31, 2025	120	$	129.74	7.2

At December 31, 2025:
Options vested and expected to vest	120	$	129.74	7.2
Options exercisable	40	$	129.74	7.2

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

The total intrinsic value of options exercised in 2025, 2024 and 2023 was $1.9 million, $52.2 million and $36.4 million, respectively. This intrinsic value represents the difference between the fair value of our Class A common stock on the date of exercise and the exercise price of each option. Based on the fair value of our Class A common stock as of December 31, 2025, the total intrinsic value of all outstanding options, exercisable options, and options vested and expected to vest was $17.5 million.

Restricted Stock Units

A summary of activity in connection with our RSUs for the year ended December 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	$	159.98
Granted	393	226.81
Vested	(439)	156.35
Forfeited	(112)	180.07
Unvested as of December 31, 2025	627	$	200.81

Unvested RSUs as of December 31, 2025 were composed of 0.6 million RSUs with only service conditions and 0.1 million PSUs with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The unvested PSUs as of December 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 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 metric over the applicable period.

We recognized stock-based compensation expense for the RSUs and PSUs of $69.4 million, $59.2 million and $51.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $100.2 million, which is expected to be recognized over a weighted average period of 2.2 years. The total fair value of RSUs and PSUs vested during the years ended December 31, 2025, 2024 and 2023 was approximately $107.1 million, $111.8 million and $82.2 million, respectively.

Revenue and Deferred Costs - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred costs	$ 22,800,000	$ 16,800,000
Deferred costs, current	11,166,000	9,898,000
Deferred costs, noncurrent	11,600,000	6,900,000
Amortization of costs capitalized to obtain revenue contracts, net	11,115,000	9,985,000	$ 9,515,000
Capitalized contract cost, impairment loss	0	$ 0
Revenue, remaining performance obligation, amount	$ 93,900,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	38.40%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


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

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


	December 31,
	2025		2024
Computer equipment	$	2,387	$	2,796
Furniture and fixtures	5,126		5,292
Office equipment	3,708		3,729
Leasehold improvements	32,144		28,787
Construction in process	19		357
Gross property and equipment	43,384		40,961
Less: Accumulated depreciation	(20,156)		(16,478)
Total property and equipment, net	$	23,228	$	24,483

Income Taxes - Schedule of Cash Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Federal taxes	$ 22,390
State taxes	6,450
International taxes	0
Cash paid for income taxes (net of refunds)	$ 28,840

Other Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unearned premium liabilities	$ 6,662	$ 5,455
Insurance reserves	6,630	3,908
Operating lease liabilities-current	4,873	4,273
Others	3,956	2,451
Total other current liabilities	$ 22,121	$ 16,087

Other Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 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):


	December 31,
	2025		2024
Income tax receivable(1)	$	27,133	$	1,089
Prepaid expenses	15,707		12,430
Deferred commissions(2)	11,166		9,898
Deposits for insurance services(3)	7,765		6,668
Other	3,447		2,722
Total Prepaid expenses and other current assets	$	65,218	$	32,807

(1)For additional information on income tax, refer to Note 14, 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):


	December 31,
	2025		2024
Accrued bonuses(1)	$	43,298	$	17,092
Accrued payroll and other	16,476		13,065
Total accrued employee expenses	$	59,774	$	30,157

Schedule of Other Current Liabilities

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


	December 31,
	2025		2024
Unearned premium liabilities(1)	$	6,662	$	5,455
Insurance reserves(2)	6,630		3,908
Operating lease liabilities-current	4,873		4,273
Others	3,956		2,451
Total other current liabilities	$	22,121	$	16,087

(2)For additional information on insurance reserves, refer to "Legal Liability to Landlord Insurance" in Note 11, Commitments and Contingencies.

Investment Securities and Fair Value Measurements - Schedule of Sales and Maturities of Investment Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 94	$ 4
Gross Realized Losses	(49)	(1)
Gross Proceeds from Sales	202,662	9,984	$ 1,013
Gross Proceeds from Maturities	118,970	240,035	$ 152,382
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	94	4
Gross Realized Losses	(49)	(1)
Gross Proceeds from Sales	202,662	9,984
Gross Proceeds from Maturities	$ 118,970	$ 240,035

- 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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+ Details

Business Combination - Narrative (Details) $ in Millions	Oct. 22, 2024 USD ($)
Move EZ, Inc., d/b/a LiveEasy
Business Combination [Line Items]
Cash purchase consideration	$ 78.5

- 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

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

All of our property and equipment is located in the United States. Property and equipment, net consists of the following (in thousands):


	December 31,
	2025		2024
Computer equipment	$	2,387	$	2,796
Furniture and fixtures	5,126		5,292
Office equipment	3,708		3,729
Leasehold improvements	32,144		28,787
Construction in process	19		357
Gross property and equipment	43,384		40,961
Less: Accumulated depreciation	(20,156)		(16,478)
Total property and equipment, net	$	23,228	$	24,483

Depreciation expense for property and equipment totaled $4.3 million, $5.2 million, and $7.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Investment Securities and Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Allowance for credit losses, available-for sale investments	$ 0	$ 0
Long-term investments	77,033,000	2,033,000
Strategic investments	77,000,000.0	2,000,000.0
Second Nature
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Long-term investments	$ 75,000,000	$ 0

Stockholders' Equity - Class A Common Stock and Class B Common Stock (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025 vote shares
Common Class B to Common Class A
Class of Stock [Line Items]
Number of shares to be issued per share upon conversion (in shares) \| shares	1
Class A common stock
Class of Stock [Line Items]
Common stock, number of votes	1
Class B common stock
Class of Stock [Line Items]
Common stock, number of votes	10

- Definition

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

+ References

+ Details

Workforce Reduction - Schedule of Changes in the Accrued Severance and Related Personnel Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 853	$ 0
Severance and related personnel cost		10,278
Cash Payments	(853)	(9,425)
Ending balance	$ 0	$ 853

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Operating leases for our corporate offices have remaining lease terms ranging from 1.6 years to 7.1 years, some of which include options to extend the leases for up to ten years. These options to extend have not been recognized as part of our operating lease ROU assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Certain leases contain provisions for property-related costs that are variable in nature for which we are responsible, including common area maintenance, which are expensed as incurred.

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


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4,070	$	4,188	$	4,362
Variable lease cost	1,370		1,479		1,737
Total lease cost	$	5,440	$	5,667	$	6,099

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


	December 31,
	2025			2024
Assets

Operating lease right-of-use assets	15,924			17,472

Liabilities
Other current liabilities	$	4,873		$	4,273
Operating lease liabilities	33,287			37,476
Total lease liabilities	$	38,160		$	41,749

Weighted-average remaining lease term (years)	6.3			7.4
Weighted-average discount rate	5.2		%	5.1		%

In January 2023, we entered into an amendment to the lease agreement for our San Diego facility (the "San Diego Lease"). We remeasured the lease liability and recorded a reduction to the lease liability and ROU asset using the discount rate at the modification date, which resulted in a gain of $2.4 million in the Consolidated Statements of Operations.

In June 2023, we entered into a second amendment to reduce the rentable square footage and our future rental payment obligations under the San Diego Lease pursuant to which we made a one-time payment of $2.9 million. We again remeasured the lease liability and recorded a reduction to the lease liability using the discount rate at the modification date. As a result, we recorded a gain of $1.9 million in the Consolidated Statements of Operations.

In July 2023, we entered into an agreement to sublet one of our office spaces in Santa Barbara through December 31, 2031 (the "Santa Barbara 90 Sublease"). The total rental commitment over the term of the Santa Barbara 90 Sublease is $6.1 million. We performed impairment testing in accordance with ASC 360, and no impairment related to the ROU assets was recorded for the year ended December 31, 2023.

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows (in thousands):


Years ending December 31,
2026	$	6,662
2027	6,844
2028	6,962
2029	6,910
2030	7,110
Thereafter	10,353
Total future minimum lease payments	44,841
Less: imputed interest	(6,681)
Total	$	38,160

Revenue and Deferred Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 950,822	$ 794,202	$ 620,445
Subscription Services
Disaggregation of Revenue [Line Items]
Total revenue	211,457	180,605	156,692
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	721,549	605,011	454,098
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,816	$ 8,586	$ 9,655

- 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

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Options outstanding, beginning balance (in shares)	129
Options granted (in shares)	0
Options exercised (in shares)	(9)
Options cancelled/forfeited (in shares)	0
Options outstanding, ending balance (in shares)	120	129
Options vested and expected to vest (in shares)	120
Options exercisable (in shares)	40
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 121.50
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	14.83
Options cancelled/forfeited (in dollars per share)	12.00
Options outstanding, ending balance (in dollars per share)	129.74	$ 121.50
Options vested and expected to vest (in dollars per share)	129.74
Options exercisable (in dollars per share)	$ 129.74
Weighted Average Remaining Contractual Life in Years
Options outstanding (in years)	7 years 2 months 12 days	7 years 7 months 6 days
Options vested and expected to vest (in years)	7 years 2 months 12 days
Options exercisable (in years)	7 years 2 months 12 days

Stockholders' Equity - Preferred Stock (Narrative) (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000

Revenue and Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

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


	Year Ended December 31,
	2025		2024		2023
Subscription Services	$	211,457	$	180,605	$	156,692
Value Added Services	721,549		605,011		454,098
Other	17,816		8,586		9,655
Total revenue	$	950,822	$	794,202	$	620,445

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	785
Granted (in shares) \| shares	393
Vested (in shares) \| shares	(439)
Forfeited (in shares) \| shares	(112)
Unvested, ending balance (in shares) \| shares	627
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 159.98
Granted (in dollars per share) \| $ / shares	226.81
Vested (in dollars per share) \| $ / shares	156.35
Forfeited (in dollars per share) \| $ / shares	180.07
Unvested, ending balance (in dollars per share) \| $ / shares	$ 200.81

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of activity in connection with our stock options for the year ended December 31, 2025 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2024	129	$	121.50	7.6
Options granted	—	—
Options exercised	(9)	14.83
Options cancelled/forfeited	—	12.00
Options outstanding as of December 31, 2025	120	$	129.74	7.2

At December 31, 2025:
Options vested and expected to vest	120	$	129.74	7.2
Options exercisable	40	$	129.74	7.2

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the year ended December 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	$	159.98
Granted	393	226.81
Vested	(439)	156.35
Forfeited	(112)	180.07
Unvested as of December 31, 2025	627	$	200.81

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 140,923	$ 204,068	$ 2,702
Other comprehensive income (loss):
Changes in unrealized losses on investment securities, net of tax	(143)	74	1,783
Comprehensive income	$ 140,780	$ 204,142	$ 4,485

- 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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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash from operating activities
Net income	$ 140,923	$ 204,068	$ 2,702
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,651	19,543	28,989
Amortization of operating lease right-of-use assets	2,221	2,030	2,132
Amortization of costs capitalized to obtain revenue contracts, net	11,115	9,985	9,515
Gain on lease modification	0	0	(4,281)
Deferred income taxes	18,139	(76,937)	(490)
Stock-based compensation, including as amortized	70,790	60,328	52,363
Other	(2,119)	(8,220)	(3,108)
Changes in operating assets and liabilities:
Accounts receivable	(12,527)	(3,383)	(4,206)
Prepaid expenses and other assets	(21,446)	(5,859)	(23,008)
Accounts payable	1,767	1,559	(1,565)
Operating lease liabilities	(4,263)	(3,143)	(2,504)
Accrued expenses and other liabilities	14,854	(11,812)	3,744
Net cash provided by operating activities	242,105	188,159	60,283
Cash from investing activities
Purchases of available-for-sale investments	(228,887)	(317,173)	(195,740)
Proceeds from sales of available-for-sale investments	202,662	9,984	1,013
Proceeds from maturities of available-for-sale investments	118,970	240,035	152,382
Purchases of property and equipment	(3,155)	(2,016)	(9,041)
Capitalization of software development costs	(3,440)	(5,170)	(4,825)
Purchases of long-term investments	(75,000)	0	629
Cash paid in business acquisition, net of cash acquired	(906)	(77,421)	0
Net cash provided by (used in) investing activities	10,244	(151,761)	(55,582)
Cash from financing activities
Proceeds from stock option exercises	134	3,924	2,595
Tax withholding for net share settlement	(43,248)	(47,327)	(28,556)
Proceeds from the issuance of common stock under the employee stock purchase plan	951	0	0
Purchase of common stock	(145,723)	0	0
Net cash used in financing activities	(187,886)	(43,403)	(25,961)
Net increase (decrease) in cash, cash equivalents and restricted cash	64,463	(7,005)	(21,260)
Cash, cash equivalents and restricted cash
Beginning of period	42,754	49,759	71,019
End of period	107,217	42,754	49,759
Cash and cash equivalents	106,967	42,504	49,509
Restricted cash included in prepaid expenses and other current assets	250	250	250
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	107,217	42,754	49,759
Supplemental disclosure of cash flow information
Cash paid for income taxes	28,840	14,022	8,086
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 6,251	$ 5,828	$ 4,732

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 106,967	$ 42,504
Investment securities—current	144,256	235,745
Accounts receivable, net	36,873	24,346
Prepaid expenses and other current assets	65,218	32,807
Total current assets	353,314	335,402
Property and equipment, net	23,228	24,483
Operating lease right-of-use assets	15,924	17,472
Capitalized software development costs, net	11,324	15,429
Goodwill	96,410	96,410
Intangible assets, net	38,826	49,057
Deferred income taxes	58,823	76,910
Long-term investments	77,033	2,033
Other long-term assets	14,085	9,482
Total assets	688,967	626,678
Current liabilities
Accounts payable	4,123	2,378
Accrued employee expenses	59,774	30,157
Accrued expenses	20,829	14,658
Other current liabilities	22,121	16,087
Total current liabilities	106,847	63,280
Operating lease liabilities	33,287	37,476
Other liabilities	6,254	6,632
Total liabilities	146,388	107,388
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Additional paid-in capital	284,054	254,821
Accumulated other comprehensive (loss) Income	30	173
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively	(172,480)	(25,756)
Retained earnings	430,971	290,048
Total stockholders’ equity	542,579	519,290
Total liabilities and stockholders’ equity	688,967	626,678
Class A common stock
Stockholders’ equity:
Common stock	3	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 2

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10.2	$ 2.1	$ 2.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Amended and Restated Certificate of Incorporation Under our Amended and Restated Certificate of Incorporation, we are authorized to issue 250,000,000 shares of Class A common stock, 50,000,000 shares of Class B common stock and 25,000,000 shares of undesignated preferred stock, each with a par value of $0.0001 per share. Class A Common Stock and Class B Common Stock Holders of our Class A common stock and Class B common stock are entitled to dividends when, as, and if declared by our Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of December 31, 2025, we have not declared any dividends. The holder of each share of Class A common stock is entitled to one vote, while the holder of each share of Class B common stock is entitled to ten votes. Each share of our Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock and generally converts into a share of our Class A common stock upon transfer. Class A common stock and Class B common stock are collectively referred to as common stock throughout the notes to these financial statements, unless otherwise noted. Preferred Stock Our Board of Directors, subject to the limitations prescribed by Delaware law, has the authority to issue up to 25,000,000 shares of preferred stock and to determine the price, rights, preferences, privileges and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. Share Repurchase Program On February 20, 2019, our Board of Directors authorized a $100.0 million share repurchase program (the "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. We did not repurchase any shares of our Class A common stock during the third or fourth quarter of 2025. As of December 31, 2025, the amount remaining available for repurchases under the 2025 Stock Repurchase Program was $250.0 million.

- Definition

The entire disclosure for equity.

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+ Details

Investment Securities and Fair Value Measurements - Schedule of Investment Securities Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 144,216	$ 235,509
Gross Unrealized Gains	40	261
Gross Unrealized Losses	0	(25)
Estimated Fair Value	144,256	235,745
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	144,216	235,509
Gross Unrealized Gains	40	261
Gross Unrealized Losses	0	(25)
Estimated Fair Value	$ 144,256	$ 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

Leases - Schedule of Lease-Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease right-of-use assets	$ 15,924	$ 17,472
Liabilities
Other current liabilities	$ 4,873	$ 4,273
Operating lease liability, current, location	Other current liabilities	Other current liabilities
Operating lease liabilities	$ 33,287	$ 37,476
Total lease liabilities	$ 38,160	$ 41,749
Weighted-average remaining lease term (years)	6 years 3 months 18 days	7 years 4 months 24 days
Weighted-average discount rate	5.20%	5.10%

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per 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):


	Year Ended December 31,
	2025		2024		2023
Basic net income per share:
Numerator
Net income	$	140,923	$	204,068	$	2,702
Less: undistributed earnings to participating securities	—		12		—
Net income attributable to common stockholders	$	140,923	$	204,056	$	2,702
Denominator
Weighted average common shares outstanding	36,013		36,254		35,636
Less: Weighted average unvested restricted shares subject to repurchase	—		2		7
Weighted average common shares outstanding; basic	36,013		36,252		35,629
Net income per common share; basic	$	3.91	$	5.63	$	0.08
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	140,923	$	204,056	$	2,702
Denominator
Weighted average common shares outstanding; basic	36,013		36,252		35,629
Add: Weighted average dilutive options outstanding	40		58		333
Add: Weighted average dilutive RSUs outstanding	274		472		455
Weighted average common shares outstanding; diluted	36,327		36,782		36,417
Net income per common share; diluted	$	3.88	$	5.55	$	0.07

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):


	Year Ended December 31,
	2025	2024	2023
Unvested Restricted Stock Awards	—	—	6
Options	—	—	120
Restricted Stock Units	14	2	20
Total potentially dilutive securities	14	2	146

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Capitalized Software Development Costs, net - Schedule of Future Amortization Expense of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Research and Development [Abstract]
2026	$ 5,808
2027	4,242
2028	1,274
Capitalized software development costs, net	$ 11,324	$ 15,429

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 4,070	$ 4,188	$ 4,362
Variable lease cost	1,370	1,479	1,737
Total lease cost	$ 5,440	$ 5,667	$ 6,099

Other Balance Sheet Components- Schedule of Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax receivable	$ 27,133	$ 1,089
Prepaid expenses	15,707	12,430
Deferred commissions	11,166	9,898
Deposits for insurance services	7,765	6,668
Other	3,447	2,722
Prepaid expenses and other current assets	$ 65,218	$ 32,807

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Computer equipment
Property, Plant and Equipment [Line Items]
Depreciation Period	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Depreciation Period	7 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciation Period	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciation Period	5 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense on property and equipment	$ 4.3	$ 5.2	$ 7.3

Capitalized Software Development Costs, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and Development [Abstract]
Capitalized software development costs during the period	$ 4.0	$ 6.1	$ 5.5
Amortization expense with respect to software development costs during the period	8.2	12.2	$ 19.2
Fully amortized capitalized software development costs disposed of	$ 9.4	$ 15.2

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

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

Reclassification

Principles of Consolidation

Use of Estimates

Segment Information

Concentrations of Credit Risk

Concentrations of credit risk with respect to accounts receivable and revenue are limited due to a large, diverse customer base. As of December 31, 2025, (i) no individual customer exceeded 10% of our total revenues in any of the periods presented, and (ii) 22% of our accounts receivable balance was attributable to amounts due from a risk mitigation provider. For purposes of assessing concentration of credit risk and significant customers, a group of residents that are receiving services from a third party that controls and transfers the specified services are regarded as one single customer.

Business Combinations

Acquisition-related transaction costs are not included as a component of consideration transferred, but are accounted for as an operating expense in the period in which the costs are incurred.

Fair Value Measurements

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

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

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

Cash, Cash Equivalents and Restricted Cash

Investment Securities

Strategic Investments

Accounts Receivable

Property and Equipment

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


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

Leases

Capitalized Software Development Costs

Goodwill and Intangible Assets, Net

Impairment of Long-Lived Assets

Revenue Recognition

Subscription Services

Value Added Services

Other Revenue

Deferred Costs

Cost of Revenue (Exclusive of Depreciation and Amortization)

Sales and Marketing

Research and Product Development

General and Administrative

Depreciation and Amortization

Stock-Based Compensation

Income Taxes

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Not Yet Adopted

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 53,852	$ 53,852
Accumulated Amortization	(15,026)	(4,795)
Net Carrying Value	$ 38,826	$ 49,057
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years 4 months 24 days	5 years 4 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 39,000	$ 39,000
Accumulated Amortization	(9,100)	(1,300)
Net Carrying Value	$ 29,900	$ 37,700
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 9,800	$ 9,800
Accumulated Amortization	(2,287)	(327)
Net Carrying Value	$ 7,513	$ 9,473
Developed technology \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years
Database
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,710	$ 4,710
Accumulated Amortization	(3,297)	(2,826)
Net Carrying Value	$ 1,413	$ 1,884
Database \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	10 years	10 years
Domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 90	$ 90
Accumulated Amortization	(90)	(90)
Net Carrying Value	$ 0	$ 0
Domain names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 252	$ 252
Accumulated Amortization	(252)	(252)
Net Carrying Value	$ 0	$ 0
Patents \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years

Business Combination

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

Acquisition of Move EZ, Inc.

On October 22, 2024, we acquired all of the outstanding shares of Move EZ, Inc., d/b/a LiveEasy (“LiveEasy”) for a total cash purchase consideration of $78.5 million. LiveEasy is a concierge platform providing moving and home services throughout the resident onboarding process.

The transaction was accounted for using the acquisition method, and as a result, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date.


	Estimated Fair Value		Estimated Useful Life (in years)
Cash and cash equivalents	272
Identified intangible assets:
Customer relationships	39,000		5
Developed technology	9,800		5
Goodwill	40,350
Deferred tax liabilities	(8,874)
Other net tangible liabilities	(2,047)
Net assets acquired	$	78,501

Customer relationships represent the fair value of the underlying contracts and related relationships with LiveEasy's customers and service providers. Developed technology represents the fair value of the technologies that pertain to a customer-facing concierge platform that provides moving and home services. We used a replacement cost method to determine the fair value of both intangible assets. The assumptions used are development costs, the time required to recreate the assets and profit margin a market participant would receive, and rate of return.

The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is not deductible for tax purposes. Goodwill is primarily attributed to the assembled workforce of LiveEasy and anticipated operational synergies.

- Definition

The entire disclosure for business combination.

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Cash contributions to the plan	$ 7.7	$ 7.4	$ 7.3

Stock-Based Compensation - Restricted Stock Units (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 70,790	$ 60,327	$ 52,364
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	69,400	59,200	51,000
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 100,200
Stock-based compensation expense, weighted average recognition period (in years)	2 years 2 months 12 days
Fair value of shares vested	$ 107,100	$ 111,800	$ 82,200
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	627	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)	600
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 award target performance metric	100.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award target performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award target performance metric	171.00%

Stock-Based Compensation - Stock Options (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Intrinsic value of options exercised	$ 1.9	$ 52.2	$ 36.4
Intrinsic value of options outstanding	$ 17.5