0001433195-20-000098 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 02, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001433195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,098,284
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,229,904

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 144,028	$ 15,813
Investment securities—current	32,689	22,876
Accounts receivable, net	9,416	7,562
Prepaid expenses and other current assets	15,720	15,540
Total current assets	201,853	61,791
Investment securities—noncurrent	5,135	12,089
Property and equipment, net	26,565	14,744
Operating lease right-of-use assets	24,645	27,803
Capitalized software, net	33,543	30,023
Goodwill	56,147	58,425
Intangible assets, net	17,544	21,377
Deferred taxes	14,826	27,574
Other long-term assets	6,014	6,276
Total assets	386,272	260,102
Current liabilities
Accounts payable	3,591	1,927
Accrued employee expenses	18,379	17,758
Accrued expenses	13,546	10,833
Deferred revenue	2,457	4,586
Income tax payable	13,571	0
Other current liabilities	4,607	11,139
Term loan, net—current portion	0	1,208
Total current liabilities	56,151	47,451
Operating lease liabilities	32,755	33,312
Term loan, net	0	47,375
Deferred taxes	10,130	0
Other long-term liabilities	2,720	14
Total liabilities	101,756	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 September 30, 2020 and December 31, 2019	0	0
Additional paid-in capital	159,296	161,509
Accumulated other comprehensive income	90	33
Treasury stock, at cost, 419 and 371 shares of Class A common stock as of September 30, 2020 and December 31, 2019, respectively	(25,756)	(21,562)
Retained earnings (accumulated deficit)	150,882	(8,034)
Total stockholders’ equity	284,516	131,950
Total liabilities and stockholders’ equity	386,272	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	Sep. 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)	18,450,000	16,923,000
Common stock, shares outstanding (in shares)	18,031,000	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)	16,282,000	17,594,000
Common stock, shares outstanding (in shares)	16,282,000	17,594,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 84,086	$ 67,935	$ 237,624	$ 188,650
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	32,752	25,930	89,124	75,239
Sales and marketing	14,894	12,636	43,117	37,087
Research and product development	13,454	10,602	36,794	28,422
General and administrative	12,946	8,955	36,303	25,361
Depreciation and amortization	6,680	5,678	19,751	16,169
Total costs and operating expenses	80,726	63,801	225,089	182,278
Income from operations	3,360	4,134	12,535	6,372
Other income (expense), net	187,747	(11)	187,759	(68)
Interest expense, net	(853)	(400)	(1,909)	(1,324)
Income before provision for (benefit from) income taxes	190,254	3,723	198,385	4,980
Provision for (benefit from) income taxes	52,578	(1,255)	39,469	(26,874)
Net income	$ 137,676	$ 4,978	$ 158,916	$ 31,854
Net income per common share:
Basic (in dollars per share)	$ 4.01	$ 0.15	$ 4.64	$ 0.94
Diluted (in dollars per share)	$ 3.86	$ 0.14	$ 4.46	$ 0.90
Weighted average common shares outstanding:
Basic (in shares)	34,296	34,047	34,241	33,991
Diluted (in shares)	35,665	35,421	35,662	35,406

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 137,676	$ 4,978	$ 158,916	$ 31,854
Other comprehensive (loss) income:
Changes in unrealized (losses) gains on investment securities	(41)	20	57	216
Comprehensive income	$ 137,635	$ 4,998	$ 158,973	$ 32,070

- 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			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)			(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]
Net income	31,854
Ending balance (in shares) at Sep. 30, 2019		16,373,000	17,685,000
Ending balance at Sep. 30, 2019	125,417	$ 2	$ 2	159,399	38	(21,562)	(12,462)
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			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)			(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		9,000
Exercise of stock options	60			60
Stock-based compensation	2,678			2,678
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		11,000
Vesting of restricted stock units, net of shares withheld for taxes	(534)			(534)
Conversion of Class B stock to Class A stock (in shares)		267,000	(267,000)
Conversion of Class B stock to Class A stock	0
Issuance of restricted stock awards	0
Other comprehensive income (loss)	20				20
Net income	4,978						4,978
Ending balance (in shares) at Sep. 30, 2019		16,373,000	17,685,000
Ending balance at Sep. 30, 2019	125,417	$ 2	$ 2	159,399	38	(21,562)	(12,462)
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)	59,000
Net income	$ 158,916
Ending balance (in shares) at Sep. 30, 2020		18,031,000	16,282,000
Ending balance at Sep. 30, 2020	284,516	$ 2	$ 2	159,296	90	(25,756)	150,882
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)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		10,000
Exercise of stock options	74			74
Stock-based compensation	3,572			3,572
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		12,000
Vesting of restricted stock units, net of shares withheld for taxes	(1,269)			(1,269)
Conversion of Class B stock to Class A stock (in shares)		1,057,000	(1,057,000)
Conversion of Class B stock to Class A stock	0
Other comprehensive income (loss)	(41)				(41)
Net income	137,676						137,676
Ending balance (in shares) at Sep. 30, 2020		18,031,000	16,282,000
Ending balance at Sep. 30, 2020	$ 284,516	$ 2	$ 2	$ 159,296	$ 90	$ (25,756)	$ 150,882

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash from operating activities
Net income	$ 158,916	$ 31,854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,751	16,169
Amortization of operating lease right-of-use assets	2,973	3,016
Deferred income taxes	22,878	(27,032)
Stock-based compensation	6,808	5,431
Gain on sale of business	(187,636)	0
Other	170	136
Changes in operating assets and liabilities:
Accounts receivable	(2,229)	(2,778)
Prepaid expenses and other current assets	(859)	(4,403)
Other assets	(320)	1,129
Accounts payable	695	270
Accrued employee expenses	1,919	486
Accrued expenses	5,931	(14)
Deferred revenue	815	1,039
Operating lease liabilities	(1,135)	(2,886)
Other liabilities	16,539	996
Net cash provided by operating activities	45,216	23,413
Cash from investing activities
Purchases of available-for-sale investments	(29,879)	(10,690)
Proceeds from sales of available-for-sale investments	13,942	2,750
Proceeds from maturities of available-for-sale investments	13,300	11,000
Purchases of property, equipment and intangible assets	(16,551)	(4,115)
Additions to capitalized software	(19,697)	(15,669)
Cash paid in business acquisition, net of cash acquired	0	(54,004)
Proceeds from sale of business, net of cash divested	191,427	0
Net cash provided by (used in) investing activities	152,542	(70,728)
Cash from financing activities
Proceeds from stock option exercises	402	259
Tax withholding for net share settlement	(10,959)	(5,541)
Payment of contingent consideration	(5,977)	0
Proceeds from issuance of debt	50,752	1,697
Principal payments on debt	(99,565)	(2,634)
Payment of debt issuance costs	0	(420)
Purchase of treasury stock	(4,194)	0
Net cash used in financing activities	(69,541)	(6,639)
Net increase (decrease) in cash, cash equivalents and restricted cash	128,217	(53,954)
Cash, cash equivalents and restricted cash
Beginning of period	16,247	74,506
End of period	144,464	20,552
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	1,748	1,613
Additions of capitalized software included in accrued and accrued employee expenses	756	601
Stock-based compensation capitalized for software development	1,535	1,321
Purchase consideration for acquisitions included in other current liabilities	0	5,977
Total cash, cash equivalents and restricted cash	$ 144,464	$ 20,552

Nature of Business	9 Months Ended
Nature of Business	Sep. 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. We offer industry-specific, cloud-based business software solutions, services and data analytics to our customers. 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 represent approximately 90% of our revenue as of September 30, 2020. The significant majority of our customers in the real estate vertical use our property management solutions, which provide our property management customers, including 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, 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 designed to leverage data to predict and optimize business workflows in order to enable superior customer experiences and increase efficiency across our customers' businesses. We also provide software solutions to real estate investment managers. During the periods covered by this Quarterly Report, we also provided software solutions and services to the legal vertical that enabled 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. As previously disclosed, on September 30, 2020, the Company completed its divestiture of 100% of the issued and outstanding equity interests of MyCase, Inc. ("MyCase"), a former wholly owned subsidiary of the Company that provided such legal practice and case management software solutions to our legal customers. The Company sold MyCase to Mockingbird AcquisitionCo Inc., a Delaware corporation (“Buyer”) affiliated with funds advised by Apax Partners LLP, for $193.0 million pursuant to a Stock Purchase Agreement, dated September 7, 2020 (the “Purchase Agreement”), by and among Buyer, the Company and MyCase (the “MyCase Transaction”). In connection with the closing of the MyCase Transaction, and in accordance with the terms of the Purchase Agreement, the Company and MyCase entered into certain ancillary agreements, including relating to certain post-closing transition services to be provided by the Company to MyCase at fair market value, as well as an intellectual property licensing agreement for certain software and patents for which no ongoing licensing fees will be received. We recognized a pre-tax gain on the sale of $187.6 million on the MyCase Transaction.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 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, which was filed with the 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 nine months ended September 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 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, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, 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 ("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 adopt various 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. These potential impacts are only amplified by the length of time they remain in place, as the cumulative effect upon our customers and their businesses may only exacerbate potential harm to 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 September 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Weighted average common shares outstanding	34,301	34,050	34,246	33,995
Less: Weighted average unvested restricted shares subject to repurchase	5	3	5	4
Weighted average common shares outstanding; basic	34,296	34,047	34,241	33,991






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,369	1,374	1,421	1,415
Weighted average common shares outstanding; diluted	35,665	35,421	35,662	35,406

For the three and nine months ended September 30, 2020 and 2019, an aggregate of 130,000 and 361,000 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 an 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 nine months ended September 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. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. This guidance is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. 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.

Divestitures and Business Combinations

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Divestitures and Business Combinations

Divestiture of MyCase

On September 30, 2020, we completed the MyCase Transaction for $193.0 million, consisting of $192.2 million of cash proceeds, plus a $2.2 million employee retention bonus pool funded by the Company, less cash divested of $0.8 million and a preliminary working capital adjustment of $0.6 million. The retention bonus pool is refundable to the Company to the extent that MyCase employees are terminated prior to the retention period, which is one year from the closing date of the MyCase Transaction. A portion of the cash proceeds was used to pay all outstanding borrowings under the Credit Facility. Refer to Note 8, Long-Term Debt, of our Condensed Consolidated Financial Statements for more information about the termination of the Credit Facility.

We recognized a pre-tax gain on the sale of $187.6 million on the MyCase Transaction, consisting of cash proceeds of $192.2 million, less net assets divested of $4.6 million. Net assets divested is primarily comprised of capitalized software of $3.9 million, deferred revenue of $2.8 million and goodwill allocated to MyCase of $2.3 million. The gain on the sale is included within Other income (expense), net in our Condensed Consolidated Statements of Operations. Income received in relation to the transition services to be provided by the Company to MyCase will be included within Other income (expense), net in our Condensed Consolidated Statements of Operations. Refer to Note 1, Nature of Business, of our Condensed Consolidated Financial Statements for more information about the MyCase Transaction.

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 necessary 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 vertical, 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 September 30, 2019		Nine Months Ended September 30, 2019
Revenue	$	67,935	$	188,685
Net income	4,978		27,911

Investment Securities and Fair Value Measurements

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency securities	$	3,104	$	34	$	—	$	3,138

Treasury securities	34,618		68		—		34,686
Total available-for-sale investment securities	$	37,722	$	102	$	—	$	37,824


	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 September 30, 2020.

As of September 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):


	September 30, 2020				December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	32,658	$	32,689	$	22,846	$	22,876
Due after one year through three years	5,064		5,135		12,074		12,089
Total available-for-sale investment securities	$	37,722	$	37,824	$	34,920	$	34,965

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


	Nine Months Ended September 30, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	5,600
Agency securities	25		—		7,878		1,900

Treasury securities	4		—		2,058		5,800
Total	$	34	$	—	$	13,942	$	13,300


	Nine Months Ended September 30, 2019
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(1)	$	2,750	$	8,350
Agency securities	—		—		—		2,650


Total	$	—	$	(1)	$	2,750	$	11,000

Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million for each of the three months ended September 30, 2020 and 2019, and $0.3 million and $0.5 million for the nine months ended September 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 September 30, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands):


	September 30, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,781	$	—	$	—	$	4,781
Treasury securities	600		—		—		600
Available-for-sale investment securities:
Corporate bonds	—		—		—		—
Agency securities	—		3,138		—		3,138

Treasury securities	34,686		—		—		34,686
Total	$	40,067	$	3,138	$	—	$	43,205


	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"), approximated their carrying values due to the variable interest rates. We considered the fair value of the Term Loan and the Revolving Facility to be Level 2 measurements as these debt instruments were not actively traded. We carried 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 since-terminated 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 nine months ended September 30, 2020. The valuation techniques for the financial assets in the tables above are as follows:

Cash Equivalents

As of September 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 nine months ended September 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

9 Months Ended

Sep. 30, 2020

Research and Development [Abstract]

Internal-Use Software Development Costs

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


	September 30, 2020		December 31, 2019
Internal use software development costs, gross	$	90,451	$	81,475
Less: Accumulated amortization	(56,908)		(51,452)
Internal use software development costs, net	$	33,543	$	30,023

Capitalized software development costs were $6.9 million and $6.5 million for the three months ended September 30, 2020 and 2019, respectively, and $20.8 million and $17.1 million for the nine months ended September 30, 2020 and 2019, respectively. Amortization expense with respect to capitalized software development costs totaled $4.7 million and $3.6 million for the three months ended September 30, 2020 and 2019, respectively, and $13.3 million and $10.0 million for the nine months ended September 30, 2020 and 2019, respectively. During the three months ended September 30, 2020, $3.9 million in capitalized software development costs were divested in connection with the MyCase Transaction.

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


Years Ending December 31,
2020	$	4,424
2021	15,834
2022	10,608
2023	2,677
Total amortization expense	$	33,543

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

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


	September 30, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,436)	$	1,404	5.0
Database	8,330		(1,578)		6,752		10.0
Technology	6,539		(3,250)		3,289		4.0
Trademarks and trade names	1,890		(633)		1,257		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,594)		4,806		5.0
Domain names	90		(68)		22		5.0
Patents	252		(238)		14		5.0

	$	28,021	$	(10,477)	$	17,544	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 September 30, 2020 and 2019, respectively, and $3.7 million and $4.0 million for the nine months ended September 30, 2020 and 2019, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2020	$	1,186
2021	4,647
2022	4,605
2023	3,060
2024	1,197
Thereafter	2,849
Total amortization expense	$	17,544

Our goodwill balance is solely attributed to acquisitions. As a result of the disposal of goodwill associated with the MyCase Transaction, we performed a goodwill impairment assessment as of September 30, 2020 on our remaining goodwill balance. There have been no impairment charges recorded against goodwill. The change in the carrying amount of goodwill during the nine months ended September 30, 2020 is as follows (in thousands):


Goodwill at December 31, 2019	$	58,425
Goodwill attributed to MyCase divestiture	(2,278)
Goodwill at September 30, 2020	$	56,147

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Operating leases for our corporate offices 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 $1.3 million for each of the three months ended September 30, 2020 and 2019, and $4.1 million and $3.7 million for the nine months ended September 30, 2020 and 2019, respectively.

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


	September 30, 2020		December 31, 2019
Assets
Prepaid expenses and other current assets	$	2,901	$	3,908
Operating lease right-of-use assets	24,645		27,803

Liabilities
Other current liabilities	$	2,021	$	2,826
Operating lease liabilities	32,755		33,312
Total lease liabilities	$	34,776	$	36,138

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


Years ending December 31,
2020(1)	$	(1,027)
2021(1)	2,240
2022	4,085
2023	3,977
2024	3,908
Thereafter	29,590
Total future minimum lease payments	42,773
Less: imputed interest	(10,898)
Total(2)	$	31,875

(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 on our Condensed Consolidated Balance Sheets, 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

9 Months Ended

Sep. 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 were 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 the Revolving Facility to $50.0 million. The maturity date of the Term Loan and Revolving Facility was December 24, 2023. In addition, pursuant to the Second Amendment, we were 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 maintained 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 were 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) had 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 entered into an acquisition with a purchase price greater than or equal to $20.0 million, then the Required Leverage Ratio would be increased by 0.5 for the 12-month period immediately following the consummation of such acquisition.

The Credit Agreement contained customary affirmative, negative and financial covenants. The affirmative covenants required 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 restricted 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.

Under the terms of the Second Amendment, borrowings under the Credit Agreement would bear interest at a fluctuating rate per annum equal to, at our option, (i) LIBOR or (ii) an alternate base rate, in each case plus the applicable interest rate margin. Borrowings would 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 were 0.25% per annum, unless the average usage of the Revolving Facility was 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 would have been 0.375% per annum.

In connection with the MyCase Transaction, and as required by the terms of the Credit Agreement, the Credit Agreement was terminated and all obligations outstanding under the Term Loan and Revolving Facility thereunder, including all guarantees and security interests granted with respect to such obligations, were satisfied in full with proceeds from the MyCase Transaction and extinguished. Immediately prior to the repayment of amounts owed under, and termination of, the Credit Agreement, there were approximately $48.1 million in term loans outstanding and $49.1 million in revolving borrowings outstanding. Refer to Note 1, Nature of Business, and Note 3, Divestitures and Business Combinations, of our Condensed Consolidated Financial Statements for more information about the MyCase Transaction.

Debt Financing Costs

As a result of the Second Amendment, we incurred $0.4 million in financing fees that were capitalized and 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 amortized over the remaining life of the Revolving Facility.

Debt financing costs were deferred and amortized using the straight-line method, which approximated 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 nine months ended September 30, 2020 or 2019. As of September 30, 2020 the remaining unamortized deferred debt financing costs of $0.4 million were expensed to Interest expense, net in our Condensed Consolidated Statements of Operations, in connection with the termination of the Credit Agreement. At December 31, 2019, the remaining unamortized deferred debt financing costs were $0.4 million, of which $0.2 million was offset against debt. As of December 31, 2019, $0.3 million of the remaining unamortized deferred debt financing costs were recorded in prepaid expenses and other current assets and other long-term 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 September 30, 2020 and December 31, 2019 (in thousands):


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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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 September 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 September 30, 2020 and December 31, 2019 are $1.7 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 nine months ended September 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 (the "SCRA") in connection with our tenant screening Value+ service. On November 6, 2020, the DOJ issued a no action letter, declining to take any action against us and closing its 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 September 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	9 Months Ended
Share Repurchase Program	Sep. 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 "Share Repurchase Program") relating to our outstanding shares of Class A common stock. Under the Share Repurchase Program, share repurchases may be made from time to time, as directed by a committee consisting of three directors, in open market purchases or privately negotiated transactions at a repurchase price that the members of the committee unanimously believe is below intrinsic value conservatively determined. The Share Repurchase Program does not obligate us to repurchase any specific dollar amount or number of shares, there is no expiration date for the Share Repurchase Program, 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 have not made any repurchases under the Share Repurchase Program subsequent to the three months ended March 31, 2020.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of activity in connection with our stock options for the nine months ended September 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	(59)	6.87
Options cancelled/forfeited	(55)	23.76
Options outstanding as of September 30, 2020	1,228	$	11.53	5.1

During the nine months ended September 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 nine months ended September 30, 2020 and 2019 was not material. As of September 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 nine months ended September 30, 2020 or 2019.

Restricted Stock Units

A summary of activity in connection with our RSUs for the nine months ended September 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	164	109.29
Vested	(247)	34.75
Forfeited	(57)	69.16
Unvested as of September 30, 2020	506	$	77.63

During the nine months ended September 30, 2020, we granted 150,000 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 nine months ended September 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 September 30, 2020 are 34,000 and 82,000 PSUs granted in 2019 and 2018, respectively. Of these PSUs, 48,000 are subject to vesting based on the achievement of a pre-established consolidated net revenue growth target for the year ending December 31, 2020, 43,000 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 25,000 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 September 30, 2020 and 2019 was $3.4 million and $2.5 million, respectively, and $7.8 million and $6.1 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, the total estimated remaining stock-based compensation expense for the RSUs and PSUs was $25.2 million, which is expected to be recognized over a weighted average period of 2.3 years.

Restricted Stock Awards

A summary of activity in connection with our restricted stock awards for the nine months ended September 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 September 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 September 30, 2020 and 2019, respectively, and $0.5 million and $0.2 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.4 million, which is expected to be recognized over a weighted average period of 0.7 years.

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 nine months ended September 30, 2020, we recorded income tax expense of $52.6 million and $39.5 million, respectively. The tax provision for the three months ended September 30, 2020 ÷includes a discrete tax expense of $47.9 million relating to the MyCase Transaction which includes $48.9 million of current tax expense on the expected gain on the sale of MyCase, less a $1.0 million benefit on the reversal of deferred tax liabilities relating to MyCase. For tax purposes, the Company plans to file an election to treat the transaction as a sale of assets. As such, the tax impact takes into consideration the tax basis of the assets on the date of sale and the availability of net operating losses and research and development tax credits. 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 nine months ended September 30, 2019, we recorded income tax benefit of $1.3 million and $26.9 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 nine months ended September 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

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Revenue and Other Information

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Core solutions	$	27,117	$	22,503	$	78,080	$	64,934
Value+ services	53,392		41,645		149,122		114,399
Other	3,577		3,787		10,422		9,317
Total revenue	$	84,086	$	67,935	$	237,624	$	188,650

During the nine months ended September 30, 2020 and 2019, we recognized $4.3 million and $3.2 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
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-Section 50
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-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)
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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
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-Subparagraph (e)
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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
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-Paragraph 12
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-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
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-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)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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, which was filed with the 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 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, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, 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 ("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 adopt various 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. These potential impacts are only amplified by the length of time they remain in place, as the cumulative effect upon our customers and their businesses may only exacerbate potential harm to 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 September 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. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. This guidance is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. 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.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Weighted average common shares outstanding	34,301	34,050	34,246	33,995
Less: Weighted average unvested restricted shares subject to repurchase	5	3	5	4
Weighted average common shares outstanding; basic	34,296	34,047	34,241	33,991






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,369	1,374	1,421	1,415
Weighted average common shares outstanding; diluted	35,665	35,421	35,662	35,406

Divestitures and Business Combinations (Tables)

9 Months Ended

Sep. 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 September 30, 2019		Nine Months Ended September 30, 2019
Revenue	$	67,935	$	188,685
Net income	4,978		27,911

Investment Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency securities	$	3,104	$	34	$	—	$	3,138

Treasury securities	34,618		68		—		34,686
Total available-for-sale investment securities	$	37,722	$	102	$	—	$	37,824


	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):


	September 30, 2020				December 31, 2019
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	32,658	$	32,689	$	22,846	$	22,876
Due after one year through three years	5,064		5,135		12,074		12,089
Total available-for-sale investment securities	$	37,722	$	37,824	$	34,920	$	34,965

Schedule of Sales, Calls, and Maturities

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


	Nine Months Ended September 30, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	5,600
Agency securities	25		—		7,878		1,900

Treasury securities	4		—		2,058		5,800
Total	$	34	$	—	$	13,942	$	13,300


	Nine Months Ended September 30, 2019
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	(1)	$	2,750	$	8,350
Agency securities	—		—		—		2,650


Total	$	—	$	(1)	$	2,750	$	11,000

Fair Value, Assets Measured on Recurring Basis

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


	September 30, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,781	$	—	$	—	$	4,781
Treasury securities	600		—		—		600
Available-for-sale investment securities:
Corporate bonds	—		—		—		—
Agency securities	—		3,138		—		3,138

Treasury securities	34,686		—		—		34,686
Total	$	40,067	$	3,138	$	—	$	43,205


	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)

9 Months Ended

Sep. 30, 2020

Research and Development [Abstract]

Schedule of Capitalized Computer Software

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


	September 30, 2020		December 31, 2019
Internal use software development costs, gross	$	90,451	$	81,475
Less: Accumulated amortization	(56,908)		(51,452)
Internal use software development costs, net	$	33,543	$	30,023

Schedule of Capitalized Computer Software Future Amortization Expense

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


Years Ending December 31,
2020	$	4,424
2021	15,834
2022	10,608
2023	2,677
Total amortization expense	$	33,543

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,436)	$	1,404	5.0
Database	8,330		(1,578)		6,752		10.0
Technology	6,539		(3,250)		3,289		4.0
Trademarks and trade names	1,890		(633)		1,257		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,594)		4,806		5.0
Domain names	90		(68)		22		5.0
Patents	252		(238)		14		5.0

	$	28,021	$	(10,477)	$	17,544	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	$	1,186
2021	4,647
2022	4,605
2023	3,060
2024	1,197
Thereafter	2,849
Total amortization expense	$	17,544

Schedule of Goodwill

The change in the carrying amount of goodwill during the nine months ended September 30, 2020 is as follows (in thousands):


Goodwill at December 31, 2019	$	58,425
Goodwill attributed to MyCase divestiture	(2,278)
Goodwill at September 30, 2020	$	56,147

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Components of Lease Expense

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


	September 30, 2020		December 31, 2019
Assets
Prepaid expenses and other current assets	$	2,901	$	3,908
Operating lease right-of-use assets	24,645		27,803

Liabilities
Other current liabilities	$	2,021	$	2,826
Operating lease liabilities	32,755		33,312
Total lease liabilities	$	34,776	$	36,138

Schedule of Minimum Lease Payments Under Leases

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


Years ending December 31,
2020(1)	$	(1,027)
2021(1)	2,240
2022	4,085
2023	3,977
2024	3,908
Thereafter	29,590
Total future minimum lease payments	42,773
Less: imputed interest	(10,898)
Total(2)	$	31,875

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

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Long-term Debt

The following is a summary of our long-term debt as of September 30, 2020 and December 31, 2019 (in thousands):


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

- 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
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-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)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of activity in connection with our stock options for the nine months ended September 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	(59)	6.87
Options cancelled/forfeited	(55)	23.76
Options outstanding as of September 30, 2020	1,228	$	11.53	5.1

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the nine months ended September 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	164	109.29
Vested	(247)	34.75
Forfeited	(57)	69.16
Unvested as of September 30, 2020	506	$	77.63

Schedule of Restricted Stock Awards Activity

A summary of activity in connection with our restricted stock awards for the nine months ended September 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 September 30, 2020	5	$	139.72

Revenue and Other Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Product Information by Revenue Categories

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Core solutions	$	27,117	$	22,503	$	78,080	$	64,934
Value+ services	53,392		41,645		149,122		114,399
Other	3,577		3,787		10,422		9,317
Total revenue	$	84,086	$	67,935	$	237,624	$	188,650

Nature of Business (Details) $ in Millions		9 Months Ended
Nature of Business (Details) $ in Millions	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)
Discontinued Operations, Disposed of by Sale \| MyCase
Concentration Risk [Line Items]
Ownership percentage in disposed subsidiary	100.00%	100.00%
Consideration for disposal of subsidiary	$ 193.0	$ 193.0
Gain on sale of subsidiary	$ 187.6
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Real Estate Software Solutions
Concentration Risk [Line Items]
Concentration risk, percentage		90.00%

Summary of Significant Accounting Policies - Net Income per Share Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding (in shares)	34,301	34,050	34,246	33,995
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	5	3	5	4
Weighted average common shares outstanding; basic (in shares)	34,296	34,047	34,241	33,991
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	1,369	1,374	1,421	1,415
Weighted average common shares outstanding; diluted (in shares)	35,665	35,421	35,662	35,406
PSUs and PSOs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	130	361	130	361

Divestitures and Business Combinations - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jan. 07, 2019
Discontinued Operations, Disposed of by Sale \| MyCase
Business Acquisition [Line Items]
Consideration for disposal of subsidiary	$ 193.0
Proceeds from divestiture of subsidiary	192.2
Employee retention bonus pool	2.2
Cash divested	0.8
Working capital adjustment	$ 0.6
Retention period	1 year
Gain on sale of subsidiary	$ 187.6
Assets divested	4.6
Capitalized software divested	3.9
Deferred revenue divested	2.8
Goodwill divested	$ 2.3
Dynasty
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

Divestitures and Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 07, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 56,147	$ 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

Divestitures and Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Business Combinations [Abstract]
Revenue	$ 67,935	$ 188,685
Net income	$ 4,978	$ 27,911

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 37,722	$ 34,920
Gross Unrealized Gains	102	47
Gross Unrealized Losses	0	(2)
Estimated Fair Value	$ 37,824	$ 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		$ 9,597
Gross Unrealized Gains		18
Gross Unrealized Losses		(1)
Estimated Fair Value		9,614
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 3,104	11,101
Gross Unrealized Gains	34	17
Gross Unrealized Losses	0	0
Estimated Fair Value	3,138	11,118
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	34,618	14,222
Gross Unrealized Gains	68	12
Gross Unrealized Losses	0	(1)
Estimated Fair Value	$ 34,686	$ 14,233

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 32,658	$ 22,846
Due after one year through three years	5,064	12,074
Total available-for-sale investment securities	37,722	34,920
Estimated Fair Value
Due in one year or less	32,689	22,876
Due after one year through three years	5,135	12,089
Total available-for-sale investment securities	$ 37,824	$ 34,965

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			$ 34	$ 0
Gross Realized Losses			0	(1)
Gross Proceeds from Sales			13,942	2,750
Gross Proceeds from Maturities			13,300	11,000
Interest income, net of amortization and accretion of premium and discount	$ 100	$ 100	300	500
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	2,750
Gross Proceeds from Maturities			5,600	8,350
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains			25	0
Gross Realized Losses			0	0
Gross Proceeds from Sales			7,878	0
Gross Proceeds from Maturities			1,900	$ 2,650
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			$ 5,800

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 37,824	$ 34,965
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		9,614
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	3,138	11,118
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	34,686	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	43,205	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	0	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	3,138	11,118
Fair value, recurring measurements \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	600
Available-for-sale investment securities	34,686
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,781	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	40,067	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	600
Available-for-sale investment securities	34,686
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,781	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	3,138	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	0	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	3,138	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	Sep. 30, 2020	Dec. 31, 2019
Research and Development [Abstract]
Internal use software development costs, gross	$ 90,451	$ 81,475
Less: Accumulated amortization	(56,908)	(51,452)
Internal use software development costs, net	$ 33,543	$ 30,023

Internal-Use Software Development Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized software development costs	$ 6.9	$ 6.5	$ 20.8	$ 17.1
Amortization expense	4.7	$ 3.6	13.3	$ 10.0
Discontinued Operations, Disposed of by Sale \| MyCase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized software divested	$ 3.9		$ 3.9

Internal-Use Software Development Costs - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Years Ending December 31,
2020	$ 4,424
2021	15,834
2022	10,608
2023	2,677
Internal use software development costs, net	$ 33,543	$ 30,023

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,021		$ 28,021		$ 33,734
Accumulated Amortization	(10,477)		(10,477)		(12,357)
Net Carrying Value	17,544		17,544		$ 21,377
Amortization expense	1,200	$ 1,300	$ 3,700	$ 4,000
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	2,840		$ 2,840		$ 3,070
Accumulated Amortization	(1,436)		(1,436)		(1,296)
Net Carrying Value	1,404		$ 1,404		$ 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	(1,578)		(1,578)		(954)
Net Carrying Value	6,752		$ 6,752		$ 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	6,539		$ 6,539		$ 10,541
Accumulated Amortization	(3,250)		(3,250)		(6,074)
Net Carrying Value	3,289		$ 3,289		$ 4,467
Technology \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			4 years		5 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,890		$ 1,890		$ 2,690
Accumulated Amortization	(633)		(633)		(898)
Net Carrying Value	1,257		$ 1,257		$ 1,792
Trademarks and trade names \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years			5 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	(2,594)		(2,594)		(1,484)
Net Carrying Value	4,806		$ 4,806		$ 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	90		$ 90		$ 301
Accumulated Amortization	(68)		(68)		(276)
Net Carrying Value	22		$ 22		$ 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	(238)		(238)		(225)
Net Carrying Value	$ 14		$ 14		$ 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 and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	$ 1,186
2021	4,647
2022	4,605
2023	3,060
2024	1,197
Thereafter	2,849
Net Carrying Value	$ 17,544	$ 21,377

Intangible Assets and Goodwill - Schedule of Goodwill (Details)	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment charge	$ 0
Goodwill [Roll Forward]
Beginning balance	58,425,000
Goodwill attributed to MyCase divestiture	(2,278,000)
Ending balance	$ 56,147,000

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years		10 years
Total lease cost associated with operating leases	$ 1.3	$ 1.3	$ 4.1	$ 3.7
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	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Prepaid expenses and other current assets	$ 2,901	$ 3,908
Operating lease right-of-use assets	24,645	27,803
Other current liabilities	2,021	2,826
Operating lease liabilities	32,755	33,312
Total lease liabilities	$ 34,776	$ 36,138

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Years ending December 31,
2020	$ (1,027,000)
2021	2,240,000
2022	4,085,000
2023	3,977,000
2024	3,908,000
Thereafter	29,590,000
Total future minimum lease payments	42,773,000
Less: imputed interest	(10,898,000)
Total	31,875,000
Lessee, Lease, Description [Line Items]
Tenant improvement allowance	2,300
Operating lease, current	2,021	$ 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 ($)	Sep. 30, 2020 USD ($)	Sep. 29, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Capitalized deferred financing costs	$ 400,000			$ 400,000
Other Assets
Debt Instrument [Line Items]
Capitalized deferred financing costs				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
Commitment fee percentage	0.25%
Commitment fee	$ 30,000,000.0
Unused portion of the Revolving Facility, percentage	0.375%
Loans outstanding			$ 49,100,000
Capitalized deferred financing costs	$ 200,000
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Loans outstanding		$ 0	$ 48,100,000	48,750,000
Capitalized deferred financing costs	$ 200,000			$ 200,000

Long-Term Debt - Summary of Long-term Debt (Details) - Term Loan - Credit Facility - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 29, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amounts due under Term Loan	$ 0	$ 48,100	$ 48,750
Unamortized debt financing costs	0		(167)
Long-term debt, net of unamortized debt financing costs	$ 0		$ 48,583

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 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	$ 1,700,000	$ 1,300,000

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

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Number of Shares
Options outstanding, beginning balance (in shares)	1,342,000	1,342,000
Options granted (in shares)		0	0
Options exercised (in shares)		(59,000)
Options cancelled/forfeited (in shares)		(55,000)
Options outstanding, ending balance (in shares)		1,228,000		1,342,000
Weighted Average Exercise Price per Share
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 11.84	$ 11.84
Options granted, weighted average exercise price (in dollars per share)		0
Options exercised, weighted average exercise price (in dollars per share)		6.87
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)		$ 11.53		$ 11.84
Weighted average remaining contractual life, in years	5 years 10 months 24 days	5 years 1 month 6 days
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	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	646
Granted (in shares) \| shares	164
Vested (in shares) \| shares	(247)
Forfeited (in shares) \| shares	(57)
Unvested, ending balance (in shares) \| shares	506
Weighted- Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 52.42
Granted (in dollars per share) \| $ / shares	109.29
Vested (in dollars per share) \| $ / shares	34.75
Forfeited (in dollars per share) \| $ / shares	69.16
Unvested, ending balance (in dollars per share) \| $ / shares	$ 77.63

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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)			164
Share-based compensation options vested in period (in shares)			247
Stock-based compensation expense	$ 3.4	$ 2.5	$ 7.8	$ 6.1
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 25.2		$ 25.2
Stock-based compensation expense, weighted average recognition period			2 years 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			150
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)			34
PSUs Granted in 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)			82
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)			48
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)			43
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)			25

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ 0.5	$ 0.2
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 0.4		$ 0.4
Stock-based compensation expense, weighted average recognition period			8 months 12 days

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense (benefit)	$ 52,578	$ (1,255)	$ 39,469	$ (26,874)
Discontinued Operations, Disposed of by Sale \| MyCase
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discrete tax expense	47,900
Tax associated with gain on sale	48,900
Reversal of deferred tax liabilities	$ 1,000

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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+ Details

- 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 84,086	$ 67,935	$ 237,624	$ 188,650
Revenue recognized in deferred revenue			4,300	3,200
Core solutions
Disaggregation of Revenue [Line Items]
Revenue	27,117	22,503	78,080	64,934
Value plus services
Disaggregation of Revenue [Line Items]
Revenue	53,392	41,645	149,122	114,399
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,577	$ 3,787	$ 10,422	$ 9,317

- Definition

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

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+ Details

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