0001433195-20-000061 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 27, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	50 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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Central Index Key	0001433195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,057,669
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,238,895

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 53,315	$ 15,813
Investment securities—current	20,930	22,876
Accounts receivable, net	12,663	7,562
Prepaid expenses and other current assets	15,836	15,540
Total current assets	102,744	61,791
Investment securities—noncurrent	5,933	12,089
Property and equipment, net	26,323	14,744
Operating lease right-of-use assets	25,732	27,803
Capitalized software, net	35,218	30,023
Goodwill	58,425	58,425
Intangible assets, net	18,911	21,377
Deferred taxes	40,711	27,574
Other long-term assets	6,354	6,276
Total assets	320,351	260,102
Current liabilities
Accounts payable	3,402	1,927
Accrued employee expenses	18,570	17,758
Accrued expenses	13,316	10,833
Deferred revenue	5,098	4,600
Other current liabilities	5,088	11,139
Term loan, net—current portion	1,833	1,208
Total current liabilities	47,307	47,465
Operating lease liabilities	33,394	33,312
Revolving facility	49,000	0
Term loan, net	46,146	47,375
Total liabilities	175,847	128,152
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of June 30, 2020 and December 31, 2019	0	0
Additional paid-in capital	156,919	161,509
Accumulated other comprehensive income	131	33
Treasury stock, at cost, 419 and 371 shares of Class A common stock as of June 30, 2020 and December 31, 2019, respectively	(25,756)	(21,562)
Retained earnings (accumulated deficit)	13,206	(8,034)
Total stockholders’ equity	144,504	131,950
Total liabilities and stockholders’ equity	320,351	260,102
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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
Treasury stock (in shares)	419,000	371,000
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)	17,371,000	16,923,000
Common stock, shares outstanding (in shares)	16,952,000	16,552,000
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)	17,339,000	17,594,000
Common stock, shares outstanding (in shares)	17,339,000	17,594,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 81,043	$ 63,624	$ 153,538	$ 120,715
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	27,411	25,128	56,372	49,309
Sales and marketing	13,717	13,232	28,223	24,451
Research and product development	12,128	9,339	23,340	17,820
General and administrative	14,785	8,214	23,357	16,406
Depreciation and amortization	6,657	5,415	13,071	10,491
Total costs and operating expenses	74,698	61,328	144,363	118,477
Income from operations	6,345	2,296	9,175	2,238
Other income (expense), net	(10)	(56)	12	(57)
Interest expense, net	(562)	(427)	(1,056)	(924)
Income before benefit from income taxes	5,773	1,813	8,131	1,257
Benefit from income taxes	(13,484)	(21,338)	(13,109)	(25,619)
Net income	$ 19,257	$ 23,151	$ 21,240	$ 26,876
Net income per common share:
Basic (in dollars per share)	$ 0.56	$ 0.68	$ 0.62	$ 0.79
Diluted (in dollars per share)	$ 0.54	$ 0.65	$ 0.60	$ 0.76
Weighted average common shares outstanding:
Basic (in shares)	34,254	34,010	34,214	33,962
Diluted (in shares)	35,614	35,412	35,647	35,385

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 19,257	$ 23,151	$ 21,240	$ 26,876
Other comprehensive (loss) income:
Changes in unrealized (losses) gains on investment securities	(34)	67	98	196
Comprehensive income	$ 19,223	$ 23,218	$ 21,338	$ 27,072

- 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

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings/(Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2018		15,789,000	18,109,000
Beginning balance at Dec. 31, 2018	$ 91,846	$ 2	$ 2	$ 157,898	$ (178)	$ (21,562)	$ (44,316)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		14,000
Exercise of stock options	90	$ 0		90
Stock-based compensation	1,831			1,831
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		58,000
Vesting of restricted stock units, net of shares withheld for taxes	(2,572)	$ 0		(2,572)
Vesting of early exercised shares	6			6
Conversion of Class B stock to Class A stock (in shares)		38,000	(38,000)
Conversion of Class B stock to Class A stock	0
Other comprehensive income (loss)	129				129
Net income	3,725						3,725
Ending balance (in shares) at Mar. 31, 2019		15,899,000	18,071,000
Ending balance at Mar. 31, 2019	95,055	$ 2	$ 2	157,253	(49)	(21,562)	(40,591)
Beginning balance (in shares) at Dec. 31, 2018		15,789,000	18,109,000
Beginning balance at Dec. 31, 2018	$ 91,846	$ 2	$ 2	157,898	(178)	(21,562)	(44,316)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	0
Net income	$ 26,876
Ending balance (in shares) at Jun. 30, 2019		16,086,000	17,952,000
Ending balance at Jun. 30, 2019	118,215	$ 2	$ 2	157,195	18	(21,562)	(17,440)
Beginning balance (in shares) at Mar. 31, 2019		15,899,000	18,071,000
Beginning balance at Mar. 31, 2019	95,055	$ 2	$ 2	157,253	(49)	(21,562)	(40,591)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		23,000
Exercise of stock options	109	$ 0		109
Stock-based compensation	2,080			2,080
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		42,000
Vesting of restricted stock units, net of shares withheld for taxes	(2,247)	$ 0		(2,247)
Conversion of Class B stock to Class A stock (in shares)		119,000	(119,000)
Conversion of Class B stock to Class A stock	0
Issuance of restricted stock awards (in shares)		3,000
Issuance of restricted stock awards	0
Other comprehensive income (loss)	67				67
Net income	23,151						23,151
Ending balance (in shares) at Jun. 30, 2019		16,086,000	17,952,000
Ending balance at Jun. 30, 2019	118,215	$ 2	$ 2	157,195	18	(21,562)	(17,440)
Beginning balance (in shares) at Dec. 31, 2019		16,552,000	17,594,000
Beginning balance at Dec. 31, 2019	131,950	$ 2	$ 2	161,509	33	(21,562)	(8,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		17,000
Exercise of stock options	97			97
Stock-based compensation	1,365			1,365
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		91,000
Vesting of restricted stock units, net of shares withheld for taxes	(6,458)			(6,458)
Conversion of Class B stock to Class A stock (in shares)		58,000	(58,000)
Conversion of Class B stock to Class A stock	0
Other comprehensive income (loss)	$ 132				132
Repurchase of common stock (in shares)	(48,002)	(48,000)
Repurchase of common stock	$ (4,194)					(4,194)
Net income	1,983						1,983
Ending balance (in shares) at Mar. 31, 2020		16,670,000	17,536,000
Ending balance at Mar. 31, 2020	124,875	$ 2	$ 2	156,513	165	(25,756)	(6,051)
Beginning balance (in shares) at Dec. 31, 2019		16,552,000	17,594,000
Beginning balance at Dec. 31, 2019	$ 131,950	$ 2	$ 2	161,509	33	(21,562)	(8,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	49,000
Net income	$ 21,240
Ending balance (in shares) at Jun. 30, 2020		16,952,000	17,339,000
Ending balance at Jun. 30, 2020	144,504	$ 2	$ 2	156,919	131	(25,756)	13,206
Beginning balance (in shares) at Mar. 31, 2020		16,670,000	17,536,000
Beginning balance at Mar. 31, 2020	124,875	$ 2	$ 2	156,513	165	(25,756)	(6,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		32,000
Exercise of stock options	232			232
Stock-based compensation	3,406			3,406
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		50,000
Vesting of restricted stock units, net of shares withheld for taxes	(3,232)			(3,232)
Conversion of Class B stock to Class A stock (in shares)		197,000	(197,000)
Conversion of Class B stock to Class A stock	0
Issuance of restricted stock awards (in shares)		3,000
Issuance of restricted stock awards	0
Other comprehensive income (loss)	$ (34)				(34)
Repurchase of common stock (in shares)	0
Net income	$ 19,257						19,257
Ending balance (in shares) at Jun. 30, 2020		16,952,000	17,339,000
Ending balance at Jun. 30, 2020	$ 144,504	$ 2	$ 2	$ 156,919	$ 131	$ (25,756)	$ 13,206

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash from operating activities
Net income	$ 21,240	$ 26,876
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,071	10,491
Amortization of operating lease right-of-use assets	2,071	1,928
Deferred income taxes	(13,137)	(25,643)
Stock-based compensation	3,712	3,239
Other	(30)	108
Changes in operating assets and liabilities:
Accounts receivable	(5,136)	(2,695)
Prepaid expenses and other current assets	(292)	(5,199)
Other assets	(107)	1,254
Accounts payable	193	188
Accrued employee expenses	717	680
Accrued expenses	4,534	1,384
Deferred revenue	532	581
Operating lease liabilities	(92)	(1,759)
Other liabilities	100	380
Net cash provided by operating activities	27,376	11,813
Cash from investing activities
Purchases of available-for-sale investments	(13,389)	(678)
Proceeds from sales of available-for-sale investments	13,942	1,750
Proceeds from maturities of available-for-sale investments	7,750	4,000
Purchases of property, equipment and intangible assets	(14,306)	(2,425)
Additions to capitalized software	(12,709)	(9,420)
Cash paid in business acquisition, net of cash acquired	0	(54,004)
Net cash used in investing activities	(18,712)	(60,777)
Cash from financing activities
Proceeds from stock option exercises	329	199
Tax withholding for net share settlement	(9,690)	(4,751)
Payment of contingent consideration	(5,977)	0
Proceeds from issuance of debt	50,190	1,169
Principal payments on debt	(1,818)	(1,794)
Payment of debt issuance costs	0	(420)
Purchase of treasury stock	(4,194)	0
Net cash provided by (used in) financing activities	28,840	(5,597)
Net increase (decrease) in cash, cash equivalents and restricted cash	37,504	(54,561)
Cash, cash equivalents and restricted cash
Beginning of period	16,247	74,506
End of period	53,751	19,945
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	2,678	580
Additions of capitalized software included in accrued and accrued employee expenses	1,281	865
Stock-based compensation capitalized for software development	1,059	789
Tax withholding for net share settlement included in accrued employee expenses	0	68
Purchase consideration for acquisitions included in other current liabilities	0	6,000
Total cash, cash equivalents and restricted cash	$ 53,751	$ 19,945

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc.'s (the "Company," “we,” "us" or "our") mission is to revolutionize vertical industry businesses by providing great software and services. Today we offer industry-specific, cloud-based business software solutions, services and data analytics to the real estate market, which represents approximately 90% of our revenue, and, to a lesser extent, to the legal market. Although specific functionality varies by product, our core solutions address common business operations and interactions of our customers' businesses. In addition to our core solutions, we offer a range of optional, but often business-critical, Value+ services. Our Value+ services are built to enhance, automate and streamline processes and support workflows essential to our customers' businesses. Our real estate software solutions provide our property management customers with a system of record to automate essential business processes, a system of engagement to enhance business interactions between our customers and their clients and other stakeholders, and a system of intelligence to leverage data to predict and optimize business workflows that enable superior customer experiences and increase efficiency across our customers' businesses. We also provide software solutions to the legal market that enable law firms to administer their practice and manage their caseloads more efficiently by centralizing case details in a single system of record and system of engagement. The significant majority of our customers in the real estate market use our property management solutions. Our property management customers include third-party property managers and owner-operators who manage single- and multi-family residences, community associations, commercial properties, and student housing, as well as mixed real estate portfolios. Our legal customers are typically small law firms that directly and indirectly account for approximately 10% of our annual revenue.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 2, 2020. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020.

Reclassifications

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

Changes in Accounting Policies

Except as described below under Recently Adopted Accounting Pronouncements, there have been no significant changes in our accounting policies from those disclosed in our annual consolidated financial statements and the related notes included in our Annual Report.

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 and expenses 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, fair value of financial instruments, capitalized software costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets,

income taxes, useful lives associated with property and equipment and intangible assets, contingencies, and valuation and assumptions underlying stock-based compensation and other equity instruments.

During early calendar year 2020, the novel coronavirus disease, referred to as COVID-19, spread globally, including to every state in the United States. The global pandemic has created and may continue to create significant uncertainty in a wide variety of industries and markets and has prompted many federal, state, local, and foreign governments to put in place “shelter-in-place” orders and similar government orders and restrictions in an attempt to control the spread and mitigate the impact of the disease, which may reduce demand for our core solutions and/or Value+ services, impact the productivity of our workforce, reduce our access to capital, and harm our business and results of operations.

In light of the unknown duration and severity of COVID-19, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of June 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of goodwill and other long-lived assets, performance-based compensation and income taxes.

As of the date of our Condensed Consolidated Financial Statements, we are not aware of any specific event or circumstance that would require us to update our estimates or judgments or to revise the carrying value of our assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in our consolidated financial statements in future periods. While we considered the effects of COVID-19 in our estimates and assumptions, due to the level of uncertainty regarding the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that we have not considered. Such judgments and assumptions could result in a meaningful impact on our financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on our financial statements.

Net Income per Common Share

Net income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below. The following table presents a reconciliation of the weighted average number of shares of our Class A and Class B common stock used to compute net income per common share (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Weighted average common shares outstanding	34,259	34,015	34,219	33,967
Less: Weighted average unvested restricted shares subject to repurchase	5	5	5	5
Weighted average common shares outstanding; basic	34,254	34,010	34,214	33,962






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,360	1,402	1,433	1,423
Weighted average common shares outstanding; diluted	35,614	35,412	35,647	35,385

For the three and six months ended June 30, 2020 and 2019, an aggregate of 146,000 and 363,000 shares, respectively, underlying performance-based stock options ("PSOs") and performance-based restricted stock units ("PSUs") were not included in the computations of diluted and anti-dilutive shares as they are considered contingently issuable upon the satisfaction of pre-defined performance measures and their respective performance measures have not been met.

Restricted stock units ("RSUs") with anti-dilutive effect were excluded from the calculation of weighted average number of shares used to compute diluted net income per common share and they were not material for the three and six months ended June 30, 2020 and 2019.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for available-for-sale investment securities and purchased financial assets with credit deterioration. We adopted ASU 2016-13 on January 1, 2020. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), a series of amendments which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. We adopted ASU 2018-15 on January 1, 2020. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. We do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures.

In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective beginning March 12, 2020, and we may elect to apply the amendments prospectively through December 31, 2022. We are currently evaluating the effect of the adoption of this guidance on our financial condition, results of operations, cash flows and disclosures.

Business Combinations

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Business Combinations

Acquisition of Dynasty

On January 7, 2019, we acquired 100% of the voting equity interest of Dynasty Marketplace, Inc. ("Dynasty") for $60.2 million, of which $6.0 million (the "Holdback Amount") was retained by the Company to satisfy any such adjustments, including without limitation certain indemnification claims. The balance of the Holdback Amount, less any amount retained with respect to any unresolved indemnification claims, was released to the stockholders of Dynasty on January 10, 2020 in accordance with the terms of the purchase agreement. Dynasty is a provider of advanced artificial intelligence solutions for the real estate market, which automate leasing communications, replace manual tasks and help customers grow their portfolios.

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. 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 comparable companies, estimates of future revenue and cash flows, discount rates, and the software decay rate and database ramp up rate. 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 we expect the economic benefits will be consumed:


	Amount (in thousands)		Estimated Useful Life (in years)
Total current assets	$	305
Identified intangible assets:
Technology	5,730		4.0
Database	4,710		10.0
Customer relationships	1,110		5.0
Backlog	470		1.0
Trademark & trade name	1,390		10.0
Non-compete agreement	7,340		5.0
Total intangible assets subject to amortization	20,750		6.0
Goodwill	42,877		Indefinite
Other noncurrent assets	35
Total assets acquired	63,967

Accrued and other liabilities	48
Deferred tax liability, net	3,711
Total liabilities assumed	3,759
Purchase consideration	$	60,208

Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is non-deductible for U.S. federal income tax purposes.

We incurred a total of $0.3 million in transaction costs related to the acquisition and expensed all transaction costs incurred during the period in which such service was received.

Pro Forma Results

The following unaudited pro forma information has been prepared for illustrative purposes only, and assumes that the aforementioned Dynasty acquisition occurred on January 1, 2018, and includes pro forma adjustments related to the amortization of acquired intangible assets, elimination of historical interest and amortization expense, income taxes, compensation arrangements, and the transaction costs incurred. The unaudited pro forma results have been prepared based on estimates and assumptions, which we believe are reasonable; however, they are not necessarily indicative of the consolidated results of operations had the acquisitions occurred at the beginning of the periods presented, or of future results of operations. The unaudited pro forma results are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Revenue	$	81,043	$	63,624	$	153,538	$	120,750
Net income	19,257		23,479		21,240		22,933

Investment Securities and Fair Value Measurements

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,599	$	6	$	—	$	1,605
Agency securities	2,899		39		—		2,938

Treasury securities	22,223		97		—		22,320
Total available-for-sale investment securities	$	26,721	$	142	$	—	$	26,863


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	9,597	$	18	$	(1)	$	9,614
Agency securities	11,101		17		—		11,118

Treasury securities	14,222		12		(1)		14,233
Total available-for-sale investment securities	$	34,920	$	47	$	(2)	$	34,965

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. No allowance for credit losses for available-for-sale investment securities was recorded as of June 30, 2020.

As of June 30, 2020 and December 31, 2019, the contractual maturities of our investments did not exceed 36 months. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	June 30, 2020						December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	20,887	$	20,930	$	22,846	$	22,876
Due after one year through three years	5,834		5,933		12,074		12,089
Total available-for-sale investment securities	$	26,721	$	26,863	$	34,920	$	34,965

During the six months ended June 30, 2020 and 2019, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Six Months Ended June 30, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	4,000
Agency securities	24		—		7,878		1,250

Treasury securities	4		—		2,058		2,500
Total	$	33	$	—	$	13,942	$	7,750


	Six Months Ended June 30, 2019
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(1)	$	1,750	$	3,350
Agency securities	—		—		—		650


Total	$	—	$	(1)	$	1,750	$	4,000

Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million and $0.2 million for the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2020 and 2019, respectively.

Fair Value Measurements

Recurring Fair Value Measurements

Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands):


	June 30, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	3,823	$	—	$	—	$	3,823
Treasury securities	12,496		—		—		12,496
Available-for-sale investment securities:
Corporate bonds	—		1,605		—		1,605
Agency securities	—		2,938		—		2,938

Treasury securities	22,320		—		—		22,320
Total	$	38,639	$	4,543	$	—	$	43,182


	December 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	337	$	—	$	—	$	337
Available-for-sale investment securities:
Corporate bonds	—		9,614		—		9,614
Agency securities	—		11,118		—		11,118

Treasury securities	14,233		—		—		14,233
Total	$	14,570	$	20,732	$	—	$	35,302

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

The estimated fair value of the $50.0 million term loan issued by Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, and the lenders that are parties thereto ("Term Loan") and the $50.0 million revolving credit facility made available to us by Wells Fargo and the lenders that are parties thereto ("Revolving Facility," and, together with the Term Loan, the "Credit Facility"), approximate their carrying values due to the variable interest rates. We consider the fair value of the Term Loan and the Revolving Facility to be Level 2 measurements as these debt instruments are not actively traded. We carry the Term Loan at face value less the unamortized discount. Refer to Note 8, Long-Term Debt, of our Condensed Consolidated Financial Statements for more information about our Term Loan and Revolving Facility.

There were no changes to our valuation techniques used to measure financial asset and financial liability fair values on a recurring basis during the six months ended June 30, 2020. The valuation techniques for the financial assets in the tables above are as follows:

Cash Equivalents

As of June 30, 2020 and December 31, 2019, cash equivalents include cash invested in money market funds and treasury securities 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 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.

Non-Recurring Fair Value Measurements

Certain assets, including goodwill, intangible assets and our note receivable with SecureDocs, Inc., are also subject to measurement at fair value on a non-recurring basis using Level 3 measurement, but only when they are deemed to be impaired. For the six months ended June 30, 2020 and 2019, no impairments were identified on those assets required to be measured at fair value on a non-recurring basis.

Internal-Use Software Development Costs

6 Months Ended

Jun. 30, 2020

Research and Development [Abstract]

Internal-Use Software Development Costs

Internal-use software development costs as of June 30, 2020 and December 31, 2019 were as follows (in thousands):


	June 30, 2020		December 31, 2019
Internal use software development costs, gross	$	95,338	$	81,475
Less: Accumulated amortization	(60,120)		(51,452)
Internal use software development costs, net	$	35,218	$	30,023

Capitalized software development costs were $7.1 million and $5.7 million for the three months ended June 30, 2020 and 2019, respectively, and $13.8 million and $10.6 million for the six months ended June 30, 2020 and 2019, respectively. Amortization expense with respect to software development costs totaled $4.5 million and $3.4 million for the three months ended June 30, 2020 and 2019, respectively, and $8.7 million and $6.4 million for the six months ended June 30, 2020 and 2019, respectively.

Future amortization expense with respect to capitalized software development costs as of June 30, 2020 is estimated as follows (in thousands):


Years Ending December 31,
2020	$	9,161
2021	15,359
2022	9,313
2023	1,385
Total amortization expense	$	35,218

Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands, except years):


	June 30, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	3,070	$	(1,552)	$	1,518	5.0
Database	8,330		(1,370)		6,960		10.0
Technology	10,541		(6,859)		3,682		5.0
Trademarks and trade names	2,690		(1,154)		1,536		6.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,225)		5,175		5.0
Domain names	301		(278)		23		5.0
Patents	252		(235)		17		5.0

	$	33,264	$	(14,353)	$	18,911	6.3


	December 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	3,070	$	(1,296)	$	1,774	5.0
Database	8,330		(954)		7,376		10.0
Technology	10,541		(6,074)		4,467		5.0
Trademarks and trade names	2,690		(898)		1,792		6.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(1,484)		5,916		5.0
Domain names	301		(276)		25		5.0
Patents	252		(225)		27		5.0
Backlog	470		(470)		—		1.0
	$	33,734	$	(12,357)	$	21,377	6.2

Amortization expense with respect to intangible assets totaled $1.2 million and $1.3 million for the three months ended June 30, 2020 and 2019, respectively, and $2.5 million and $2.7 million for the six months ended June 30, 2020 and 2019, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2020	$	2,413
2021	4,727
2022	4,665
2023	3,060
2024	1,197
Thereafter	2,849
Total amortization expense	$	18,911

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases We have operating leases for our corporate offices and data centers. Our leases have remaining lease terms ranging from one to 12 years, some of which include options to extend the leases by up to ten years. These options to extend have not been recognized as part of our operating lease right-of-use assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. We have lease agreements with lease and non-lease components, which we have elected to combine for all asset classes. The total

lease cost associated with our operating leases was $1.4 million and $1.2 million for the three months ended June 30, 2020 and 2019, respectively, and $2.8 million and $2.4 million for the six months ended June 30, 2020 and 2019, respectively.

Lease-related assets and liabilities were as follows as of June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Assets
Prepaid expenses and other current assets	$	2,860	$	3,908
Operating lease right-of-use assets	25,732		27,803

Liabilities
Other current liabilities	$	2,653	$	2,826
Operating lease liabilities	33,394		33,312
Total lease liabilities	$	36,047	$	36,138

Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows (in thousands):


Years ending December 31,
2020⁽¹⁾	$	652
2021⁽¹⁾	2,383
2022	4,085
2023	3,977
2024	3,908
Thereafter	29,590
Total future minimum lease payments	44,595
Less: imputed interest	(11,408)
Total⁽²⁾	$	33,187

⁽¹⁾Future minimum lease payments are presented net of tenant improvement allowances of $2.3 million.

⁽²⁾Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $2.9 million which relates to certain of our leases for which the lease incentives to be received exceed the minimum lease payments to be paid over the next 12 months.

Long-Term Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Credit Agreement

On December 24, 2018, we entered into Amendment Number Two to the Credit Agreement (the "Second Amendment") with Wells Fargo, as administrative agent, and the lenders that are parties thereto (as amended, the "Credit Agreement"). Under the terms of the Second Amendment, the lenders issued the Term Loan to us and increased the amount available under our Revolving Facility to $50.0 million. The maturity date of the Term Loan and Revolving Facility is December 24, 2023. In addition, pursuant to the Second Amendment, we are permitted to make certain restricted junior payments, including, without limitation, repurchases of our common stock, and to enter into acquisitions with no value limitation, so long as we maintain specified liquidity requirements and leverage ratios.

The Second Amendment also modified certain financial covenants by, among other things, requiring us to maintain (i) an EBITDA-to-interest-expense ratio of not less than 3.0 to 1.0, and (ii) a funded-indebtedness-to-EBITDA ratio of not more than 3.5 to 1.0 (the "Required Leverage Ratio") (decreasing by 0.25 per year until the Required Leverage Ratio is 2.5 to 1.0); provided, however, that we are not required to maintain the foregoing ratios if our liquidity (defined as the sum of the remaining borrowing capacity under the Credit Agreement and available cash) has equaled or exceeded the greater of $20.0 million and 20% of the sum of the outstanding principal amount of the Term Loan and commitments under the Revolving Facility. If we enter into an acquisition with a purchase price greater than or equal to $20.0 million, then the Required Leverage Ratio will be increased by 0.5 for the 12-month period immediately following the consummation of such acquisition.

The Credit Agreement contains customary affirmative, negative and financial covenants. The affirmative covenants require us to, among other things, disclose financial and other information to the lenders, maintain our business and properties, and maintain adequate insurance. The negative covenants restrict us from, among other things, incurring additional

indebtedness, prepaying certain types of indebtedness, encumbering or disposing of our assets, making fundamental changes to our corporate structure, and making certain dividends and distributions. As of June 30, 2020, we were in compliance with the financial covenants under the Credit Agreement.

Under the terms of the Second Amendment, borrowings under the Credit Agreement will bear interest at a fluctuating rate per annum equal to, at our option, (i) the LIBOR or (ii) an alternate base rate, in each case plus the applicable interest rate margin. Borrowings will fluctuate between LIBOR plus 1.5% per annum and LIBOR plus 2.0% per annum (or between the alternate base rate plus 0.5% per annum and the alternate base rate plus 1.0% per annum), based upon our Required Leverage Ratio.

Fees payable on the unused portion of the Revolving Facility will be 0.25% per annum, unless the average usage of the Revolving Facility is equal to or less than $30.0 million for the applicable period, in which case the fees on the unused portion of the Revolving Facility will be 0.375% per annum.

The maximum amount available under our Revolving Facility is $50.0 million. During the six months ended June 30, 2020 we borrowed $49.0 million under our Revolving Facility to provide additional liquidity in light of the uncertainty caused by the COVID-19 pandemic. There were no outstanding borrowings under the Revolving Facility as of December 31, 2019.

Debt Financing Costs

As a result of the Second Amendment, we incurred $0.4 million in financing fees that were capitalized and will be amortized over the remaining life of the related debt, $0.2 million of which was related to the Term Loan and $0.2 million of which was related to the Revolving Facility. Pursuant to GAAP, the Second Amendment is accounted for as a debt modification. As a result, the unamortized deferred debt financing costs related to the Revolving Facility prior to the Second Amendment were added to the $0.2 million of deferred debt financing costs related to the Second Amendment and will be amortized over the remaining life of the Revolving Facility.

Debt financing costs are deferred and amortized using the straight-line method, which approximates the effective interest method, for costs related to the Term Loan, and the straight-line method for costs related to the Revolving Facility, over the term of the debt arrangement; such amortization is included in interest expense in our Condensed Consolidated Statements of Operations. Amortization of deferred debt financing costs was not material for the three and six months ended June 30, 2020 or 2019. As of June 30, 2020 and December 31, 2019, the remaining unamortized deferred debt financing costs were $0.3 million and $0.4 million, respectively, of which $0.1 million and $0.2 million, respectively, was offset against debt. As of June 30, 2020 and December 31, 2019, $0.2 million and $0.3 million, respectively, of the remaining unamortized deferred debt financing costs were recorded in prepaid expenses and other current assets and other assets on our Condensed Consolidated Balance Sheets, as they pertained to the Revolving Facility.

The following is a summary of our long-term debt as of June 30, 2020 (in thousands):


	June 30, 2020		December 31, 2019
Principal amounts due under Term Loan	$	48,125	$	48,750
Unamortized debt financing costs	(146)		(167)
Long-term debt, net of unamortized debt financing costs	$	47,979	$	48,583

Scheduled principal payments for the Term Loan as of June 30, 2020 are as follows (in thousands):


Years Ending December 31,
2020	$	625
2021	2,500
2022	2,500
2023	42,500

Total principal payments	$	48,125

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established to provide our customers with the option to purchase legal liability to landlord insurance. If our customers choose to use this insurance service, they are issued an insurance policy underwritten by our third-party service provider. The policy has a limit of $100,000 per incident for each insured residence. We have entered into a reinsurance agreement with our third-party service provider and, as a result, we assume a 100% quota share of the legal liability to landlord insurance provided to our customers through 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 liability for reported claims and incurred but not reported claims as of June 30, 2020 and December 31, 2019 was $1.4 million and $1.8 million, respectively, and is included in other current liabilities on our Condensed Consolidated Balance Sheets. Included in prepaid expenses and other current assets as of June 30, 2020 and December 31, 2019 are $1.6 million and $1.3 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings In December 2018, we received a Civil Investigative Demand from the Federal Trade Commission ("FTC") requesting certain information relating to our compliance with the Fair Credit Reporting Act (the “FCRA”) in connection with our tenant screening Value+ service (the "FTC Investigation"). On April 30, 2020, the FTC staff informed us of its belief that there is a reasonable basis for asserting claims against us for our alleged failure to comply with certain sections of the FCRA that could result in monetary penalty and/or injunctive relief. We disagree with the stated belief of the FTC and have vigorously defended our position. Notwithstanding our disagreement with the FTC's position, and primarily in an effort to avoid protracted litigation and potential distraction to our business, we have entered into settlement negotiations with the FTC in an effort to resolve all claims and allegations arising out of or relating to the FTC Investigation. Although the final outcome of the FTC Investigation is subject to ongoing settlement discussions and therefore remains uncertain, we have determined that a loss is probable and that a reasonable estimate of the loss is approximately $4.3 million. Accordingly, we have recognized an accrual of $4.3 million during the three months ended June 30, 2020 within accrued expenses on our Condensed Consolidated Balance Sheet. While this amount represents our best judgment of the probable loss based on information currently available to us, it is subject to significant judgments and estimates and numerous factors beyond our control, including without limitation the FTC's position with respect to the ongoing settlement negotiations. In the event that the FTC Investigation results in a settlement payment by us, or a judgment against us, in an amount significantly in excess of our accrual, the resulting liability could have a material adverse effect upon our financial condition, results of operations and liquidity. In July 2019, we received a Request for Information from the Civil Rights Division (Housing and Civil Enforcement Section) of the U.S. Department of Justice ("DOJ") requesting certain information relating to our compliance with the Servicemembers Civil Relief Act in connection with our tenant screening Value+ service. We continue to fully cooperate with the DOJ and do not presently have sufficient information to predict the outcome of, or any potential costs or penalties associated with, the DOJ investigation. In addition, from time to time, we are involved in various other investigatory inquiries, legal proceedings and other disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, regulatory and contractual issues. Although the results of such investigatory inquiries, legal proceedings and other disputes cannot be predicted with certainty, we believe that we are not currently a party to any matters which, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. However, regardless of the merit of any matters raised or the ultimate outcome, investigatory inquiries, legal proceedings and other disputes may generally have an adverse impact on us as a result of defense and settlement costs, diversion of management resources, and other factors. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, vendors, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of applicable agreements, services to be provided by us, or intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make may not be subject to maximum loss clauses and may therefore be indeterminable. We have never paid a material claim, nor have any legal claims been brought against us in connection with these indemnification arrangements. As of June 30, 2020 and December 31, 2019, we had not accrued a liability for these indemnification obligations because we determined that the likelihood of incurring any payment obligation in connection with these indemnification arrangements is not probable or reasonably possible, and the amount or range of amounts of any such liability is not reasonably estimable.

Share Repurchase Program	6 Months Ended
Share Repurchase Program	Jun. 30, 2020
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On February 20, 2019, our Board of Directors authorized a $100.0 million share repurchase program (the "Program") relating to our outstanding shares of Class A common stock. Under the Program, share repurchases may be made from time to time, as directed by a committee consisting of three directors, in open market purchases or privately negotiated transactions at a repurchase price that the members of the committee unanimously believe is below intrinsic value conservatively determined. The Program does not obligate us to repurchase any specific dollar amount or number of shares, there is no expiration date for the Program, and it may be modified, suspended or terminated at any time and for any reason. During the three months ended March 31, 2020, we repurchased a total of 48,002 shares of our Class A common stock through open market repurchases, and recorded a $4.2 million reduction to stockholders' equity, which includes broker commissions. We did not repurchase any shares of our Class A common stock under the Program during the three months ended June 30, 2020 or the six months ended June 30, 2019.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of activity in connection with our stock options for the six months ended June 30, 2020, 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, 2019	1,342	$	11.84	5.9
Options granted	—	—
Options exercised	(49)	6.69
Options cancelled/forfeited	(55)	23.76
Options outstanding as of June 30, 2020	1,238	$	11.51	5.4

During the six months ended June 30, 2020, 77,000 PSOs vested based on the achievement of 95% of the pre-established free cash flow performance target for the year ended December 31, 2019, and 40,000 PSOs vested based on the achievement of 115% of the pre-established gross margin target for the year ended December 31, 2019.

Our stock-based compensation expense for stock options for the three and six months ended June 30, 2020 was not material, and for the three and six months ended June 30, 2019 was $0.1 million and $0.3 million, respectively. As of June 30, 2020, the total estimated remaining stock-based compensation expense for unvested stock options was not material.

The fair value of stock options is estimated on their date of grant using the Black-Scholes option-pricing model. No stock options were granted during the six months ended June 30, 2020 or 2019.

Restricted Stock Units

A summary of activity in connection with our RSUs for the six months ended June 30, 2020, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2019	646	$	52.42
Granted	156	107.16
Vested	(227)	30.32
Forfeited	(15)	57.72
Unvested as of June 30, 2020	560	$	76.47

During the six months ended June 30, 2020, we granted 142,000 RSUs that are subject to time-based vesting in equal annual installments over four years, and 14,000 PSUs that are subject to vesting based on the achievement of pre-established consolidated net revenue growth targets for the years ending December 31, 2020, 2021 and 2022, assuming continued employment throughout the performance period. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The actual number of shares to be issued at the end of the performance period will range from 0% to 100% of the initial target awards. Achievement of the performance metric between 100% and 150% of the performance target will result in a performance-based cash bonus payment between 100% and 165% of the initial target awards.

During the six months ended June 30, 2020, 84,000 PSUs vested and 4,000 PSUs were cancelled based on the achievement of 95% of the pre-established free cash flow performance target for the year ended December 31, 2019.

Included in the unvested RSUs as of June 30, 2020 are 37,000 and 95,000 PSUs granted in 2019 and 2018, respectively. Of these PSUs, 54,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2020, 49,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2021, and 29,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2022. The number of PSUs granted assumes achievement of the performance metric at 100% of the performance target. The actual number of shares to be issued at the end of the performance period will range from 0% to 100% of the initial target awards. Achievement of the performance metric between 100% and 150% of the performance target will result in a performance-based cash bonus payment between 100% and 165% of the initial target awards.

We recognize expense for the PSUs based on the grant date fair value of the PSUs that we determine are probable of vesting. Adjustments to compensation expense are made each period based on changes in our estimate of the number of PSUs that are probable of vesting. Our stock-based compensation expense for the RSUs and PSUs for the three months ended June 30, 2020 and 2019 was $3.2 million and $2.0 million, respectively, and $4.4 million and $3.6 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, the total estimated remaining stock-based compensation expense for the RSUs and PSUs was $28.6 million, which is expected to be recognized over a weighted average period of 2.5 years.

Restricted Stock Awards

A summary of activity in connection with our restricted stock awards for the six months ended June 30, 2020 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2019	5	$	105.88
Granted	3	160.34
Vested	(3)	111.38
Forfeited	—	—
Unvested as of June 30, 2020	5	$	139.72

We have the right to repurchase any unvested restricted stock awards subject to certain conditions. Restricted stock awards vest over a one-year period. We recognized stock-based compensation expense for restricted stock awards of $0.2

million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.6 million, which is expected to be recognized over a weighted average period of 0.9 years.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our benefit from income taxes on a quarterly basis by applying an estimated annual effective tax rate to income from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three and six months ended June 30, 2020, we recorded income tax benefit of $13.5 million and $13.1 million, respectively. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to the significance of the benefits associated with stock-based compensation expense and research and development tax credits in relation to the forecasted pre-tax results for the year. For the three and six months ended June 30, 2019, we recorded income tax benefit of $21.3 million and $25.6 million, respectively. During the second quarter of 2019, we evaluated all available positive and negative evidence, including our sustained profitability in 2018 and 2019, the impact of recent acquisitions and future projections of profitability. As a result, we determined that all of our deferred tax assets were more likely than not to be realized and reversed the valuation allowance against those deferred tax assets accordingly. There were no material changes to our unrecognized tax benefits during the six months ended June 30, 2020 and we do not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year.

- Definition

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

+ References + Details

Revenue and Other Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three and six months ended June 30, 2020 and 2019 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Core solutions	$	26,061	$	21,609	$	50,963	$	42,431
Value+ services	51,592		39,056		95,730		72,754
Other	3,390		2,959		6,845		5,530
Total revenue	$	81,043	$	63,624	$	153,538	$	120,715

During the six months ended June 30, 2020 and 2019, we recognized $3.5 million and $2.5 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2019 and 2018, respectively.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting PoliciesThe accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 ("Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 2, 2020. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements.
Reclassifications	Reclassifications We reclassified certain amounts in our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows within the cash from investing activities section in the prior year to conform to the current year's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses 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, fair value of financial instruments, capitalized software costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, income taxes, useful lives associated with property and equipment and intangible assets, contingencies, and valuation and assumptions underlying stock-based compensation and other equity instruments. During early calendar year 2020, the novel coronavirus disease, referred to as COVID-19, spread globally, including to every state in the United States. The global pandemic has created and may continue to create significant uncertainty in a wide variety of industries and markets and has prompted many federal, state, local, and foreign governments to put in place “shelter-in-place” orders and similar government orders and restrictions in an attempt to control the spread and mitigate the impact of the disease, which may reduce demand for our core solutions and/or Value+ services, impact the productivity of our workforce, reduce our access to capital, and harm our business and results of operations. In light of the unknown duration and severity of COVID-19, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply our significant accounting policies. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of COVID-19 as of June 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of goodwill and other long-lived assets, performance-based compensation and income taxes. As of the date of our Condensed Consolidated Financial Statements, we are not aware of any specific event or circumstance that would require us to update our estimates or judgments or to revise the carrying value of our assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in our consolidated financial statements in future periods. While we considered the effects of COVID-19 in our estimates and assumptions, due to the level of uncertainty regarding the economic and operational impacts of COVID-19 on our business, there may be other judgments and assumptions that we have not considered. Such judgments and assumptions could result in a meaningful impact on our financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on our financial statements.
Net Income per Common Share	Net Income per Common ShareNet income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for available-for-sale investment securities and purchased financial assets with credit deterioration. We adopted ASU 2016-13 on January 1, 2020. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), a series of amendments which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. We adopted ASU 2018-15 on January 1, 2020. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). This amendment was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2020. We do not expect the adoption of this guidance to have a material impact on our financial condition, results of operations, cash flows or disclosures. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance is intended to provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective beginning March 12, 2020, and we may elect to apply the amendments prospectively through December 31, 2022. We are currently evaluating the effect of the adoption of this guidance on our financial condition, results of operations, cash flows and disclosures.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares

The following table presents a reconciliation of the weighted average number of shares of our Class A and Class B common stock used to compute net income per common share (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2020	2019	2020	2019
Weighted average common shares outstanding	34,259	34,015	34,219	33,967
Less: Weighted average unvested restricted shares subject to repurchase	5	5	5	5
Weighted average common shares outstanding; basic	34,254	34,010	34,214	33,962






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,360	1,402	1,433	1,423
Weighted average common shares outstanding; diluted	35,614	35,412	35,647	35,385

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [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 we expect the economic benefits will be consumed:


	Amount (in thousands)		Estimated Useful Life (in years)
Total current assets	$	305
Identified intangible assets:
Technology	5,730		4.0
Database	4,710		10.0
Customer relationships	1,110		5.0
Backlog	470		1.0
Trademark & trade name	1,390		10.0
Non-compete agreement	7,340		5.0
Total intangible assets subject to amortization	20,750		6.0
Goodwill	42,877		Indefinite
Other noncurrent assets	35
Total assets acquired	63,967

Accrued and other liabilities	48
Deferred tax liability, net	3,711
Total liabilities assumed	3,759
Purchase consideration	$	60,208

Schedule of Pro Forma Information

The unaudited pro forma results are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Revenue	$	81,043	$	63,624	$	153,538	$	120,750
Net income	19,257		23,479		21,240		22,933

Investment Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,599	$	6	$	—	$	1,605
Agency securities	2,899		39		—		2,938

Treasury securities	22,223		97		—		22,320
Total available-for-sale investment securities	$	26,721	$	142	$	—	$	26,863


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	9,597	$	18	$	(1)	$	9,614
Agency securities	11,101		17		—		11,118

Treasury securities	14,222		12		(1)		14,233
Total available-for-sale investment securities	$	34,920	$	47	$	(2)	$	34,965

Available-for-sale Investments, by Remaining Contract Maturity

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


	June 30, 2020						December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	20,887	$	20,930	$	22,846	$	22,876
Due after one year through three years	5,834		5,933		12,074		12,089
Total available-for-sale investment securities	$	26,721	$	26,863	$	34,920	$	34,965

Schedule of Sales, Calls, and Maturities

During the six months ended June 30, 2020 and 2019, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Six Months Ended June 30, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	4,000
Agency securities	24		—		7,878		1,250

Treasury securities	4		—		2,058		2,500
Total	$	33	$	—	$	13,942	$	7,750


	Six Months Ended June 30, 2019
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(1)	$	1,750	$	3,350
Agency securities	—		—		—		650


Total	$	—	$	(1)	$	1,750	$	4,000

Fair Value, Assets Measured on Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands):


	June 30, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	3,823	$	—	$	—	$	3,823
Treasury securities	12,496		—		—		12,496
Available-for-sale investment securities:
Corporate bonds	—		1,605		—		1,605
Agency securities	—		2,938		—		2,938

Treasury securities	22,320		—		—		22,320
Total	$	38,639	$	4,543	$	—	$	43,182


	December 31, 2019
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	337	$	—	$	—	$	337
Available-for-sale investment securities:
Corporate bonds	—		9,614		—		9,614
Agency securities	—		11,118		—		11,118

Treasury securities	14,233		—		—		14,233
Total	$	14,570	$	20,732	$	—	$	35,302

Internal-Use Software Development Costs (Tables)

6 Months Ended

Jun. 30, 2020

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Internal-use software development costs as of June 30, 2020 and December 31, 2019 were as follows (in thousands):


	June 30, 2020		December 31, 2019
Internal use software development costs, gross	$	95,338	$	81,475
Less: Accumulated amortization	(60,120)		(51,452)
Internal use software development costs, net	$	35,218	$	30,023

Schedule of Capitalized Computer Software Future Amortization Expense

Future amortization expense with respect to capitalized software development costs as of June 30, 2020 is estimated as follows (in thousands):


Years Ending December 31,
2020	$	9,161
2021	15,359
2022	9,313
2023	1,385
Total amortization expense	$	35,218

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands, except years):


	June 30, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	3,070	$	(1,552)	$	1,518	5.0
Database	8,330		(1,370)		6,960		10.0
Technology	10,541		(6,859)		3,682		5.0
Trademarks and trade names	2,690		(1,154)		1,536		6.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,225)		5,175		5.0
Domain names	301		(278)		23		5.0
Patents	252		(235)		17		5.0

	$	33,264	$	(14,353)	$	18,911	6.3


	December 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	3,070	$	(1,296)	$	1,774	5.0
Database	8,330		(954)		7,376		10.0
Technology	10,541		(6,074)		4,467		5.0
Trademarks and trade names	2,690		(898)		1,792		6.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(1,484)		5,916		5.0
Domain names	301		(276)		25		5.0
Patents	252		(225)		27		5.0
Backlog	470		(470)		—		1.0
	$	33,734	$	(12,357)	$	21,377	6.2

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


Years Ending December 31,
2020	$	2,413
2021	4,727
2022	4,665
2023	3,060
2024	1,197
Thereafter	2,849
Total amortization expense	$	18,911

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Components of Lease Expense

Lease-related assets and liabilities were as follows as of June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020		December 31, 2019
Assets
Prepaid expenses and other current assets	$	2,860	$	3,908
Operating lease right-of-use assets	25,732		27,803

Liabilities
Other current liabilities	$	2,653	$	2,826
Operating lease liabilities	33,394		33,312
Total lease liabilities	$	36,047	$	36,138

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows (in thousands):


Years ending December 31,
2020⁽¹⁾	$	652
2021⁽¹⁾	2,383
2022	4,085
2023	3,977
2024	3,908
Thereafter	29,590
Total future minimum lease payments	44,595
Less: imputed interest	(11,408)
Total⁽²⁾	$	33,187

⁽¹⁾Future minimum lease payments are presented net of tenant improvement allowances of $2.3 million.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following is a summary of our long-term debt as of June 30, 2020 (in thousands):


	June 30, 2020		December 31, 2019
Principal amounts due under Term Loan	$	48,125	$	48,750
Unamortized debt financing costs	(146)		(167)
Long-term debt, net of unamortized debt financing costs	$	47,979	$	48,583

Schedule of Principal payments for Term Loan

Scheduled principal payments for the Term Loan as of June 30, 2020 are as follows (in thousands):


Years Ending December 31,
2020	$	625
2021	2,500
2022	2,500
2023	42,500

Total principal payments	$	48,125

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of activity in connection with our stock options for the six months ended June 30, 2020, 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, 2019	1,342	$	11.84	5.9
Options granted	—	—
Options exercised	(49)	6.69
Options cancelled/forfeited	(55)	23.76
Options outstanding as of June 30, 2020	1,238	$	11.51	5.4

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the six months ended June 30, 2020, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2019	646	$	52.42
Granted	156	107.16
Vested	(227)	30.32
Forfeited	(15)	57.72
Unvested as of June 30, 2020	560	$	76.47

Schedule of Restricted Stock Awards Activity

A summary of activity in connection with our restricted stock awards for the six months ended June 30, 2020 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2019	5	$	105.88
Granted	3	160.34
Vested	(3)	111.38
Forfeited	—	—
Unvested as of June 30, 2020	5	$	139.72

Revenue and Other Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three and six months ended June 30, 2020 and 2019 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Core solutions	$	26,061	$	21,609	$	50,963	$	42,431
Value+ services	51,592		39,056		95,730		72,754
Other	3,390		2,959		6,845		5,530
Total revenue	$	81,043	$	63,624	$	153,538	$	120,715

Summary of Significant Accounting Policies - Net Income per Share Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding (in shares)	34,259	34,015	34,219	33,967
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	5	5	5	5
Weighted average common shares outstanding; basic (in shares)	34,254	34,010	34,214	33,962
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	1,360	1,402	1,433	1,423
Weighted average common shares outstanding; diluted (in shares)	35,614	35,412	35,647	35,385
PSUs and PSOs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	146	363	146	363

Business Combinations - Narrative (Details) - Dynasty $ in Millions	Jan. 07, 2019 USD ($)
Business Acquisition [Line Items]
Percentage of voting equity interest	100.00%
Consideration transferred	$ 60.2
Amount held for adjustments	6.0
Transaction costs	$ 0.3

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 07, 2019	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 58,425	$ 58,425
Dynasty
Business Acquisition [Line Items]
Total current assets	$ 305
Total intangible assets subject to amortization	20,750
Goodwill	42,877
Other noncurrent assets	35
Total assets acquired	$ 63,967
Estimated Useful Life (in years)	6 years
Accrued and other liabilities	$ 48
Deferred tax liability, net	3,711
Total liabilities assumed	3,759
Purchase consideration	60,208
Dynasty \| Technology
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 5,730
Estimated Useful Life (in years)	4 years
Dynasty \| Database
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 4,710
Estimated Useful Life (in years)	10 years
Dynasty \| Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 1,110
Estimated Useful Life (in years)	5 years
Dynasty \| Backlog
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 470
Estimated Useful Life (in years)	1 year
Dynasty \| Trademark & trade name
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 1,390
Estimated Useful Life (in years)	10 years
Dynasty \| Non-compete agreement
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 7,340
Estimated Useful Life (in years)	5 years

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Combinations [Abstract]
Revenue	$ 81,043	$ 63,624	$ 153,538	$ 120,750
Net income	$ 19,257	$ 23,479	$ 21,240	$ 22,933

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 26,721	$ 34,920
Gross Unrealized Gains	142	47
Gross Unrealized Losses	0	(2)
Estimated Fair Value	$ 26,863	$ 34,965
Maximum contractual maturity period	36 months	36 months
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 1,599	$ 9,597
Gross Unrealized Gains	6	18
Gross Unrealized Losses	0	(1)
Estimated Fair Value	1,605	9,614
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	2,899	11,101
Gross Unrealized Gains	39	17
Gross Unrealized Losses	0	0
Estimated Fair Value	2,938	11,118
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	22,223	14,222
Gross Unrealized Gains	97	12
Gross Unrealized Losses	0	(1)
Estimated Fair Value	$ 22,320	$ 14,233

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 20,887	$ 22,846
Due after one year through three years	5,834	12,074
Total available-for-sale investment securities	26,721	34,920
Estimated Fair Value
Due in one year or less	20,930	22,876
Due after one year through three years	5,933	12,089
Total available-for-sale investment securities	$ 26,863	$ 34,965

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			$ 33	$ 0
Gross Realized Losses			0	(1)
Gross Proceeds from Sales			13,942	1,750
Gross Proceeds from Maturities			7,750	4,000
Interest income, net of amortization and accretion of premium and discount	$ 100	$ 200	200	300
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			5	0
Gross Realized Losses			0	(1)
Gross Proceeds from Sales			4,006	1,750
Gross Proceeds from Maturities			4,000	3,350
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			24	0
Gross Realized Losses			0	0
Gross Proceeds from Sales			7,878	0
Gross Proceeds from Maturities			1,250	$ 650
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			4
Gross Realized Losses			0
Gross Proceeds from Sales			2,058
Gross Proceeds from Maturities			$ 2,500

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 26,863	$ 34,965
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	1,605	9,614
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	2,938	11,118
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	22,320	14,233
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		14,233
Total	43,182	35,302
Fair value, recurring measurements \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	1,605	9,614
Fair value, recurring measurements \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	2,938	11,118
Fair value, recurring measurements \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,496
Available-for-sale investment securities	22,320
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,823	337
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		14,233
Total	38,639	14,570
Fair value, recurring measurements \| Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Fair value, recurring measurements \| Level 1 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Fair value, recurring measurements \| Level 1 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,496
Available-for-sale investment securities	22,320
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	3,823	337
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		0
Total	4,543	20,732
Fair value, recurring measurements \| Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	1,605	9,614
Fair value, recurring measurements \| Level 2 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	2,938	11,118
Fair value, recurring measurements \| Level 2 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale investment securities	0
Fair value, recurring measurements \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair value, recurring measurements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		0
Total	0	0
Fair value, recurring measurements \| Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Fair value, recurring measurements \| Level 3 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Fair value, recurring measurements \| Level 3 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Available-for-sale investment securities	0
Fair value, recurring measurements \| Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	$ 0
Term Loan \| Estimate of Fair Value Measurement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, amount outstanding	50,000
Revolving Credit Facility \| Credit Facility \| Estimate of Fair Value Measurement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit, amount outstanding	$ 50,000

Internal-Use Software Development Costs - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Research and Development [Abstract]
Internal use software development costs, gross	$ 95,338	$ 81,475
Less: Accumulated amortization	(60,120)	(51,452)
Internal use software development costs, net	$ 35,218	$ 30,023

Internal-Use Software Development Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Research and Development [Abstract]
Capitalized software development costs	$ 7.1	$ 5.7	$ 13.8	$ 10.6
Amortization expense	$ 4.5	$ 3.4	$ 8.7	$ 6.4

Internal-Use Software Development Costs - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Years Ending December 31,
2020	$ 9,161
2021	15,359
2022	9,313
2023	1,385
Internal use software development costs, net	$ 35,218	$ 30,023

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 33,264		$ 33,264		$ 33,734
Accumulated Amortization	(14,353)		(14,353)		(12,357)
Net Carrying Value	18,911		18,911		$ 21,377
Amortization expense	1,200	$ 1,300	$ 2,500	$ 2,700
Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			6 years 3 months 18 days		6 years 2 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3,070		$ 3,070		$ 3,070
Accumulated Amortization	(1,552)		(1,552)		(1,296)
Net Carrying Value	1,518		$ 1,518		$ 1,774
Customer relationships \| Weighted Average Useful Life in Years
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	8,330		$ 8,330		$ 8,330
Accumulated Amortization	(1,370)		(1,370)		(954)
Net Carrying Value	6,960		$ 6,960		$ 7,376
Database \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			10 years		10 years
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	10,541		$ 10,541		$ 10,541
Accumulated Amortization	(6,859)		(6,859)		(6,074)
Net Carrying Value	3,682		$ 3,682		$ 4,467
Technology \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			5 years		5 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,690		$ 2,690		$ 2,690
Accumulated Amortization	(1,154)		(1,154)		(898)
Net Carrying Value	1,536		$ 1,536		$ 1,792
Trademarks and trade names \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			6 years		6 years
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	680		$ 680		$ 680
Accumulated Amortization	(680)		(680)		(680)
Net Carrying Value	0		$ 0		$ 0
Partner relationships \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			3 years		3 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7,400		$ 7,400		$ 7,400
Accumulated Amortization	(2,225)		(2,225)		(1,484)
Net Carrying Value	5,175		$ 5,175		$ 5,916
Non-compete agreements \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			5 years		5 years
Domain names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	301		$ 301		$ 301
Accumulated Amortization	(278)		(278)		(276)
Net Carrying Value	23		$ 23		$ 25
Domain names \| Weighted Average Useful Life in Years
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		$ 252
Accumulated Amortization	(235)		(235)		(225)
Net Carrying Value	$ 17		$ 17		$ 27
Patents \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			5 years		5 years
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value					$ 470
Accumulated Amortization					(470)
Net Carrying Value					$ 0
Backlog \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years					1 year

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	$ 2,413
2021	4,727
2022	4,665
2023	3,060
2024	1,197
Thereafter	2,849
Net Carrying Value	$ 18,911	$ 21,377

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years		10 years
Total lease cost associated with operating leases	$ 1.4	$ 1.2	$ 2.8	$ 2.4
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	12 years		12 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Prepaid expenses and other current assets	$ 2,860	$ 3,908
Operating lease right-of-use assets	25,732	27,803
Other current liabilities	2,653	2,826
Operating lease liabilities	33,394	33,312
Total lease liabilities	$ 36,047	$ 36,138

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Years ending December 31,
2020	$ 652,000
2021	2,383,000
2022	4,085,000
2023	3,977,000
2024	3,908,000
Thereafter	29,590,000
Total future minimum lease payments	44,595,000
Less: imputed interest	(11,408,000)
Total	33,187,000
Lessee, Lease, Description [Line Items]
Tenant improvement allowance	2,300
Operating lease, current	2,653	$ 2,826
Prepaid Expenses and Other Current Assets
Lessee, Lease, Description [Line Items]
Operating lease, current	$ 2,900

Long-Term Debt - Narrative (Details)	Dec. 24, 2018 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Capitalized deferred financing costs	$ 400,000	$ 300,000	$ 400,000
Other Assets
Debt Instrument [Line Items]
Capitalized deferred financing costs		200,000	300,000
Credit Facility
Debt Instrument [Line Items]
EBITDA to interest expense ratio	3.0
Funded indebtedness to EBITDA ratio	3.5
Annual decrease in required leverage ratio	0.25
Required leverage ratio	2.5
Floor plus 20% of the sum of the combined outstanding principal amounts	$ 20,000,000.0
Acquisition purchase price floor for 0.5 increase in required leverage ratio for 12 month period following the close date	$ 20,000,000.0
Credit Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Variable rate, basis spread percent	1.50%
Credit Facility \| Minimum \| Federal Funds Rate
Debt Instrument [Line Items]
Variable rate, basis spread percent	0.50%
Credit Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Variable rate, basis spread percent	2.00%
Credit Facility \| Maximum \| Federal Funds Rate
Debt Instrument [Line Items]
Variable rate, basis spread percent	1.00%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000.0	50,000,000.0
Commitment fee percentage	0.25%
Commitment fee	$ 30,000,000.0
Unused portion of the Revolving Facility, percentage	0.375%
Line of credit, amount outstanding		49,000,000.0	0
Capitalized deferred financing costs	$ 200,000
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Capitalized deferred financing costs	$ 200,000	$ 100,000	$ 200,000

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amounts due under Term Loan	$ 48,125
Term Loan \| Credit Facility
Debt Instrument [Line Items]
Principal amounts due under Term Loan	48,125	$ 48,750
Unamortized debt financing costs	(146)	(167)
Long-term debt, net of unamortized debt financing costs	$ 47,979	$ 48,583

Long-Term Debt - Schedule of Principal Payments for Term Loan (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2020	$ 625
2021	2,500
2022	2,500
2023	42,500
Total principal payments	$ 48,125

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Per incident policy limit	$ 100,000
Quota share of tenant liability insurance provided, percent	100.00%
Estimate of loss	$ 4,300,000
Legal accrual	4,300,000
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported	1,400,000	$ 1,800,000
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 1,600,000	$ 1,300,000

Share Repurchase Program (Details)	3 Months Ended		6 Months Ended
Share Repurchase Program (Details)	Jun. 30, 2020 shares	Mar. 31, 2020 USD ($) shares	Jun. 30, 2020 director	Jun. 30, 2019 shares	Feb. 20, 2019 USD ($)
Equity [Abstract]
Share repurchase program, authorized amount					$ 100,000,000.0
Number of Directors to authorize repurchases \| director			3
Repurchased shares (in shares) \| shares	0	48,002		0
Reduction to stockholders' equity		$ 4,194,000

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Number of Shares
Options outstanding, beginning balance (in shares)		1,342,000
Options granted (in shares)		0	0
Options exercised (in shares)		(49,000)
Options cancelled/forfeited (in shares)		(55,000)
Options outstanding, ending balance (in shares)		1,238,000		1,342,000
Weighted Average Exercise Price per Share
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)		$ 11.84
Options granted, weighted average exercise price (in dollars per share)		0
Options exercised, weighted average exercise price (in dollars per share)		6.69
Options cancelled/forfeited, weighted average exercise price (in dollars per share)		23.76
Options outstanding, weighted average exercise price, ending balance (in dollars per share)		$ 11.51		$ 11.84
Weighted average remaining contractual life, in years		5 years 4 months 24 days		5 years 10 months 24 days
Stock Options
Weighted Average Exercise Price per Share
Stock-based compensation expense	$ 0.1		$ 0.3
PSOs \| 2017 Performance Metric, Targeted Free Cash Flow Performance Metric
Weighted Average Exercise Price per Share
Share-based compensation options vested (in shares)		77,000		40,000
Percent of achievement of award target performance metric		95.00%		115.00%

Stock-Based Compensation - Restricted Stock Units Activity (Details) - RSUs and PSUs shares in Thousands	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	646
Granted (in shares) \| shares	156
Vested (in shares) \| shares	(227)
Forfeited (in shares) \| shares	(15)
Unvested, ending balance (in shares) \| shares	560
Weighted- Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 52.42
Granted (in dollars per share) \| $ / shares	107.16
Vested (in dollars per share) \| $ / shares	30.32
Forfeited (in dollars per share) \| $ / shares	57.72
Unvested, ending balance (in dollars per share) \| $ / shares	$ 76.47

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			156
Share-based compensation options vested in period (in shares)			227
Stock-based compensation expense	$ 3.2	$ 2.0	$ 4.4	$ 3.6
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 28.6		$ 28.6
Stock-based compensation expense, weighted average recognition period			2 years 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			142
Vesting period			4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			14
Percent of targeted performance metric	100.00%		100.00%
Share-based compensation options vested in period (in shares)			84
Percent of achievement of award target performance metric					95.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%		0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		100.00%
PSUs \| Vesting Tranche One \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		100.00%
Performance based cash bonus payment percent			100.00%
PSUs \| Vesting Tranche One \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%		150.00%
Performance based cash bonus payment percent			165.00%
PSUs \| 2016 Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			4
PSUs Granted in 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			37
PSUs Granted in 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			95
Performance Stock Units Granted in 2019 and 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		100.00%
Performance Stock Units Granted in 2019 and 2018 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%		0.00%
Percent of cash bonus payments on initial targets, percent			100.00%
Performance Stock Units Granted in 2019 and 2018 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		100.00%
Percent of cash bonus payments on initial targets, percent			165.00%
Performance Stock Units Granted in 2019 and 2018 \| Vesting Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation options vested in period (in shares)			54
Performance Stock Units Granted in 2019 and 2018 \| Vesting Tranche One \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		100.00%
Performance Stock Units Granted in 2019 and 2018 \| Vesting Tranche One \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%		150.00%
Performance Stock Units Granted in 2019 and 2018 \| Vesting Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation options vested in period (in shares)			49
Performance Stock Units Granted in 2019 and 2018 \| Vesting Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation options vested in period (in shares)			29

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Number of Shares
Unvested, beginning balance (in shares)			5
Granted (in shares)			3
Vested (in shares)			(3)
Forfeited (in shares)			0
Unvested, ending balance (in shares)	5		5
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share)			$ 105.88
Granted (in dollars per share)			160.34
Vested (in dollars per share)			111.38
Forfeited (in dollars per share)			0
Unvested, ending balance (in dollars per share)	$ 139.72		$ 139.72
Vesting period			1 year
Stock-based compensation expense	$ 0.2	$ 0.1	$ 0.3	$ 0.2
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 0.6		$ 0.6
Stock-based compensation expense, weighted average recognition period			10 months 24 days

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (13,484)	$ (21,338)	$ (13,109)	$ (25,619)

- Definition

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

+ References + Details

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 81,043	$ 63,624	$ 153,538	$ 120,715
Revenue recognized in deferred revenue			3,500	2,500
Core solutions
Disaggregation of Revenue [Line Items]
Revenue	26,061	21,609	50,963	42,431
Value plus services
Disaggregation of Revenue [Line Items]
Revenue	51,592	39,056	95,730	72,754
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,390	$ 2,959	$ 6,845	$ 5,530

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 436,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 431,000