0001433195-21-000044 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021	2020
Weighted average common shares outstanding	34,414	34,180
Less: Weighted average unvested restricted shares subject to repurchase	5	5
Weighted average common shares outstanding; basic	34,409	34,175






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,303	1,506
Weighted average common shares outstanding; diluted	35,712	35,681

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Years ending December 31,
2021	$ (1,935,000)
2022	4,434,000
2023	4,845,000
2024	4,797,000
2025	4,671,000
Thereafter	32,218,000
Total future minimum lease payments	49,030,000
Less: imputed interest	(11,569,000)
Total	37,461,000
Lessee, Lease, Description [Line Items]
Tenant improvement allowance	4,700
Operating lease, current	1,842	$ 1,845
Prepaid Expenses and Other Current Assets
Lessee, Lease, Description [Line Items]
Operating lease, current	$ 4,000

Accrued Employee Expenses - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued employee expenses—current	$ 20,050	$ 18,888
2021 Three Year Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued employee expenses—current	300
Accrued employee expenses—noncurrent	$ 1,200

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 5, 2021, we entered into a lease agreement with Sunroad Centrum Office One Partners, L.P (the "Landlord") to lease approximately 40,141 square feet of office space located at 8620 Spectrum Center Blvd, San Diego, California. The lease is for a twelve-year term ending January 31, 2033. The total commitment under this lease is $14.9 million, which is net of tenant improvement allowances of $3.7 million.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (5,533)	$ 375

- Definition

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

+ References + Details

Capitalized Software Development Cost, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Research and Development [Abstract]
Capitalized software development costs, gross	$ 104,069	$ 96,974
Less: Accumulated amortization	(66,515)	(61,515)
Capitalized software development costs, net	$ 37,554	$ 35,459

Share Repurchase Program	3 Months Ended
Share Repurchase Program	Mar. 31, 2021
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.

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		$ 33
Gross Realized Losses		0
Gross Proceeds from Sales	$ 17,899	13,942
Gross Proceeds from Maturities	1,000	7,250
Interest income, net of amortization and accretion of premium and discount	100	100
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		5
Gross Realized Losses		0
Gross Proceeds from Sales		4,006
Gross Proceeds from Maturities		4,000
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		24
Gross Realized Losses		0
Gross Proceeds from Sales		7,878
Gross Proceeds from Maturities		1,250
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	1	4
Gross Realized Losses	0	0
Gross Proceeds from Sales	17,899	2,058
Gross Proceeds from Maturities	$ 1,000	$ 2,000

Accrued Employee Expenses

3 Months Ended

Mar. 31, 2021

Accrued Employee Expenses

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


	March 31,		December 31
	2021		2020
Accrued vacation	$	9,532	$	8,277
Accrued bonuses	3,698		5,638
Accrued commissions	1,811		1,995
Accrued payroll	4,205		1,921
Accrued payroll taxes and other	804		1,057
Total accrued employee expenses—current	$	20,050	$	18,888

Accrued employee expenses—noncurrent	$	1,172	$	—

The Company has adopted several long-term executive cash incentive plans (the “Plan(s)”), which are designed to reward certain executives for their contributions toward our long-term strategic objectives (the “Performance Conditions”), which vary by Plan. We are required to estimate the probable payout under the Plans based on management’s judgement using, among other things, an internally developed rolling three year plan (the “Three Year Plan”). Compensation costs are recorded on a straight-line basis over the relevant service period to the extent it is probable the Performance Conditions in an applicable Plan will be achieved. Adjustments to compensation costs are recognized on a prospective basis over the remaining service period based on changes in our estimate of the probability of achieving the various Performance Conditions.

During the three months ended March 31, 2021, the Board of Directors approved the 2021 Three Year Plan, which allowed us to assess the probability of achieving the Performance Conditions under the Plans through December 31, 2023. As of March 31, 2021, we recorded $0.3 million and $1.2 million in Accrued employee expenses-current and Accrued employee expenses-noncurrent, respectively, in the Condensed Consolidated Balance Sheet related to the Plans. There are Plans for which no accrual has been recorded as it was determined that it is not currently probable that the related Performance Condition will be achieved. Amounts recorded under the Plans are based on assumptions and estimates subject to uncertainties and may fluctuate significantly each reporting period.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of activity in connection with our stock options for the three months ended March 31, 2021, 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, 2020	1,168	$	11.77	5.0
Options granted	—	—
Options exercised	(23)	4.36
Options cancelled/forfeited	—	—
Options outstanding as of March 31, 2021	1,145	$	11.92	4.7

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the three months ended March 31, 2021, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2020	483	$	80.20
Granted	150	143.24
Vested	(67)	54.84
Forfeited	(7)	101.76
Unvested as of March 31, 2021	559	$	99.87

Schedule of Restricted Stock Awards Activity

A summary of activity in connection with our restricted stock awards for the three months ended March 31, 2021 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2020	5	$	153.41
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested as of March 31, 2021	5	$	153.41

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Prepaid expenses and other current assets	$ 3,979	$ 3,972
Operating lease right-of-use assets	30,021	30,561
Other current liabilities	1,842	1,845
Operating lease liabilities	39,598	40,146
Total lease liabilities	$ 41,440	$ 41,991

Investment Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Investment Securities and Fair Value Measurements

Investment Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency securities	$	17,098	$	21	$	(2)	$	17,117

Treasury securities	97,990		43		(3)		98,030
Total available-for-sale investment securities	$	115,088	$	64	$	(5)	$	115,147


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Agency securities	$	17,104	$	29	$	(1)	$	17,132


Treasury securities	17,847		47		—		17,894
Total available-for-sale investment securities	$	34,951	$	76	$	(1)	$	35,026

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 March 31, 2021 or December 31, 2020.

As of March 31, 2021 and December 31, 2020, 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):


	March 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	103,278	$	103,341	$	28,197	$	28,256
Due after one year through three years	11,810		11,806		6,754		6,770
Total available-for-sale investment securities	$	115,088	$	115,147	$	34,951	$	35,026

During the three months ended March 31, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2021
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities



Treasury securities	$	1	$	—	$	17,899	$	1,000


	Three Months Ended March 31, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	4,000
Agency securities	24		—		7,878		1,250

Treasury securities	4		—		2,058		2,000
Total	$	33	$	—	$	13,942	$	7,250

Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million for each of the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands):


	March 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,764	$	—	$	—	$	4,764
Treasury securities	12,275		—		—		12,275
Available-for-sale investment securities:

Agency securities	—		17,117		—		17,117

Treasury securities	98,030		—		—		98,030
Total	$	115,069	$	17,117	$	—	$	132,186


	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,749	$	—	$	—	$	4,749
Treasury securities	97,433		—		—		97,433
Available-for-sale investment securities:

Agency securities	—		17,132		—		17,132

Treasury securities	17,894		—		—		17,894
Total	$	120,076	$	17,132	$	—	$	137,208

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

There were no changes to our valuation techniques used to measure financial asset and financial liability fair values on a recurring basis during the three months ended March 31, 2021. The valuation techniques for the financial assets in the tables above are as follows:

Cash Equivalents

As of March 31, 2021 and December 31, 2020, 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

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

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 three months ended March 31, 2021 and 2020, no impairments were identified on those assets required to be measured at fair value on a non-recurring basis.

Summary of Significant Accounting Policies - Net Income per Share Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average common shares outstanding (in shares)	34,414	34,180
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	5	5
Weighted average common shares outstanding; basic (in shares)	34,409	34,175
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	1,303	1,506
Weighted average common shares outstanding; diluted (in shares)	35,712	35,681
PSUs and PSOs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)		109

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 103,278	$ 28,197
Due after one year through three years	11,810	6,754
Total available-for-sale investment securities	115,088	34,951
Estimated Fair Value
Due in one year or less	103,341	28,256
Due after one year through three years	11,806	6,770
Total available-for-sale investment securities	$ 115,147	$ 35,026

Accrued Employee Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Accrued Employee Expenses

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


	March 31,		December 31
	2021		2020
Accrued vacation	$	9,532	$	8,277
Accrued bonuses	3,698		5,638
Accrued commissions	1,811		1,995
Accrued payroll	4,205		1,921
Accrued payroll taxes and other	804		1,057
Total accrued employee expenses—current	$	20,050	$	18,888

Accrued employee expenses—noncurrent	$	1,172	$	—

Divestitures	3 Months Ended
Divestitures	Mar. 31, 2021
Business Combinations [Abstract]
Divestitures	Divestitures Divestiture of MyCase On September 30, 2020, we completed our divestiture of 100% of our issued and outstanding equity interests of MyCase, Inc. ("MyCase"), a former wholly owned subsidiary that provided legal practice and case management software solutions to our legal customers, for $193.0 million, consisting of $192.2 million of cash proceeds, plus a $2.2 million employee retention bonus pool funded by us, less cash divested of $0.8 million and a preliminary working capital adjustment of $0.6 million (the "MyCase Transaction"). 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. We recognized a pre-tax gain on the sale of $187.7 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 was recorded within Other income, net in our Condensed Consolidated Statements of Operations during the three months ended September 30, 2020. Income received during the three months ended March 31, 2021 in relation to the transition services provided by us to MyCase was $0.4 million and is included within Other income (expense), net in our Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
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 1, 2021. 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	ReclassificationsWe reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash from operating activities section in the prior year to conform to the current year's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of assets and liabilities assumed in business combinations, 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, assumptions underlying performance-based compensation, and valuation and assumptions underlying stock-based compensation and other equity instruments. 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 March 31, 2021 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 Condensed Consolidated 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 Adopted in 2020 and 2021	Recent Accounting Pronouncements Adopted in 2020 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 Adopted in 2021 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. We adopted ASU 2019-12 on January 1, 2021. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures.

Capitalized Software Development Cost, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Research and Development [Abstract]
Capitalized software development costs	$ 7.1	$ 6.7
Amortization expense	$ 5.0	$ 4.2

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 44,744	$ 140,263
Investment securities—current	103,341	28,256
Accounts receivable, net	12,524	10,057
Prepaid expenses and other current assets	20,843	20,777
Total current assets	181,452	199,353
Investment securities—noncurrent	11,806	6,770
Property and equipment, net	26,530	26,439
Operating lease right-of-use assets	30,021	30,561
Capitalized software development costs, net	37,554	35,459
Goodwill	56,147	56,147
Intangible assets, net	15,170	16,357
Deferred income taxes—noncurrent	13,401	12,181
Other long-term assets	6,616	6,213
Total assets	378,697	389,480
Current liabilities
Accounts payable	2,262	1,040
Accrued employee expenses—current	20,050	18,888
Accrued expenses	10,231	14,069
Deferred revenue	3,135	2,262
Income tax payable	2,601	9,095
Other current liabilities	4,758	4,451
Total current liabilities	43,037	49,805
Accrued employee expenses—noncurrent	1,172	0
Operating lease liabilities	39,598	40,146
Deferred income taxes—noncurrent	9,106	13,609
Total liabilities	92,913	103,560
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 March 31, 2021 and December 31, 2020	0	0
Additional paid-in capital	160,650	161,247
Accumulated other comprehensive income	38	56
Treasury stock, at cost, 419 shares of Class A common stock as of March 31, 2021 and December 31, 2020	(25,756)	(25,756)
Retained earnings	150,848	150,369
Total stockholders’ equity	285,784	285,920
Total liabilities and stockholders’ equity	378,697	389,480
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

Capitalized Software Development Cost, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Years Ending December 31,
2021	$ 14,970
2022	15,147
2023	7,033
2024	404
Capitalized software development costs, net	$ 37,554	$ 35,459

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 115,088	$ 34,951
Gross Unrealized Gains	64	76
Gross Unrealized Losses	(5)	(1)
Estimated Fair Value	$ 115,147	$ 35,026
Maximum contractual maturity period	36 months	36 months
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	$ 17,098	$ 17,104
Gross Unrealized Gains	21	29
Gross Unrealized Losses	(2)	(1)
Estimated Fair Value	17,117	17,132
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investment securities	97,990	17,847
Gross Unrealized Gains	43	47
Gross Unrealized Losses	(3)	0
Estimated Fair Value	$ 98,030	$ 17,894

Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	150,000
Share-based compensation options vested in period (in shares)	67,000
Stock-based compensation expense	$ 3,100	$ 1,200
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 39,600
Stock-based compensation expense, weighted average recognition period	2 years 7 months 6 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	127,000
Vesting period	4 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	23,000
Percent of targeted performance metric	100.00%
Share-based compensation options vested in period (in shares)	50,000
Percent of achievement of award target performance metric			106.00%
PSUs \| Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	7,688
Stock-based compensation expense	$ 200
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%
PSUs \| Vesting Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based cash bonus payment percent			12.00%
PSUs \| Vesting Tranche One \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%
Performance based cash bonus payment percent	0.00%
PSUs \| Vesting Tranche One \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%
Performance based cash bonus payment percent	65.00%
PSUs Granted in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	13,000
PSUs Granted in 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	31,000
PSUs Granted in 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	35,000
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%
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%
Percent of cash bonus payments on initial targets, percent	0.00%
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%
Percent of cash bonus payments on initial targets, percent	65.00%
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)	45,000
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%
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%
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)	34,000

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 78,921	$ 72,495
Revenue recognized from deferred revenue	1,200	2,300
Core solutions
Disaggregation of Revenue [Line Items]
Revenue	24,174	24,902
Value plus services
Disaggregation of Revenue [Line Items]
Revenue	51,510	44,138
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 3,237	$ 3,455

- Definition

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

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+ Details

Revenue and Other Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Core solutions	$	24,174	$	24,902
Value+ services	51,510		44,138
Other	3,237		3,455
Total revenue	$	78,921	$	72,495

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

Deferred Revenue

During the three months ended March 31, 2021 and 2020, we recognized $1.2 million and $2.3 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2020 and 2019, respectively.

- 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

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 479	$ 1,983
Other comprehensive income:
Changes in unrealized gains on investment securities	(18)	132
Comprehensive income	$ 461	$ 2,115

- 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

Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Compensation Related Costs [Abstract]
Accrued vacation	$ 9,532	$ 8,277
Accrued bonuses	3,698	5,638
Accrued commissions	1,811	1,995
Accrued payroll	4,205	1,921
Accrued payroll taxes and other	804	1,057
Accrued employee expenses—current	20,050	18,888
Accrued employee expenses—noncurrent	$ 1,172	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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 outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	19,321,000	19,148,000
Common stock, shares outstanding (in shares)	18,902,000	18,729,000
Treasury stock (in shares)	419,000	419,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	15,551,000	15,659,000
Common stock, shares outstanding (in shares)	15,551,000	15,659,000

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 03, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,951,445
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,550,875

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Number of Shares
Options outstanding, beginning balance (in shares)	1,168,000
Options granted (in shares)	0	0
Options exercised (in shares)	(23,000)
Options cancelled/forfeited (in shares)	0
Options outstanding, ending balance (in shares)	1,145,000		1,168,000
Weighted Average Exercise Price per Share
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 11.77
Options granted, weighted average exercise price (in dollars per share)	0
Options exercised, weighted average exercise price (in dollars per share)	4.36
Options cancelled/forfeited, weighted average exercise price (in dollars per share)	0
Options outstanding, weighted average exercise price, ending balance (in dollars per share)	$ 11.92		$ 11.77
Weighted average remaining contractual life, in years	4 years 8 months 12 days		5 years

Intangible Assets, net

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	March 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,664)	$	1,176	5.0
Database	8,330		(1,995)		6,335		10.0
Technology	6,539		(4,033)		2,506		4.0
Trademarks and trade names	1,890		(831)		1,059		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(3,334)		4,066		5.0
Domain names	90		(71)		19		5.0
Patents	252		(243)		9		5.0

	$	28,021	$	(12,851)	$	15,170	6.3


	December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,550)	$	1,290	5.0
Database	8,330		(1,787)		6,543		10.0
Technology	6,539		(3,641)		2,898		4.0
Trademarks and trade names	1,890		(732)		1,158		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,964)		4,436		5.0
Domain names	90		(70)		20		5.0
Patents	252		(240)		12		5.0

	$	28,021	$	(11,664)	$	16,357	6.3

Amortization expense with respect to intangible assets totaled $1.2 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2021	$	3,459
2022	4,605
2023	3,060
2024	835
2025	833
Thereafter	2,378
Total amortization expense	$	15,170

Revenue and Other Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Core solutions	$	24,174	$	24,902
Value+ services	51,510		44,138
Other	3,237		3,455
Total revenue	$	78,921	$	72,495

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 was $1.8 million and $1.5 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of March 31, 2021 and December 31, 2020 are $1.8 million and $2.7 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 in connection with our tenant screening Value+ service (the "FTC Investigation"). In April 2020, the FTC staff informed us of its belief that there was a reasonable basis for asserting claims against us for our alleged failure to comply with certain sections of the FCRA. We disagreed with the stated belief of the FTC and vigorously defended our position; however, we entered into settlement negotiations primarily to avoid protracted litigation and potential distraction to our business. On January 12, 2021, a Stipulated Order for Permanent Injunction and Civil Penalty Judgment (the "Stipulated Order") was finalized resolving all claims and allegations arising out of or related to the FTC Investigation. Under the Stipulated Order, we paid $4.25 million to the FTC and agreed to continue to comply with the FCRA. In addition to the foregoing, from time to time, we are involved in various other investigatory inquiries or legal proceedings 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 and legal proceedings cannot be predicted with certainty, we believe that we are not currently a party to any investigatory inquiries or legal proceeding(s) 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 or legal proceedings 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, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of our breach of any 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 under these indemnification provisions may not be subject to maximum loss clauses and is 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 March 31, 2021 and December 31, 2020, we have not accrued a liability for these indemnification arrangements because we determined that the likelihood of incurring a payment obligation, if any, 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.

Stock-Based Compensation - Restricted Stock Units Activity (Details) - RSUs and PSUs shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	483
Granted (in shares) \| shares	150
Vested (in shares) \| shares	(67)
Forfeited (in shares) \| shares	(7)
Unvested, ending balance (in shares) \| shares	559
Weighted- Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 80.20
Granted (in dollars per share) \| $ / shares	143.24
Vested (in dollars per share) \| $ / shares	54.84
Forfeited (in dollars per share) \| $ / shares	101.76
Unvested, ending balance (in dollars per share) \| $ / shares	$ 99.87

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,664)	$	1,176	5.0
Database	8,330		(1,995)		6,335		10.0
Technology	6,539		(4,033)		2,506		4.0
Trademarks and trade names	1,890		(831)		1,059		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(3,334)		4,066		5.0
Domain names	90		(71)		19		5.0
Patents	252		(243)		9		5.0

	$	28,021	$	(12,851)	$	15,170	6.3


	December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(1,550)	$	1,290	5.0
Database	8,330		(1,787)		6,543		10.0
Technology	6,539		(3,641)		2,898		4.0
Trademarks and trade names	1,890		(732)		1,158		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(2,964)		4,436		5.0
Domain names	90		(70)		20		5.0
Patents	252		(240)		12		5.0

	$	28,021	$	(11,664)	$	16,357	6.3

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,
2021	$	3,459
2022	4,605
2023	3,060
2024	835
2025	833
Thereafter	2,378
Total amortization expense	$	15,170

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our (benefit from) provision for 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 months ended March 31, 2021 and 2020, we recorded an income tax benefit of $5.5 million and income tax expense of $0.4 million, respectively. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to the significance of the benefits associated with stock-based compensation expense and research and development tax credits in relation to the forecasted pre-tax results for the year. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2021 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

Capitalized Software Development Cost, net (Tables)

3 Months Ended

Mar. 31, 2021

Research and Development [Abstract]

Schedule of Capitalized Computer Software

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


	March 31, 2021		December 31, 2020
Capitalized software development costs, gross	$	104,069	$	96,974
Less: Accumulated amortization	(66,515)		(61,515)
Capitalized software development costs, net	$	37,554	$	35,459

Schedule of Capitalized Computer Software Future Amortization Expense

Future amortization expense with respect to capitalized software development costs as of March 31, 2021 is estimated as follows (in thousands):


Years Ending December 31,
2021	$	14,970
2022	15,147
2023	7,033
2024	404
Total amortization expense	$	37,554

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 78,921	$ 72,495
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	33,298	28,961
Sales and marketing	16,179	14,506
Research and product development	14,383	11,212
General and administrative	13,361	8,572
Depreciation and amortization	7,369	6,414
Total costs and operating expenses	84,590	69,665
(Loss) income from operations	(5,669)	2,830
Other income, net	562	22
Interest income (expense), net	53	(494)
(Loss) income before (benefit from) provision for income taxes	(5,054)	2,358
(Benefit from) provision for income taxes	(5,533)	375
Net income	$ 479	$ 1,983
Net income per common share:
Basic (in dollars per share)	$ 0.01	$ 0.06
Diluted (in dollars per share)	$ 0.01	$ 0.06
Weighted average common shares outstanding:
Basic (in shares)	34,409	34,175
Diluted (in shares)	35,712	35,681

Subsequent Events (Details) $ in Thousands	1 Months Ended
Subsequent Events (Details) $ in Thousands	May 10, 2021 ft²	Apr. 05, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Total commitment under lease			$ 41,440	$ 41,991
Tenant improvement allowance			$ 4,700
Subsequent Event
Subsequent Event [Line Items]
Leased area (sq ft) \| ft²	40,141
Lease term		12 years
Total commitment under lease		$ 14,900
Tenant improvement allowance		$ 3,700

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash from operating activities
Net income	$ 479	$ 1,983
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,369	6,414
Amortization of operating lease right-of-use assets	662	1,053
Deferred income taxes	(5,723)	362
Stock-based compensation	2,776	959
Other	(157)	(38)
Changes in operating assets and liabilities:
Accounts receivable	(1,896)	(1,616)
Prepaid expenses and other current assets	47	(2,822)
Other assets	(403)	(148)
Accounts payable	870	(362)
Accrued employee expenses—current	728	(5,427)
Accrued expenses	(3,804)	726
Deferred revenue	299	693
Income tax payable	(6,494)	0
Other current liabilities	310	522
Accrued employee expenses—noncurrent	1,172	0
Operating lease liabilities	(672)	784
Net cash (used in) provided by operating activities	(4,437)	3,083
Cash from investing activities
Purchases of available-for-sale investments	(99,011)	(649)
Proceeds from sales of available-for-sale investments	17,899	13,942
Proceeds from maturities of available-for-sale investments	1,000	7,250
Purchases of property, equipment and intangible assets	(938)	(7,992)
Capitalization of software development costs	(6,140)	(6,822)
Net cash (used in) provided by investing activities	(87,190)	5,729
Cash from financing activities
Proceeds from stock option exercises	100	97
Tax withholding for net share settlement	(3,992)	(6,458)
Payment of contingent consideration	0	(5,977)
Proceeds from issuance of debt	0	49,437
Principal payments on debt	0	(749)
Purchase of treasury stock	0	(4,194)
Net cash (used in) provided by financing activities	(3,892)	32,156
Net (decrease) increase in cash, cash equivalents and restricted cash	(95,519)	40,968
Cash, cash equivalents and restricted cash
Beginning of period	140,699	16,247
End of period	45,180	57,215
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	688	4,251
Capitalization of software development costs included in accrued expenses and accrued employee expenses	817	687
Stock-based compensation capitalized for software development	520	406
Total cash, cash equivalents and restricted cash	$ 45,180	$ 57,215

Commitments and Contingencies (Details) - USD ($)		3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jan. 12, 2021	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Per incident policy limit		$ 100,000
Quota share of tenant liability insurance provided, percent		100.00%
Ultimate settlement amount	$ 4,250,000
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported		$ 1,800,000	$ 1,500,000
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral		$ 1,800,000	$ 2,700,000

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 3,459
2022	4,605
2023	3,060
2024	835
2025	833
Thereafter	2,378
Net Carrying Value	$ 15,170	$ 16,357

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Unvested, beginning balance (in shares)	5
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Unvested, ending balance (in shares)	5
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share)	$ 153.41
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Unvested, ending balance (in dollars per share)	$ 153.41
Vesting period	1 year
Stock-based compensation expense	$ 0.2	$ 0.1
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 0.3
Stock-based compensation expense, weighted average recognition period	7 months 6 days

Capitalized Software Development Cost, net

3 Months Ended

Mar. 31, 2021

Research and Development [Abstract]

Capitalized Software Development Cost, net

Software Development Costs, net

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


	March 31, 2021		December 31, 2020
Capitalized software development costs, gross	$	104,069	$	96,974
Less: Accumulated amortization	(66,515)		(61,515)
Capitalized software development costs, net	$	37,554	$	35,459

Capitalized software development costs were $7.1 million and $6.7 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense with respect to capitalized software development costs totaled $5.0 million and $4.2 million for the three months ended March 31, 2021 and 2020, respectively.

Future amortization expense with respect to capitalized software development costs as of March 31, 2021 is estimated as follows (in thousands):


Years Ending December 31,
2021	$	14,970
2022	15,147
2023	7,033
2024	404
Total amortization expense	$	37,554

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc. (the "Company," "we," "us" or "our") provides innovative software, services and data analytics to the real estate industry. Our industry-specific, cloud-based solutions are used primarily by property managers, and also by numerous other constituencies in the property management business ecosystem. These other constituencies include property owners, rental prospects, tenants and service providers, whom we refer to collectively as "users". Although specific functionality varies by product, our core solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. In addition to our core solutions, we offer an array of optional, but often business-critical, Value+ services that are designed to enhance, automate and streamline processes and workflows that are essential to our customers' businesses. Our Value+ services are generally available on an as-needed basis and enable our customers to adapt our offerings to their specific operational requirements. Our solutions and services are designed to be a system of record to automate essential business processes, a system of engagement to enhance business interactions between our customers and their business ecosystems and a system of intelligence designed to leverage data to predict and optimize business workflows in order to enable exceptional customer experiences and increase efficiency across our customers' businesses. Our mobile-optimized software solutions are designed for use across multiple devices and operating systems. Our software solutions are offered as a service, are hosted using a modern cloud-based architecture, and in part, use artificial intelligence technologies. This architecture leads to rich data sets that have a consistent schema across our customer and user base and enables us to deploy data-powered products and services for our customers and users. During the three months ended March 31, 2020, we also provided software solutions and services to the legal vertical. As previously disclosed, we completed our divestiture of MyCase, Inc. on September 30, 2020. For additional details, see Note 3, Divestitures.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Operating leases for our corporate offices have remaining lease terms ranging from one to eleven years, some of which include options to extend the leases for up to ten years. These options to extend have not been recognized as part of our operating lease 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. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance, which are expensed as incurred.

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


	March 31,
	2021		2020
Operating lease cost	$	1,095	$	1,436
Variable lease cost	306		392
Total lease cost	$	1,401	$	1,828

Lease-related assets and liabilities were as follows as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Assets
Prepaid expenses and other current assets	$	3,979	$	3,972
Operating lease right-of-use assets	30,021		30,561

Liabilities
Other current liabilities	$	1,842	$	1,845
Operating lease liabilities	39,598		40,146
Total lease liabilities	$	41,440	$	41,991

Future minimum lease payments under non-cancellable leases as of March 31, 2021 were as follows (in thousands):


Years ending December 31,
2021(1)	$	(1,935)
2022	4,434
2023	4,845
2024	4,797
2025	4,671
Thereafter	32,218
Total future minimum lease payments	49,030
Less: imputed interest	(11,569)
Total(2)	$	37,461

(1) Future minimum lease payments are presented net of tenant improvement allowances of $4.7 million.

(2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $4.0 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.

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

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

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 1, 2021. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021.

Reclassifications

We reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash from operating 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, assumptions underlying performance-based compensation, and valuation and assumptions underlying stock-based compensation and other equity instruments.

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 March 31, 2021 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 Condensed Consolidated 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 March 31,
	2021	2020
Weighted average common shares outstanding	34,414	34,180
Less: Weighted average unvested restricted shares subject to repurchase	5	5
Weighted average common shares outstanding; basic	34,409	34,175






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	1,303	1,506
Weighted average common shares outstanding; diluted	35,712	35,681

For the three months ended March 31, 2020, an aggregate of 109,000 shares underlying 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 predefined performance measures and their 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 months ended March 31, 2021 and 2020.

Recent Accounting Pronouncements Adopted in 2020

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 Adopted in 2021

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. We adopted ASU 2019-12 on January 1, 2021. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or disclosures.

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,021		$ 28,021
Accumulated Amortization	(12,851)		(11,664)
Net Carrying Value	15,170		$ 16,357
Amortization expense	$ 1,200	$ 1,300
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 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,840		$ 2,840
Accumulated Amortization	(1,664)		(1,550)
Net Carrying Value	$ 1,176		$ 1,290
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
Accumulated Amortization	(1,995)		(1,787)
Net Carrying Value	$ 6,335		$ 6,543
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
Accumulated Amortization	(4,033)		(3,641)
Net Carrying Value	$ 2,506		$ 2,898
Technology \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	4 years		4 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,890		$ 1,890
Accumulated Amortization	(831)		(732)
Net Carrying Value	$ 1,059		$ 1,158
Trademarks and trade names \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years		5 years
Partner relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 680		$ 680
Accumulated Amortization	(680)		(680)
Net Carrying Value	$ 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
Accumulated Amortization	(3,334)		(2,964)
Net Carrying Value	$ 4,066		$ 4,436
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
Accumulated Amortization	(71)		(70)
Net Carrying Value	$ 19		$ 20
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
Accumulated Amortization	(243)		(240)
Net Carrying Value	$ 9		$ 12
Patents \| Weighted Average Useful Life in Years
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years		5 years

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

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Treasury Stock	Retained Earnings/(Accumulated Deficit)
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	$ 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, 2020		18,729,000	15,659,000
Beginning balance at Dec. 31, 2020	$ 285,920	$ 2	$ 2	161,247	56	(25,756)	150,369
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	23,000	23,000
Exercise of stock options	$ 100			100
Stock-based compensation	3,295			3,295
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	(3,992)			(3,992)
Conversion of Class B stock to Class A stock (in shares)		108,000	(108,000)
Conversion of Class B stock to Class A stock	0
Other comprehensive income	(18)				(18)
Net income	479						479
Ending balance (in shares) at Mar. 31, 2021		18,902,000	15,551,000
Ending balance at Mar. 31, 2021	$ 285,784	$ 2	$ 2	$ 160,650	$ 38	$ (25,756)	$ 150,848

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Components of Lease Expense

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


	March 31,
	2021		2020
Operating lease cost	$	1,095	$	1,436
Variable lease cost	306		392
Total lease cost	$	1,401	$	1,828

Lease-related assets and liabilities were as follows as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Assets
Prepaid expenses and other current assets	$	3,979	$	3,972
Operating lease right-of-use assets	30,021		30,561

Liabilities
Other current liabilities	$	1,842	$	1,845
Operating lease liabilities	39,598		40,146
Total lease liabilities	$	41,440	$	41,991

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2021 were as follows (in thousands):


Years ending December 31,
2021(1)	$	(1,935)
2022	4,434
2023	4,845
2024	4,797
2025	4,671
Thereafter	32,218
Total future minimum lease payments	49,030
Less: imputed interest	(11,569)
Total(2)	$	37,461

(1) Future minimum lease payments are presented net of tenant improvement allowances of $4.7 million.

Investment Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency securities	$	17,098	$	21	$	(2)	$	17,117

Treasury securities	97,990		43		(3)		98,030
Total available-for-sale investment securities	$	115,088	$	64	$	(5)	$	115,147


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Agency securities	$	17,104	$	29	$	(1)	$	17,132


Treasury securities	17,847		47		—		17,894
Total available-for-sale investment securities	$	34,951	$	76	$	(1)	$	35,026

Available-for-sale Investments, by Remaining Contract Maturity

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


	March 31, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	103,278	$	103,341	$	28,197	$	28,256
Due after one year through three years	11,810		11,806		6,754		6,770
Total available-for-sale investment securities	$	115,088	$	115,147	$	34,951	$	35,026

Schedule of Sales, Calls, and Maturities

During the three months ended March 31, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2021
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities



Treasury securities	$	1	$	—	$	17,899	$	1,000


	Three Months Ended March 31, 2020
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	5	$	—	$	4,006	$	4,000
Agency securities	24		—		7,878		1,250

Treasury securities	4		—		2,058		2,000
Total	$	33	$	—	$	13,942	$	7,250

Fair Value, Assets Measured on Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands):


	March 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,764	$	—	$	—	$	4,764
Treasury securities	12,275		—		—		12,275
Available-for-sale investment securities:

Agency securities	—		17,117		—		17,117

Treasury securities	98,030		—		—		98,030
Total	$	115,069	$	17,117	$	—	$	132,186


	December 31, 2020
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	4,749	$	—	$	—	$	4,749
Treasury securities	97,433		—		—		97,433
Available-for-sale investment securities:

Agency securities	—		17,132		—		17,132

Treasury securities	17,894		—		—		17,894
Total	$	120,076	$	17,132	$	—	$	137,208

Leases - Narrative (Details)	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,095	$ 1,436
Variable lease cost	306	392
Total lease cost	$ 1,401	$ 1,828

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of activity in connection with our stock options for the three months ended March 31, 2021, 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, 2020	1,168	$	11.77	5.0
Options granted	—	—
Options exercised	(23)	4.36
Options cancelled/forfeited	—	—
Options outstanding as of March 31, 2021	1,145	$	11.92	4.7

Our stock-based compensation expense for stock options for the three months ended March 31, 2021 and 2020 was not material. As of March 31, 2021, 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 three months ended March 31, 2021 or 2020.

Restricted Stock Units

A summary of activity in connection with our RSUs for the three months ended March 31, 2021, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2020	483	$	80.20
Granted	150	143.24
Vested	(67)	54.84
Forfeited	(7)	101.76
Unvested as of March 31, 2021	559	$	99.87

During the three months ended March 31, 2021, we granted 127,000 RSUs that are subject to time-based vesting in equal annual installments over four years, and 23,000 PSUs that are subject to vesting based on the achievement of pre-established consolidated net revenue growth targets for the years ending December 31, 2022 and 2023, 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 0% and 65% of the initial target awards.

During the three months ended March 31, 2021, 50,000 PSUs vested based on the achievement of 106% of the pre-established consolidated net revenue growth performance target for the year ended December 31, 2020 and additional performance-based cash bonuses equal to 12% of the target value of such vested PSUs were also paid.

Included in the unvested RSUs as of March 31, 2021 are 13,000, 31,000 and 35,000 PSUs granted in 2020, 2019 and 2018, respectively. Of these PSUs, 45,000 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 34,000 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 0% and 65% 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 March 31, 2021 and 2020 was $3.1 million and $1.2 million, respectively.

During the three months ended March 31, 2021, we granted an award of 7,688 PSUs to an executive that will vest based on achievement of certain pre-established individual performance metrics during fiscal year 2021, for which the achievement is approved on a pass/fail basis by the Board of Directors in its sole discretion after taking into account the recommendation of the President and Chief Executive Officer. The service inception date precedes the grant date for this award as the award was authorized prior to establishing an accounting grant date, the recipient began providing services prior to the grant date and there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the award. As the service inception date precedes the grant date, we recognize stock-based compensation expense on a straight-line basis over the requisite service period based on the fair value at each reporting date. Our stock-based compensation expense for this award for the three months ended March 31, 2021 was $0.2 million.

As of March 31, 2021, the total estimated remaining stock-based compensation expense for the RSUs and PSUs was $39.6 million, which is expected to be recognized over a weighted average period of 2.6 years.

Restricted Stock Awards

A summary of activity in connection with our restricted stock awards for the three months ended March 31, 2021 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2020	5	$	153.41
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested as of March 31, 2021	5	$	153.41

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 March 31, 2021 and 2020, respectively.

As of March 31, 2021, the total estimated remaining stock-based compensation expense for unvested restricted stock awards with a repurchase right was $0.3 million, which is expected to be recognized over a weighted average period of 0.6 years.

Divestitures - Narrative (Details) - Discontinued Operations, Disposed of by Sale - MyCase - USD ($) $ in Millions		3 Months Ended
	Sep. 30, 2020	Mar. 31, 2021
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	$ 187.7
Assets divested	4.6
Capitalized software divested	3.9
Deferred revenue divested	2.8
Goodwill divested	$ 2.3
Income received		$ 0.4

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	$ 115,147	$ 35,026
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	17,117	17,132
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	98,030	17,894
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		17,894
Total	132,186	137,208
Fair value, recurring measurements \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	17,117	17,132
Fair value, recurring measurements \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,275
Available-for-sale investment securities	98,030	97,433
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,764	4,749
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities		17,894
Total	115,069	120,076
Fair value, recurring measurements \| Level 1 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities	0	0
Fair value, recurring measurements \| Level 1 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,275
Available-for-sale investment securities	98,030	97,433
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,764	4,749
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	17,117	17,132
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	17,117	17,132
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	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 \| 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	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