0001433195-22-000113 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 20, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37468
Entity Registrant Name	AppFolio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0359894
Entity Address, Address Line One	70 Castilian Drive
Entity Address, City or Town	Santa Barbara,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	364-6093
Title of 12(b) Security	Class A common stock, $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	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,414,695
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,746,432

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 67,232	$ 57,847
Investment securities—current	72,018	64,600
Accounts receivable, net	14,884	12,595
Prepaid expenses and other current assets	22,660	23,553
Total current assets	176,794	158,595
Investment securities—noncurrent	45,200	61,076
Property and equipment, net	27,633	30,479
Operating lease right-of-use assets	28,539	41,710
Capitalized software development costs, net	36,002	41,212
Goodwill	56,060	56,147
Intangible assets, net	5,810	11,711
Other long-term assets	8,844	7,087
Total assets	384,882	408,017
Current liabilities
Accounts payable	1,508	1,704
Accrued employee expenses—current	29,496	30,065
Accrued expenses	16,161	13,284
Other current liabilities	10,600	7,589
Total current liabilities	57,765	52,642
Operating lease liabilities	53,256	55,733
Other liabilities	1,989	2,261
Total liabilities	113,010	110,636
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	197,199	171,930
Accumulated other comprehensive loss	(2,553)	(194)
Treasury stock	(25,756)	(25,756)
Retained earnings	102,978	151,397
Total stockholders’ equity	271,872	297,381
Total liabilities and stockholders’ equity	384,882	408,017
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Income Statement [Abstract]

Revenue

$ 125,079

$ 95,809

$ 347,825

$ 263,770

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization)

^[1]

50,707

38,730

141,484

104,847

Sales and marketing

^[1]

25,644

19,362

77,558

53,255

Research and product development

^[1]

28,959

16,500

79,966

46,389

General and administrative

^[1]

19,347

13,404

76,258

40,971

Depreciation and amortization

8,241

7,826

24,977

22,844

Total costs and operating expenses

132,898

95,822

400,243

268,306

Loss from operations

(7,819)

(13)

(52,418)

(4,536)

Other income (loss), net

4,221

(353)

4,256

705

Interest income

374

632

173

Loss before provision for (benefit from) income taxes

(3,224)

(301)

(47,530)

(3,658)

Provision for (benefit from) income taxes

938

(160)

889

(6,017)

Net (loss) income

$ (4,162)

$ (141)

$ (48,419)

$ 2,359

Net (loss) income per common share:

Basic (in dollars per share)

$ (0.12)

$ 0

$ (1.39)

$ 0.07

Diluted (in dollars per share)

$ (0.12)

$ 0

$ (1.39)

$ 0.07

Weighted average common shares outstanding:

Basic (in shares)

35,043

34,614

34,936

34,525

Diluted (in shares)

35,043

34,614

34,936

35,695

[1]

Includes stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	789	$	575	$	1,873	$	1,509
Sales and marketing	2,023		738		5,496		1,587
Research and product development	4,330		1,451		11,160		3,522
General and administrative	3,688		1,299		9,680		3,435
Total stock-based compensation expense	$	10,830	$	4,063	$	28,209	$	10,053

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total stock-based compensation expense	$ 10,830	$ 4,063	$ 28,209	$ 10,053
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	789	575	1,873	1,509
Sales and marketing
Total stock-based compensation expense	2,023	738	5,496	1,587
Research and product development
Total stock-based compensation expense	4,330	1,451	11,160	3,522
General and administrative
Total stock-based compensation expense	$ 3,688	$ 1,299	$ 9,680	$ 3,435

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (4,162)	$ (141)	$ (48,419)	$ 2,359
Other comprehensive loss:
Changes in unrealized losses on investment securities	(614)	(7)	(2,359)	(73)
Comprehensive (loss) income	$ (4,776)	$ (148)	$ (50,778)	$ 2,286

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) 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 common stock to Class A common stock (in shares)		108	(108)
Other comprehensive loss	(18)				(18)
Net (loss) income	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, 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]
Net (loss) income	2,359
Ending balance (in shares) at Sep. 30, 2021		19,191	15,453
Ending balance at Sep. 30, 2021	291,699	$ 2	$ 2	164,740	(17)	(25,756)	152,728
Beginning balance (in shares) at Mar. 31, 2021		18,902	15,551
Beginning balance at Mar. 31, 2021	285,784	$ 2	$ 2	160,650	38	(25,756)	150,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		13	84
Exercise of stock options	545			545
Stock-based compensation	3,873			3,873
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		56
Vesting of restricted stock units, net of shares withheld for taxes	(4,908)			(4,908)
Conversion of Class B common stock to Class A common stock (in shares)		14	(14)
Issuance of restricted stock awards (in shares)		4
Other comprehensive loss	(48)				(48)
Net (loss) income	2,021						2,021
Ending balance (in shares) at Jun. 30, 2021		18,989	15,621
Ending balance at Jun. 30, 2021	287,267	$ 2	$ 2	160,160	(10)	(25,756)	152,869
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		29
Exercise of stock options	146			146
Stock-based compensation	4,837			4,837
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		5
Vesting of restricted stock units, net of shares withheld for taxes	(403)			(403)
Conversion of Class B common stock to Class A common stock (in shares)		168	(168)
Other comprehensive loss	(7)				(7)
Net (loss) income	(141)						(141)
Ending balance (in shares) at Sep. 30, 2021		19,191	15,453
Ending balance at Sep. 30, 2021	291,699	$ 2	$ 2	164,740	(17)	(25,756)	152,728
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
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 common stock to Class A common stock (in shares)		572	(572)
Other comprehensive loss	(1,345)				(1,345)
Net (loss) income	(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
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)	187
Net (loss) income	$ (48,419)
Ending balance (in shares) at Sep. 30, 2022		20,387	14,746
Ending balance at Sep. 30, 2022	271,872	$ 2	$ 2	197,199	(2,553)	(25,756)	102,978
Beginning balance (in shares) at Mar. 31, 2022		20,023	14,836
Beginning balance at Mar. 31, 2022	288,743	$ 2	$ 2	178,924	(1,539)	(25,756)	137,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		41	27
Exercise of stock options	503			503
Stock-based compensation	10,639			10,639
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		66
Vesting of restricted stock units, net of shares withheld for taxes	(4,524)			(4,524)
Conversion of Class B common stock to Class A common stock (in shares)		37	(37)
Issuance of restricted stock awards (in shares)		6
Other comprehensive loss	(400)				(400)
Net (loss) income	(29,970)						(29,970)
Ending balance (in shares) at Jun. 30, 2022		20,173	14,826
Ending balance at Jun. 30, 2022	264,991	$ 2	$ 2	185,542	(1,939)	(25,756)	107,140
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		102
Exercise of stock options	1,976			1,976
Stock-based compensation	11,665			11,665
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		32
Vesting of restricted stock units, net of shares withheld for taxes	(1,984)			(1,984)
Conversion of Class B common stock to Class A common stock (in shares)		80	(80)
Other comprehensive loss	(614)				(614)
Net (loss) income	(4,162)						(4,162)
Ending balance (in shares) at Sep. 30, 2022		20,387	14,746
Ending balance at Sep. 30, 2022	$ 271,872	$ 2	$ 2	$ 197,199	$ (2,553)	$ (25,756)	$ 102,978

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash from operating activities
Net (loss) income	$ (48,419)	$ 2,359
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	23,295	21,545
Amortization of operating lease right-of-use assets	2,498	2,312
Impairment	19,792	0
Deferred income taxes	(1,392)	(6,394)
Stock-based compensation, including as amortized	29,891	11,352
Gain on sale of business	(4,156)	(380)
Other	(86)	89
Changes in operating assets and liabilities:
Accounts receivable	(2,579)	(1,350)
Prepaid expenses and other current assets	(3,159)	(3,558)
Other assets	(1,629)	(1,181)
Accounts payable	231	1,384
Accrued employee expenses—current	(822)	6,335
Accrued expenses	3,991	(1,426)
Operating lease liabilities	(1,748)	1,995
Other liabilities	3,576	(6,623)
Net cash provided by operating activities	19,284	26,459
Cash from investing activities
Purchases of available-for-sale investments	(70,394)	(167,041)
Proceeds from sales of available-for-sale investments	0	43,198
Proceeds from maturities of available-for-sale investments	76,598	73,754
Purchases of property and equipment	(5,943)	(5,166)
Capitalization of software development costs	(10,468)	(18,511)
Proceeds from sale of business, net of cash divested	5,124	0
Net cash used in investing activities	(5,083)	(73,766)
Cash from financing activities
Proceeds from stock option exercises	2,579	791
Tax withholding for net share settlement	(7,581)	(9,303)
Net cash used in financing activities	(5,002)	(8,512)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,199	(55,819)
Cash, cash equivalents and restricted cash
Beginning of period	58,283	140,699
End of period	67,482	84,880
Noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	219	886
Capitalization of software development costs included in accrued expenses and accrued employee expenses	549	945
Stock-based compensation capitalized for software development	2,062	1,952
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	67,232	84,444
Restricted cash included in other assets	250	436
Total cash, cash equivalents and restricted cash	$ 67,482	$ 84,880

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 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 of revolutionizing 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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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 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 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average common shares outstanding	35,049	34,620	34,941	34,530
Less: Weighted average unvested restricted shares subject to repurchase	6	6	5	5
Weighted average common shares outstanding; basic	35,043	34,614	34,936	34,525






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	—	—	—	1,170
Weighted average common shares outstanding; diluted	35,043	34,614	34,936	35,695

For the three and nine months ended September 30, 2022 and 2021, an aggregate of 212,000 and 127,000 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 nine months ended September 30, 2021. Because we reported a net loss for the three and nine months ended September 30, 2022, and the three months ended September 30, 2021, all potentially dilutive common shares are anti-dilutive for these periods 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.

Sale of Subsidiary Business	9 Months Ended
Sale of Subsidiary Business	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of Subsidiary Business	Sale of Subsidiary BusinessSale of WegoWiseIn August 2022, we completed the sale of AppFolio Utility Management, Inc., dba WegoWise ("WegoWise"), a former wholly owned subsidiary of the Company that provided cloud-based utility analytics reporting software solutions to our customers. We sold WegoWise for $5.2 million (the “WegoWise Transaction”) and recognized a pre-tax gain on the sale of $4.2 million. Net assets divested are primarily comprised of intangible assets of $2.5 million and deferred revenue of $1.7 million. The gain on the sale is included within Other income (loss), net in our Condensed Consolidated Statements of Operations.

Investment Securities and Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	17,483	$	—	$	(163)	$	17,320
Agency securities	17,504		—		(596)		16,908

Treasury securities	84,855		1		(1,866)		82,990
Total available-for-sale investment securities	$	119,842	$	1	$	(2,625)	$	117,218


	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

As of September 30, 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 September 30, 2022 or December 31, 2021.

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


	September 30, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	72,816	$	72,018	$	64,627	$	64,600
Due after one year through three years	47,026		45,200		61,314		61,076
Total available-for-sale investment securities	$	119,842	$	117,218	$	125,941	$	125,676

During the nine months ended September 30, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Nine Months Ended September 30, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	28,998
Agency securities	—		—		—		2,250

Treasury securities	—		—		—		45,350
Total	$	—	$	—	$	—	$	76,598


	Nine Months Ended September 30, 2021
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	2,800
Agency securities	—		—		—		9,250

Treasury securities	6		—		43,198		61,704
Total	$	6	$	—	$	43,198	$	73,754

Fair Value Measurements

Recurring Fair Value Measurements

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands):


	September 30, 2022
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	5,570	$	—	$	5,570
Treasury securities	7,030		—		7,030

Available-for-sale investment securities:
Corporate bonds	—		17,320		17,320
Agency securities	—		16,908		16,908

Treasury securities	82,990		—		82,990
Total	$	95,590	$	34,228	$	129,818


	December 31, 2021
	Level 1		Level 2		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.

Capitalized Software Development Costs, net

9 Months Ended

Sep. 30, 2022

Research and Development [Abstract]

Capitalized Software Development Costs, net

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


	September 30, 2022		December 31, 2021
Capitalized software development costs, gross	$	125,686	$	115,377
Less: Accumulated amortization	(89,684)		(74,165)
Capitalized software development costs, net	$	36,002	$	41,212

Capitalized software development costs were $4.5 million and $7.0 million for the three months ended September 30, 2022 and 2021, respectively, and $12.8 million and $21.0 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense with respect to capitalized software development costs totaled $5.9 million and $5.5 million for the three months ended September 30, 2022 and 2021, respectively, and $18.0 million and $15.8 million for the nine months ended September 30, 2022 and 2021, respectively. During the three and nine months ended September 30, 2022, we disposed of $0.7 million and $2.5 million, respectively, of fully amortized capitalized software development costs.

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


Years Ending December 31,
2022	$	5,590
2023	17,691
2024	9,761
2025	2,766
2026	194
Total amortization expense	$	36,002

Intangible Assets, net and Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net and Goodwill

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


	September 30, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	1,670	$	(1,393)	$	277	5.0
Database	4,710		(1,766)		2,944		10.0
Technology	6,539		(6,182)		357		4.0
Trademarks and trade names	1,520		(1,133)		387		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,340		(5,505)		1,835		5.0
Domain names	90		(80)		10		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	22,801	$	(16,991)	$	5,810	4.7


	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 $1.1 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively, and $3.4 million and $3.5 million for the nine months ended September 30, 2022 and 2021, respectively. Future amortization expense with respect to intangible assets is estimated as follows (in thousands):


Years Ending December 31,
2022	$	977
2023	2,476
2024	473
2025	471
2026	471
Thereafter	942
Total amortization expense	$	5,810

Our goodwill balance is solely attributed to acquisitions. The change in the carrying amount of goodwill during the nine months ended September 30, 2022 is as follows (in thousands):


Goodwill at December 31, 2021	$	56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill at September 30, 2022	$	56,060

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Operating leases for our corporate offices have remaining lease terms ranging from one to ten 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	1,254	$	1,459	$	4,169	$	3,756
Variable lease cost	308		388		683		1,088
Total lease cost	$	1,562	$	1,847	$	4,852	$	4,844

Lease-related assets and liabilities were as follows (in thousands):


	September 30, 2022		December 31, 2021
Assets
Prepaid expenses and other current assets	$	—	$	4,854
Operating lease right-of-use assets	28,539		41,710

Liabilities
Other current liabilities	$	3,802	$	1,874
Operating lease liabilities	53,256		55,733
Total lease liabilities	$	57,058	$	57,607

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows (in thousands):


Years ending December 31,
2022	$	1,321
2023	5,427
2024	6,351
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	69,252
Less: imputed interest	(12,194)
Total	$	57,058

During the second quarter of 2022, we decided to exit and make available for sublease certain leased office spaces. As a result, we reassessed our asset groupings and evaluated the recoverability of our right-of-use and other lease related assets, and determined that the carrying value of the respective asset groups of $23.3 million was not fully recoverable. As a result, we utilized discounted cash flow models to estimate the fair value of the asset groups taking into consideration the time period it will take to obtain a sublessee, the applicable discount rate and the anticipated sublease income and calculated the corresponding impairment loss. We used prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in real estate transactions. When available, we use valuation inputs from independent valuation experts, such as real estate appraisers and brokers, to corroborate our estimates of fair value. We recorded an impairment of $19.4 million consisting of $15.7 million related to right-of-use ("ROU") assets and $3.7 million related to property and equipment associated with our leased office spaces. These charges were recorded within General and administrative expenses in our Condensed Consolidated Statements of Operations.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 September 30, 2022 and December 31, 2021 was $2.9 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 September 30, 2022 and December 31, 2021 are $2.7 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.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of activity in connection with our stock options for the nine months ended September 30, 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	(187)	13.76
Options cancelled/forfeited	—
Options outstanding as of September 30, 2022	659	$	12.98	2.4

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

No stock options were granted during the nine months ended September 30, 2022 or 2021.

Restricted Stock Units

A summary of activity in connection with our RSUs for the nine months ended September 30, 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	667	110.95
Vested	(187)	108.20
Forfeited	(130)	102.56
Unvested as of September 30, 2022	1,187	$	117.46

Unvested RSUs as of September 30, 2022 were composed of 1.0 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 September 30, 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 September 30, 2022 are subject to vesting based on the achievement of pre-established performance metrics for three year measurement periods 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 $11.5 million and $4.6 million for the three months ended September 30, 2022 and 2021, respectively, and $29.8 million and $11.4 million for the nine months ended September 30, 2022 and 2021, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.8 million for the three months ended September 30, 2022 and 2021, and $2.1 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $107.4 million, which is expected to be recognized over a weighted average period of 2.8 years.

Restricted Stock Awards

A summary of activity in connection with our restricted stock awards ("RSAs") for the nine months ended September 30, 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	6	96.33
Vested	(4)	144.33
Forfeited	—	—
Unvested as of September 30, 2022	6	$	96.33

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 September 30, 2022, the total estimated remaining stock-based compensation expense for unvested RSAs with a repurchase right was $0.4 million, which is expected to be recognized over a weighted average period of 0.7 years.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for (benefit from) income taxes on a quarterly basis by applying an estimated annual effective tax rate to income/loss from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three and nine months ended September 30, 2022, we recorded income tax expense of $0.9 million and $0.9 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, 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 nine months ended September 30, 2022 and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the fiscal year. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA contains several revisions to the Internal Revenue Code, including a 15% corporate minimum income tax on adjusted financial statement income for companies with profits greater than $1.0 billion and a 1% excise tax on corporate stock repurchases in tax years beginning after December 31, 2022. While these tax law changes have no immediate effect and are not expected to have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information becomes available.

- 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
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue and Other Information

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Core solutions	$	33,940	$	26,920	$	97,163	$	76,457
Value Added Services	88,399		65,578		241,349		177,535
Other	2,740		3,311		9,313		9,778
Total revenue	$	125,079	$	95,809	$	347,825	$	263,770

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

Deferred revenue as of September 30, 2022 and December 31, 2021 was $1.1 million and $2.5 million, respectively. During the nine months ended September 30, 2022 and 2021, we recognized $2.3 million and $2.1 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 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 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.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average common shares outstanding	35,049	34,620	34,941	34,530
Less: Weighted average unvested restricted shares subject to repurchase	6	6	5	5
Weighted average common shares outstanding; basic	35,043	34,614	34,936	34,525






Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share	—	—	—	1,170
Weighted average common shares outstanding; diluted	35,043	34,614	34,936	35,695

Investment Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	17,483	$	—	$	(163)	$	17,320
Agency securities	17,504		—		(596)		16,908

Treasury securities	84,855		1		(1,866)		82,990
Total available-for-sale investment securities	$	119,842	$	1	$	(2,625)	$	117,218


	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):


	September 30, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	72,816	$	72,018	$	64,627	$	64,600
Due after one year through three years	47,026		45,200		61,314		61,076
Total available-for-sale investment securities	$	119,842	$	117,218	$	125,941	$	125,676

Schedule of Sales, Calls, and Maturities

During the nine months ended September 30, 2022 and 2021, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):


	Nine Months Ended September 30, 2022
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	28,998
Agency securities	—		—		—		2,250

Treasury securities	—		—		—		45,350
Total	$	—	$	—	$	—	$	76,598


	Nine Months Ended September 30, 2021
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	—	$	—	$	—	$	2,800
Agency securities	—		—		—		9,250

Treasury securities	6		—		43,198		61,704
Total	$	6	$	—	$	43,198	$	73,754

Fair Value, Assets Measured on Recurring Basis


	September 30, 2022
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	5,570	$	—	$	5,570
Treasury securities	7,030		—		7,030

Available-for-sale investment securities:
Corporate bonds	—		17,320		17,320
Agency securities	—		16,908		16,908

Treasury securities	82,990		—		82,990
Total	$	95,590	$	34,228	$	129,818


	December 31, 2021
	Level 1		Level 2		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

Capitalized Software Development Costs, net (Tables)

9 Months Ended

Sep. 30, 2022

Research and Development [Abstract]

Schedule of Capitalized Computer Software

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


	September 30, 2022		December 31, 2021
Capitalized software development costs, gross	$	125,686	$	115,377
Less: Accumulated amortization	(89,684)		(74,165)
Capitalized software development costs, net	$	36,002	$	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	$	5,590
2023	17,691
2024	9,761
2025	2,766
2026	194
Total amortization expense	$	36,002

Intangible Assets, net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life in Years
Customer relationships	$	1,670	$	(1,393)	$	277	5.0
Database	4,710		(1,766)		2,944		10.0
Technology	6,539		(6,182)		357		4.0
Trademarks and trade names	1,520		(1,133)		387		5.0
Partner relationships	680		(680)		—		3.0
Non-compete agreements	7,340		(5,505)		1,835		5.0
Domain names	90		(80)		10		5.0
Patents	252		(252)		—		5.0

Total intangible assets, net	$	22,801	$	(16,991)	$	5,810	4.7


	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	$	977
2023	2,476
2024	473
2025	471
2026	471
Thereafter	942
Total amortization expense	$	5,810

Schedule of Goodwill

The change in the carrying amount of goodwill during the nine months ended September 30, 2022 is as follows (in thousands):


Goodwill at December 31, 2021	$	56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill at September 30, 2022	$	56,060

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (g)
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	1,254	$	1,459	$	4,169	$	3,756
Variable lease cost	308		388		683		1,088
Total lease cost	$	1,562	$	1,847	$	4,852	$	4,844

Lease Assets and Liabilities

Lease-related assets and liabilities were as follows (in thousands):


	September 30, 2022		December 31, 2021
Assets
Prepaid expenses and other current assets	$	—	$	4,854
Operating lease right-of-use assets	28,539		41,710

Liabilities
Other current liabilities	$	3,802	$	1,874
Operating lease liabilities	53,256		55,733
Total lease liabilities	$	57,058	$	57,607

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows (in thousands):


Years ending December 31,
2022	$	1,321
2023	5,427
2024	6,351
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	69,252
Less: imputed interest	(12,194)
Total	$	57,058

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of activity in connection with our stock options for the nine months ended September 30, 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	(187)	13.76
Options cancelled/forfeited	—
Options outstanding as of September 30, 2022	659	$	12.98	2.4

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our RSUs for the nine months ended September 30, 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	667	110.95
Vested	(187)	108.20
Forfeited	(130)	102.56
Unvested as of September 30, 2022	1,187	$	117.46

Schedule of Restricted Stock Awards Activity

A summary of activity in connection with our restricted stock awards ("RSAs") for the nine months ended September 30, 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	6	96.33
Vested	(4)	144.33
Forfeited	—	—
Unvested as of September 30, 2022	6	$	96.33

Revenue and Other Information (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Core solutions	$	33,940	$	26,920	$	97,163	$	76,457
Value Added Services	88,399		65,578		241,349		177,535
Other	2,740		3,311		9,313		9,778
Total revenue	$	125,079	$	95,809	$	347,825	$	263,770

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Weighted average common shares outstanding (in shares)	35,049	34,620	34,941	34,530
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	6	6	5	5
Weighted average common shares outstanding; basic (in shares)	35,043	34,614	34,936	34,525
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share (in shares)	0	0	0	1,170
Weighted average common shares outstanding; diluted (in shares)	35,043	34,614	34,936	35,695

Summary of Significant Accounting Policies - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net loss per share computation (in shares)	212	127	212	127

Sale of Subsidiary Business (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 4,156	$ 380
WegoWise \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal of subsidiary	$ 5,200
Gain on sale of business	4,200
Gain on disposition of intangible assets	2,500
Deferred revenue divested	$ 1,700

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 119,842	$ 125,941
Gross Unrealized Gains	1	2
Gross Unrealized Losses	(2,625)	(267)
Available-for-sale investment securities:	117,218	125,676
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,483	29,080
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(163)	(11)
Available-for-sale investment securities:	17,320	29,069
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,504	19,753
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(596)	(27)
Available-for-sale investment securities:	16,908	19,726
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84,855	77,108
Gross Unrealized Gains	1	2
Gross Unrealized Losses	(1,866)	(229)
Available-for-sale investment securities:	$ 82,990	$ 76,881

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Debt securities, available-for-sale, allowance for credit loss, excluding accrued Interest	$ 0	$ 0

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 72,816	$ 64,627
Due after one year through three years	47,026	61,314
Amortized Cost	119,842	125,941
Estimated Fair Value
Due in one year or less	72,018	64,600
Due after one year through three years	45,200	61,076
Estimated Fair Value	$ 117,218	$ 125,676

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0	$ 6
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	43,198
Gross Proceeds from Maturities	76,598	73,754
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	0
Gross Proceeds from Maturities	28,998	2,800
Agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	0
Gross Proceeds from Maturities	2,250	9,250
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	6
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	43,198
Gross Proceeds from Maturities	$ 45,350	$ 61,704

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 117,218	$ 125,676
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	17,320	29,069
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	16,908	19,726
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	129,818	131,781
Fair value, recurring measurements \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	17,320	29,069
Fair value, recurring measurements \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	16,908	19,726
Fair value, recurring measurements \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	82,990	76,881
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	5,570	6,105
Fair value, recurring measurements \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	7,030
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	95,590	82,986
Fair value, recurring measurements \| Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Fair value, recurring measurements \| Level 1 \| Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Fair value, recurring measurements \| Level 1 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	82,990	76,881
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	5,570	6,105
Fair value, recurring measurements \| Level 1 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	7,030
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	34,228	48,795
Fair value, recurring measurements \| Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	17,320	29,069
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:	16,908	19,726
Fair value, recurring measurements \| Level 2 \| Treasury 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 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 2 \| Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0

Capitalized Software Development Costs, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Research and Development [Abstract]
Capitalized software development costs, gross	$ 125,686	$ 115,377
Less: Accumulated amortization	(89,684)	(74,165)
Capitalized software development costs, net	$ 36,002	$ 41,212

Capitalized Software Development Costs, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Research and Development [Abstract]
Capitalized software development costs	$ 4.5	$ 7.0	$ 12.8	$ 21.0
Amortization expense	5.9	$ 5.5	18.0	$ 15.8
Capitalized Computer Software, Disposals	$ 0.7		$ 2.5

Capitalized Software Development Costs, net - Capitalized Computer Software Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Years Ending December 31,
2022	$ 5,590
2023	17,691
2024	9,761
2025	2,766
2026	194
Capitalized software development costs, net	$ 36,002	$ 41,212

Intangible Assets, net and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 22,801	$ 28,021
Accumulated Amortization	(16,991)	(16,310)
Net Carrying Value	$ 5,810	$ 11,711
Weighted Average
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	4 years 8 months 12 days	6 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,670	$ 2,840
Accumulated Amortization	(1,393)	(2,006)
Net Carrying Value	$ 277	$ 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	$ 4,710	$ 8,330
Accumulated Amortization	(1,766)	(2,620)
Net Carrying Value	$ 2,944	$ 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	(6,182)	(5,107)
Net Carrying Value	$ 357	$ 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	$ 1,520	$ 1,890
Accumulated Amortization	(1,133)	(1,128)
Net Carrying Value	$ 387	$ 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	$ 7,340	$ 7,400
Accumulated Amortization	(5,505)	(4,444)
Net Carrying Value	$ 1,835	$ 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	(80)	(75)
Net Carrying Value	$ 10	$ 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

Intangible Assets, net and Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.1	$ 1.2	$ 3.4	$ 3.5

Intangible Assets, net and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 977
2023	2,476
2024	473
2025	471
2026	471
Thereafter	942
Net Carrying Value	$ 5,810	$ 11,711

Intangible Assets, net and Goodwill - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2021	$ 56,147
Goodwill attributed to WegoWise Transaction	(87)
Goodwill at September 30, 2022	$ 56,060

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Lease renewal term	10 years	10 years
Operating lease, impairment loss		$ 23,300
Asset impairment charges	$ 19,400	$ 19,792	$ 0
Impairment of ROU assets	15,700
Impairment of leased office property and equipment	$ 3,700
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years	10 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,254	$ 1,459	$ 4,169	$ 3,756
Variable lease cost	308	388	683	1,088
Total lease cost	$ 1,562	$ 1,847	$ 4,852	$ 4,844

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 28,539	$ 41,710
Other current liabilities	3,802	1,874
Operating lease liabilities	53,256	55,733
Total lease liabilities	$ 57,058	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	$ 0	4,854
Operating lease right-of-use assets
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 28,539	$ 41,710

Leases - Schedule of Minimum Lease Payments Under Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Years ending December 31,
2022	$ 1,321
2023	5,427
2024	6,351
2025	6,837
2026	7,035
Thereafter	42,281
Total future minimum lease payments	69,252
Less: imputed interest	(12,194)
Total	$ 57,058

Commitments and Contingencies (Details) - USD ($)	9 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 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	$ 2,900,000	$ 1,700,000
Deposits held with a third party related to insurance services collateral	$ 2,700,000	$ 3,000,000

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 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)	(187,000)
Options cancelled/forfeited (in shares)	0
Options outstanding, ending balance (in shares)	659,000		846,000
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 13.15
Options granted (in dollars per share)
Options exercised (in dollars per share)	13.76
Options cancelled/forfeited (in dollars per share)
Options outstanding, ending balance (in dollars per share)	$ 12.98		$ 13.15
Weighted Average Remaining Contractual Life in Years	2 years 4 months 24 days		3 years

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	837
Granted (in shares) \| shares	667
Vested (in shares) \| shares	(187)
Forfeited (in shares) \| shares	(130)
Unvested, ending balance (in shares) \| shares	1,187
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 118.27
Granted (in dollars per share) \| $ / shares	110.95
Vested (in dollars per share) \| $ / shares	108.20
Forfeited (in dollars per share) \| $ / shares	102.56
Unvested, ending balance (in dollars per share) \| $ / shares	$ 117.46

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,830	$ 4,063	$ 28,209	$ 10,053
Stock-based compensation capitalized for software development			$ 2,062	1,952
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%		0.00%
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 11,500	$ 4,600	$ 29,800	11,400
Stock-based compensation capitalized for software development	800		2,100	$ 2,000
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 107,400		$ 107,400
Stock-based compensation expense, weighted average recognition period			2 years 9 months 18 days
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,000
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%		100.00%
Measurement period			3 years
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%		0.00%
PSUs \| Minimum \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	100.00%		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%		100.00%
PSUs \| Maximum \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%		150.00%
PSUs \| Maximum \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%		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)			6
Vesting period			1 year
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 400		$ 400
Stock-based compensation expense, weighted average recognition period			8 months 12 days

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	4
Granted (in shares) \| shares	6
Vested (in shares) \| shares	(4)
Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	6
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 144.33
Granted (in dollars per share) \| $ / shares	96.33
Vested (in dollars per share) \| $ / shares	144.33
Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 96.33

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 938	$ (160)	$ 889	$ (6,017)

- Definition

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

+ References + Details

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 125,079	$ 95,809	$ 347,825	$ 263,770
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	33,940	26,920	97,163	76,457
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	88,399	65,578	241,349	177,535
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,740	$ 3,311	$ 9,313	$ 9,778

- 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
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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+ Details

Revenue and Other Information - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,100		$ 2,500
Revenue recognized from deferred revenue	$ 2,300	$ 2,100