0001433195-22-000048 | 10-Q | XBRL Viewer

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Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 40,570	$ 41,710
Other current liabilities	1,992	1,874
Operating lease liabilities	54,985	55,733
Total lease liabilities	$ 56,977	57,607
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Prepaid Expenses and Other Current Assets
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 4,240	$ 4,854
Other current liabilities	$ 4,200

Investment Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	16,678	$	—	$	(23)	$	16,655
Agency securities	19,753		—		(336)		19,417

Treasury securities	89,418		—		(1,250)		88,168
Total available-for-sale investment securities	$	125,849	$	—	$	(1,609)	$	124,240


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	29,080	$	—	$	(11)	$	29,069
Agency securities	19,753		—		(27)		19,726

Treasury securities	77,108		2		(229)		76,881
Total available-for-sale investment securities	$	125,941	$	2	$	(267)	$	125,676

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, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	78,741	$	78,389	$	64,627	$	64,600
Due after one year through three years	47,108		45,851		61,314		61,076
Total available-for-sale investment securities	$	125,849	$	124,240	$	125,941	$	125,676

Schedule of Sales, Calls, and Maturities

During the three months ended March 31, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	12,343


Treasury securities	—		—		—		11,000
Total	$	—	$	—	$	—	$	23,343


	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

Fair Value, Assets Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands):


	March 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	5,251	$	—	$	—	$	5,251
Treasury securities	1,000		—		—		1,000

Available-for-sale investment securities:
Corporate bonds	—		16,655		—		16,655
Agency securities	—		19,417		—		19,417

Treasury securities	88,168		—		—		88,168
Total	$	94,419	$	36,072	$	—	$	130,491


	December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	6,105	$	—	$	—	$	6,105

Available-for-sale investment securities:
Corporate bonds	—		29,069		—		29,069
Agency securities	—		19,726		—		19,726

Treasury securities	76,881		—		—		76,881
Total	$	82,986	$	48,795	$	—	$	131,781

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 28,021	$ 28,021
Accumulated Amortization	(17,463)	(16,310)
Net Carrying Value	$ 10,558	$ 11,711
Weighted Average
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	(2,120)	(2,006)
Net Carrying Value	$ 720	$ 834
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years
Database
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 8,330	$ 8,330
Accumulated Amortization	(2,828)	(2,620)
Net Carrying Value	$ 5,502	$ 5,710
Database \| Weighted Average
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	(5,466)	(5,107)
Net Carrying Value	$ 1,073	$ 1,432
Technology \| Weighted Average
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	(1,227)	(1,128)
Net Carrying Value	$ 663	$ 762
Trademarks and trade names \| Weighted Average
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
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	(4,814)	(4,444)
Net Carrying Value	$ 2,586	$ 2,956
Non-compete agreements \| Weighted Average
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	(76)	(75)
Net Carrying Value	$ 14	$ 15
Domain names \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 252	$ 252
Accumulated Amortization	(252)	(250)
Net Carrying Value	$ 0	$ 2
Patents \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	5 years	5 years

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - Fair value, recurring measurements - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 130,491	$ 131,781
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	16,655	29,069
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,417	19,726
Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	1,000
Available-for-sale investment securities:	88,168	76,881
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	5,251	6,105
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	94,419	82,986
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 1 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 1 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	1,000
Available-for-sale investment securities:	88,168	76,881
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	5,251	6,105
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	36,072	48,795
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	16,655	29,069
Level 2 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	19,417	19,726
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
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Level 3 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
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
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

Accrued Employee Expenses - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Compensation Related Costs [Abstract]
Accrued employee expenses—noncurrent	$ 0.9	$ 0.6

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established in connection with reinsuring liability to landlord insurance policies offered to our customers by our third-party service provider. Each policy has a limit of $100 thousand per incident. We assume a 100% quota share of the liability to landlord insurance policies placed with our customers by our third-party service provider. We accrue for reported claims, and include an estimate of losses incurred but not reported by our property manager customers, in cost of revenue because we bear the risk related to all such claims. Our estimated liability for reported claims and incurred but not reported claims as of March 31, 2022 and December 31, 2021 was $2.2 million and $1.7 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, 2022 and December 31, 2021 are $2.1 million and $3.0 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings From time to time we may become involved in various legal proceedings, investigative inquiries, and other disputes arising from or related to matters incident to the ordinary course of our business activities. We are not currently a party to any legal proceedings, nor are we aware of any pending or threatened legal proceedings, that we believe would have a material adverse effect on our business, operating results, cash flows or financial condition should such proceedings be resolved unfavorably. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, business partners, investors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of any applicable agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from our services or our acts or omissions. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses and is indeterminable. We have not incurred any costs as a result of such indemnification obligations and have not recorded any liabilities related to such obligations in the Condensed Consolidated Financial Statements.

Revenue and Other Information

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Core solutions	$	30,809	$	24,174
Value Added Services	71,500		51,510
Other	2,987		3,237
Total revenue	$	105,296	$	78,921

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, 2022 and 2021, we recognized $1.3 million and $1.2 million of revenue, respectively, which were included in the deferred revenue balances as of December 31, 2021 and 2020, 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

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our benefit from income taxes on a quarterly basis by applying an estimated annual effective tax rate to loss from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three months ended March 31, 2022, we recorded an income tax benefit of $0.3 million. 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, research and development tax credits, offset by the change in the valuation allowance against deferred taxes. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2022 and we do not expect to have any significant changes to unrecognized tax benefits through the remainder 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0
Gross Realized Losses	0
Gross Proceeds from Sales	0	$ 17,899
Gross Proceeds from Maturities	23,343	1,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0
Gross Realized Losses	0
Gross Proceeds from Sales	0
Gross Proceeds from Maturities	12,343
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	1
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	17,899
Gross Proceeds from Maturities	$ 11,000	$ 1,000

Leases (Tables)

3 Months Ended

Mar. 31, 2022

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):


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	1,447	$	1,095
Variable lease cost	123		306
Total lease cost	$	1,570	$	1,401

Lease Assets and Liabilities

Lease-related assets and liabilities were as follows:


	March 31, 2022		December 31, 2021
Assets
Prepaid expenses and other current assets	$	4,240	$	4,854
Operating lease right-of-use assets	40,570		41,710

Liabilities
Other current liabilities	$	1,992	$	1,874
Operating lease liabilities	54,985		55,733
Total lease liabilities	$	56,977	$	57,607

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2022 were as follows (in thousands):


Years ending December 31,
2022(1)	$	(1,565)
2023(1)	5,281
2024(1)	6,162
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	66,031
Less: imputed interest	(13,294)
Total(2)	$	52,737

(1) Future minimum lease payments for the years ending December 31, 2022, 2023, and 2024 are presented net of tenant improvement allowances of $5.4 million, $0.8 million, and $0.2 million, respectively.

(2) Total future minimum lease payments include the current portion of lease liabilities recorded in Prepaid expenses and other current assets of $4.2 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.

Investment Securities and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Allowance for credit losses for available-for-sale investment securities	$ 0	$ 0
Maximum contractual maturity period	36 months	36 months

Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Income Statement [Abstract]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 105,296

$ 78,921

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

43,347

33,298

Sales and marketing

^[1]

24,919

16,179

Research and product development

^[1]

24,320

14,383

General and administrative

^[1]

18,964

13,361

Depreciation and amortization

8,415

7,369

Total costs and operating expenses

119,965

84,590

Loss from operations

(14,669)

(5,669)

Other (loss) income, net

(10)

562

Interest income

107

Loss before benefit from income taxes

(14,572)

(5,054)

Benefit from income taxes

(285)

(5,533)

Net (loss) income

$ (14,287)

$ 479

Net (loss) income per common share:

Basic (in dollars per share)

$ (0.41)

$ 0.01

Diluted (in dollars per share)

$ (0.41)

$ 0.01

Weighted average common shares outstanding:

Basic (in shares)

34,836

34,409

Diluted (in shares)

34,836

35,712

[1]

Includes stock-based compensation expense as follows:


	Three Months Ended March 31,
	2022		2021
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	358	$	471
Sales and marketing	1,460		402
Research and product development	2,806		857
General and administrative	2,794		1,046
Total stock-based compensation expense	$	7,418	$	2,776

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Per incident policy limit	$ 100,000
Quota share of tenant liability insurance provided, percent	100.00%
Liability for reported claims and claims incurred but not reported	$ 2,200,000	$ 1,700,000
Deposits held with a third party related to insurance services collateral	$ 2,100,000	$ 3,000,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings/(Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2020		18,729	15,659
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
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
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	(108)
Other comprehensive loss	(18)				(18)
Net loss	479						479
Ending balance (in shares) at Mar. 31, 2021		18,902	15,551
Ending balance at Mar. 31, 2021	285,784	$ 2	$ 2	160,650	38	(25,756)	150,848
Beginning balance (in shares) at Dec. 31, 2021		19,417	15,408
Beginning balance at Dec. 31, 2021	$ 297,381	$ 2	$ 2	171,930	(194)	(25,756)	151,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	17	17
Exercise of stock options	$ 100			100
Stock based compensation	7,967			7,967
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		17
Vesting of restricted stock units, net of shares withheld for taxes	(1,073)			(1,073)
Conversion of Class B stock to Class A stock (in shares)		572	(572)
Other comprehensive loss	(1,345)				(1,345)
Net loss	(14,287)						(14,287)
Ending balance (in shares) at Mar. 31, 2022		20,023	14,836
Ending balance at Mar. 31, 2022	$ 288,743	$ 2	$ 2	$ 178,924	$ (1,539)	$ (25,756)	$ 137,110

Accrued Employee Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Accrued Employee Expenses

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


	March 31,		December 31,
	2022		2021
Accrued vacation	$	11,061	$	10,675
Accrued bonuses	4,688		13,101
Accrued commissions	1,614		2,048
Accrued payroll	5,994		3,068
Accrued severance	511		—
Accrued payroll taxes and other	1,283		1,173
Total accrued employee expenses—current	$	25,151	$	30,065

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022, 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, 2021	846	$	13.15	3.0
Options granted	—	—
Options exercised	(17)	5.91
Options cancelled/forfeited	—	—
Options outstanding as of March 31, 2022	829	$	13.30	2.7

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the three months ended March 31, 2022, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2021	837	$	118.27
Granted	219	115.12
Vested	(26)	108.96
Forfeited	(72)	89.10
Unvested as of March 31, 2022	958	$	119.99

Schedule of Restricted Stock Awards Activity

A summary of activity in connection with our restricted stock awards ("RSAs") for the three months ended March 31, 2022 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2021	4	$	144.33
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested as of March 31, 2022	4	$	144.33

Accrued Employee Expenses

3 Months Ended

Mar. 31, 2022

Accrued Employee Expenses

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


	March 31,		December 31,
	2022		2021
Accrued vacation	$	11,061	$	10,675
Accrued bonuses	4,688		13,101
Accrued commissions	1,614		2,048
Accrued payroll	5,994		3,068
Accrued severance	511		—
Accrued payroll taxes and other	1,283		1,173
Total accrued employee expenses—current	$	25,151	$	30,065

Included in Other liabilities as of March 31, 2022 and December 31, 2021 are $0.9 million and $0.6 million, respectively, of noncurrent accrued employee expenses.

Leases - Narrative (Details)	Mar. 31, 2022
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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 49,536	$ 57,847
Investment securities—current	78,389	64,600
Accounts receivable, net	16,154	12,595
Prepaid expenses and other current assets	25,495	23,553
Total current assets	169,574	158,595
Investment securities—noncurrent	45,851	61,076
Property and equipment, net	30,582	30,479
Operating lease right-of-use assets	40,570	41,710
Capitalized software development costs, net	39,277	41,212
Goodwill	56,147	56,147
Intangible assets, net	10,558	11,711
Other long-term assets	7,475	7,087
Total assets	400,034	408,017
Current liabilities
Accounts payable	4,809	1,704
Accrued employee expenses—current	25,151	30,065
Accrued expenses	14,470	13,284
Deferred revenue	3,692	2,512
Other current liabilities	5,898	5,077
Total current liabilities	54,020	52,642
Operating lease liabilities	54,985	55,733
Other liabilities	2,286	2,261
Total liabilities	111,291	110,636
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	178,924	171,930
Accumulated other comprehensive loss	(1,539)	(194)
Treasury stock	(25,756)	(25,756)
Retained earnings	137,110	151,397
Total stockholders’ equity	288,743	297,381
Total liabilities and stockholders’ equity	400,034	408,017
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 125,849	$ 125,941
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(1,609)	(267)
Estimated Fair Value	124,240	125,676
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,678	29,080
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(23)	(11)
Estimated Fair Value	16,655	29,069
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	19,753	19,753
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(336)	(27)
Estimated Fair Value	19,417	19,726
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	89,418	77,108
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(1,250)	(229)
Estimated Fair Value	$ 88,168	$ 76,881

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 285	$ 5,533

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
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 February 28, 2022. 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.
Use of Estimates	Use of EstimatesThe 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 benefit from income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, capitalized software development 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 (whether cash or stock-based), and assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements.
Net (Loss) Income per Common Share	Net (Loss) Income per Common ShareNet (loss) income per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet AdoptedIn October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We expect to adopt ASU 2021-08 on January 1, 2023.

Investment Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	16,678	$	—	$	(23)	$	16,655
Agency securities	19,753		—		(336)		19,417

Treasury securities	89,418		—		(1,250)		88,168
Total available-for-sale investment securities	$	125,849	$	—	$	(1,609)	$	124,240


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	29,080	$	—	$	(11)	$	29,069
Agency securities	19,753		—		(27)		19,726

Treasury securities	77,108		2		(229)		76,881
Total available-for-sale investment securities	$	125,941	$	2	$	(267)	$	125,676

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.

As of March 31, 2022, the decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not we will hold the securities until maturity or recovery of the cost basis. No allowance for credit losses for available-for-sale investment securities was recorded as of March 31, 2022 or December 31, 2021.

As of March 31, 2022 and December 31, 2021, 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, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	78,741	$	78,389	$	64,627	$	64,600
Due after one year through three years	47,108		45,851		61,314		61,076
Total available-for-sale investment securities	$	125,849	$	124,240	$	125,941	$	125,676

During the three months ended March 31, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	12,343


Treasury securities	—		—		—		11,000
Total	$	—	$	—	$	—	$	23,343


	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

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 present our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands):


	March 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	5,251	$	—	$	—	$	5,251
Treasury securities	1,000		—		—		1,000

Available-for-sale investment securities:
Corporate bonds	—		16,655		—		16,655
Agency securities	—		19,417		—		19,417

Treasury securities	88,168		—		—		88,168
Total	$	94,419	$	36,072	$	—	$	130,491


	December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	6,105	$	—	$	—	$	6,105

Available-for-sale investment securities:
Corporate bonds	—		29,069		—		29,069
Agency securities	—		19,726		—		19,726

Treasury securities	76,881		—		—		76,881
Total	$	82,986	$	48,795	$	—	$	131,781

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

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

Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.2	$ 1.2

Intangible Assets, net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	March 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(2,120)	$	720	5.0
Database	8,330		(2,828)		5,502		10.0
Technology	6,539		(5,466)		1,073		4.0
Trademarks and trade names	1,890		(1,227)		663		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(4,814)		2,586		5.0
Domain names	90		(76)		14		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	28,021	$	(17,463)	$	10,558	6.3


	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(2,006)	$	834	5.0
Database	8,330		(2,620)		5,710		10.0
Technology	6,539		(5,107)		1,432		4.0
Trademarks and trade names	1,890		(1,128)		762		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(4,444)		2,956		5.0
Domain names	90		(75)		15		5.0
Patents	252		(250)		2		5.0

Total intangible assets, net	$	28,021	$	(16,310)	$	11,711	6.3

Amortization expense with respect to intangible assets totaled $1.2 million for the three months ended March 31, 2022 and 2021. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2022	$	3,452
2023	3,060
2024	835
2025	833
2026	833
Thereafter	1,545
Total amortization expense	$	10,558

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Years ending December 31,
2022	$ (1,565)
2023	5,281
2024	6,162
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	66,031
Less: imputed interest	(13,294)
Total	52,737
Lessee, Lease, Description [Line Items]
Tenant improvement allowance, remainder of fiscal year	5,400
Tenant improvement allowance, 2023	800
Tenant improvement allowance, 2024	200
Operating lease, current	1,992	$ 1,874
Prepaid Expenses and Other Current Assets
Lessee, Lease, Description [Line Items]
Operating lease, current	$ 4,200

Capitalized Software Development Costs, net (Tables)

3 Months Ended

Mar. 31, 2022

Research and Development [Abstract]

Schedule of Capitalized Computer Software

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


	March 31, 2022		December 31, 2021
Capitalized software development costs, gross	$	118,731	$	115,377
Less: Accumulated amortization	(79,454)		(74,165)
Capitalized software development costs, net	$	39,277	$	41,212

Schedule of Capitalized Computer Software Future Amortization Expense

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


Years Ending December 31,
2022	$	16,583
2023	15,002
2024	6,878
2025	814
Total amortization expense	$	39,277

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash from operating activities
Net (loss) income	$ (14,287)	$ 479
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	7,878	6,971
Amortization of operating lease right-of-use assets	887	662
Deferred income taxes	(342)	(5,723)
Stock-based compensation, including as amortized	7,955	3,174
Other	427	(157)
Changes in operating assets and liabilities:
Accounts receivable	(3,431)	(1,896)
Prepaid expenses and other current assets	(1,942)	47
Other assets	(573)	(403)
Accounts payable	2,987	870
Accrued employee expenses—current	(5,016)	728
Accrued expenses	1,722	(3,804)
Deferred revenue	1,052	299
Operating lease liabilities	(631)	(672)
Other liabilities	1,070	(5,012)
Net cash used in operating activities	(2,244)	(4,437)
Cash from investing activities
Purchases of available-for-sale investments	(23,309)	(99,011)
Proceeds from sales of available-for-sale investments	0	17,899
Proceeds from maturities of available-for-sale investments	23,343	1,000
Purchases of property, equipment and intangible assets	(1,830)	(938)
Capitalization of software development costs	(3,484)	(6,140)
Net cash used in investing activities	(5,280)	(87,190)
Cash from financing activities
Proceeds from stock option exercises	100	100
Tax withholding for net share settlement	(1,073)	(3,992)
Net cash used in financing activities	(973)	(3,892)
Net decrease in cash, cash equivalents and restricted cash	(8,497)	(95,519)
Cash, cash equivalents and restricted cash
Beginning of period	58,283	140,699
End of period	49,786	45,180
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	1,108	688
Capitalization of software development costs included in accrued expenses and accrued employee expenses	397	817
Stock-based compensation capitalized for software development	549	520
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	49,536	44,744
Restricted cash included in other assets	250	436
Total cash, cash equivalents and restricted cash	$ 49,786	$ 45,180

Leases

3 Months Ended

Mar. 31, 2022

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. Certain leases contain provisions for property-related costs that are variable in nature for which we are responsible, including common area maintenance, which are expensed as incurred.

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


	Three Months Ended March 31,
	2022		2021
Operating lease cost	$	1,447	$	1,095
Variable lease cost	123		306
Total lease cost	$	1,570	$	1,401

Lease-related assets and liabilities were as follows:


	March 31, 2022		December 31, 2021
Assets
Prepaid expenses and other current assets	$	4,240	$	4,854
Operating lease right-of-use assets	40,570		41,710

Liabilities
Other current liabilities	$	1,992	$	1,874
Operating lease liabilities	54,985		55,733
Total lease liabilities	$	56,977	$	57,607

Future minimum lease payments under non-cancellable leases as of March 31, 2022 were as follows (in thousands):


Years ending December 31,
2022(1)	$	(1,565)
2023(1)	5,281
2024(1)	6,162
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	66,031
Less: imputed interest	(13,294)
Total(2)	$	52,737

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Unvested restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	837
Granted (in shares) \| shares	219
Vested (in shares) \| shares	(26)
Forfeited (in shares) \| shares	(72)
Unvested, ending balance (in shares) \| shares	958
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 118.27
Granted (in dollars per share) \| $ / shares	115.12
Vested (in dollars per share) \| $ / shares	108.96
Forfeited (in dollars per share) \| $ / shares	89.10
Unvested, ending balance (in dollars per share) \| $ / shares	$ 119.99

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 105,296	$ 78,921
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	30,809	24,174
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	71,500	51,510
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,987	$ 3,237

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

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, 2022, 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, 2021	846	$	13.15	3.0
Options granted	—	—
Options exercised	(17)	5.91
Options cancelled/forfeited	—	—
Options outstanding as of March 31, 2022	829	$	13.30	2.7

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

No stock options were granted during the three months ended March 31, 2022 or 2021.

Restricted Stock Units

A summary of activity in connection with our RSUs for the three months ended March 31, 2022, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2021	837	$	118.27
Granted	219	115.12
Vested	(26)	108.96
Forfeited	(72)	89.10
Unvested as of March 31, 2022	958	$	119.99

Unvested RSUs as of March 31, 2022 were composed of 0.8 million RSUs with only service conditions and 0.2 million PSUs with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. Of the unvested PSUs as of March 31, 2022, 0.1 million are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2022 and will vest over a three year period, assuming continued employment throughout the performance period. The actual number of shares to be issued at the end of the performance period will range from 0% to 150% of the target number of shares depending on achievement relative to the performance metric over the applicable period. The remaining 0.1 million PSUs unvested as of March 31, 2022 are subject to vesting based on the achievement of pre-established performance metrics for the years ending December 31, 2022 and 2023, assuming continued employment throughout the performance period. 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 recognized stock-based compensation expense for the RSUs and PSUs of $7.8 million and $3.1 million for the three months ended March 31, 2022 and 2021, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.5 million for both of the three months ended March 31, 2022 and 2021. As of March 31, 2022, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $89.8 million, which is expected to be recognized over a weighted average period of 2.9 years.

Restricted Stock Awards

A summary of activity in connection with our restricted stock awards ("RSAs") for the three months ended March 31, 2022 is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2021	4	$	144.33
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested as of March 31, 2022	4	$	144.33

We have the right to repurchase any unvested RSAs subject to certain conditions. RSAs vest over a one-year period. Our stock-based compensation expense for RSAs was not material for the periods presented.

As of March 31, 2022, the total estimated remaining stock-based compensation expense for unvested RSAs with a repurchase right was $0.1 million, which is expected to be recognized over a weighted average period of 0.2 years.

Capitalized Software Development Costs, net

3 Months Ended

Mar. 31, 2022

Research and Development [Abstract]

Capitalized Software Development Costs, net

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


	March 31, 2022		December 31, 2021
Capitalized software development costs, gross	$	118,731	$	115,377
Less: Accumulated amortization	(79,454)		(74,165)
Capitalized software development costs, net	$	39,277	$	41,212

Capitalized software development costs were $4.1 million and $7.1 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense with respect to capitalized software development costs totaled $6.1 million and $5.0 million for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, we disposed of $0.8 million of fully amortized capitalized software development costs.

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


Years Ending December 31,
2022	$	16,583
2023	15,002
2024	6,878
2025	814
Total amortization expense	$	39,277

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Number of Shares
Options outstanding, beginning balance (in shares)	846,000
Options granted (in shares)	0	0
Options exercised (in shares)	(17,000)
Options cancelled/forfeited (in shares)	0
Options outstanding, ending balance (in shares)	829,000		846,000
Weighted Average Remaining Contractual Life in Years	2 years 8 months 12 days		3 years
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 13.15
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	5.91
Options cancelled/forfeited (in dollars per share)	0
Options outstanding, ending balance (in dollars per share)	$ 13.30		$ 13.15

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,447	$ 1,095
Variable lease cost	123	306
Total lease cost	$ 1,570	$ 1,401

Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(2,120)	$	720	5.0
Database	8,330		(2,828)		5,502		10.0
Technology	6,539		(5,466)		1,073		4.0
Trademarks and trade names	1,890		(1,227)		663		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(4,814)		2,586		5.0
Domain names	90		(76)		14		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	28,021	$	(17,463)	$	10,558	6.3


	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	2,840	$	(2,006)	$	834	5.0
Database	8,330		(2,620)		5,710		10.0
Technology	6,539		(5,107)		1,432		4.0
Trademarks and trade names	1,890		(1,128)		762		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,400		(4,444)		2,956		5.0
Domain names	90		(75)		15		5.0
Patents	252		(250)		2		5.0

Total intangible assets, net	$	28,021	$	(16,310)	$	11,711	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,
2022	$	3,452
2023	3,060
2024	835
2025	833
2026	833
Thereafter	1,545
Total amortization expense	$	10,558

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventIn April 2022, we entered into an agreement to sublet one of our office spaces and have recently made decisions to exit and explore subleasing certain other office space.

Summary of Significant Accounting Policies (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	202	109

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 3,452
2023	3,060
2024	835
2025	833
2026	833
Thereafter	1,545
Net Carrying Value	$ 10,558	$ 11,711

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,418	$ 2,776
Stock-based compensation capitalized for software development	$ 549	520
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,800	3,100
Stock-based compensation capitalized for software development	500	$ 500
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 89,800
Stock-based compensation expense, weighted average recognition period	2 years 10 months 24 days
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	800
Vesting period	4 years
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	200
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percent of targeted performance metric	100.00%
PSUs \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	100
PSUs \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	100
PSUs \| Minimum \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
PSUs \| Minimum \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%
PSUs \| Minimum \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%
PSUs \| Maximum \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%
PSUs \| Maximum \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%
PSUs \| Maximum \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of cash bonus payments on initial targets, percent	65.00%
Unvested RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Vesting period	1 year
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 100
Stock-based compensation expense, weighted average recognition period	2 months 12 days

Revenue and Other Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from deferred revenue	$ 1.3	$ 1.2

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 28, 2022. 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, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022.

Reclassification

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

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 benefit from income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, capitalized software development 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 (whether cash or stock-based), and assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements.

Net (Loss) Income per Common Share

Net (loss) 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 (loss) income per common share (in thousands):


	Three Months Ended March 31,
	2022	2021
Weighted average common shares outstanding	34,840	34,414
Less: Weighted average unvested restricted shares subject to repurchase	4	5
Weighted average common shares outstanding; basic	34,836	34,409






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	—	1,303
Weighted average common shares outstanding; diluted	34,836	35,712

For the three months ended March 31, 2022 and 2021, an aggregate of 202,000 and 109,000 shares, respectively, 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 satisfaction of pre-defined performance measures and their respective performance measures have not been met. Restricted stock units ("RSUs") with an anti-dilutive effect were excluded from the calculation of weighted average number of shares used to compute diluted net income per common share and they were not material for the three months ended March 31, 2021. Because we reported a net loss for the three months ended March 31, 2022, all potentially dilutive common shares are anti-dilutive for that period and have been excluded from the calculation of net loss per share.

Recent Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We expect to adopt ASU 2021-08 on January 1, 2023.

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total stock-based compensation expense	$ 7,418	$ 2,776
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	358	471
Sales and marketing
Total stock-based compensation expense	1,460	402
Research and product development
Total stock-based compensation expense	2,806	857
General and administrative
Total stock-based compensation expense	$ 2,794	$ 1,046

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares

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


	Three Months Ended March 31,
	2022	2021
Weighted average common shares outstanding	34,840	34,414
Less: Weighted average unvested restricted shares subject to repurchase	4	5
Weighted average common shares outstanding; basic	34,836	34,409






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	—	1,303
Weighted average common shares outstanding; diluted	34,836	35,712

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 78,741	$ 64,627
Due after one year through three years	47,108	61,314
Amortized Cost	125,849	125,941
Estimated Fair Value	124,240	125,676
Estimated Fair Value
Due in one year or less	78,389	64,600
Due after one year through three years	$ 45,851	$ 61,076

Capitalized Software Development Costs, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Research and Development [Abstract]
Capitalized software development costs	$ 4.1	$ 7.1
Amortization expense	6.1	$ 5.0
Capitalized Computer Software, Disposals	$ 0.8

Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Compensation Related Costs [Abstract]
Accrued vacation	$ 11,061	$ 10,675
Accrued bonuses	4,688	13,101
Accrued commissions	1,614	2,048
Accrued payroll	5,994	3,068
Accrued severance	511	0
Accrued payroll taxes and other	1,283	1,173
Accrued employee expenses—current	$ 25,151	$ 30,065

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	4
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	4
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 144.33
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 144.33

Capitalized Software Development Costs, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Years Ending December 31,
2022	$ 16,583
2023	15,002
2024	6,878
2025	814
Capitalized software development costs, net	$ 39,277	$ 41,212

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of BusinessAppFolio, Inc. ("we," "us" or "our") is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, automate and streamline critical business operations and deliver a better customer experience. We were founded in 2006 with the vision to revolutionize vertical industry businesses by providing great software and services. Our mission is even more relevant today, when digital transformation is effectively a requirement for business success in the modern world, and the way we work and live requires powerful software solutions to enable a more seamless experience.

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,287)	$ 479
Other comprehensive loss:
Changes in unrealized losses on investment securities	(1,345)	(18)
Comprehensive (loss) income	$ (15,632)	$ 461

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

Capitalized Software Development Costs, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Research and Development [Abstract]
Capitalized software development costs, gross	$ 118,731	$ 115,377
Less: Accumulated amortization	(79,454)	(74,165)
Capitalized software development costs, net	$ 39,277	$ 41,212

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, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Weighted average common shares outstanding (in shares)	34,840	34,414
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	4	5
Weighted average common shares outstanding; basic (in shares)	34,836	34,409
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	0	1,303
Weighted average common shares outstanding; diluted (in shares)	34,836	35,712

Revenue and Other Information (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Core solutions	$	30,809	$	24,174
Value Added Services	71,500		51,510
Other	2,987		3,237
Total revenue	$	105,296	$	78,921

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	4
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	4
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 144.33
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 144.33