AppFolio (APPF) 10-Q26 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,008,417
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,264,148

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 59,639	$ 49,509
Investment securities—current	221,693	162,196
Accounts receivable, net	25,691	20,709
Prepaid expenses and other current assets	41,774	39,943
Total current assets	348,797	272,357
Property and equipment, net	26,700	28,362
Operating lease right-of-use assets	18,232	19,285
Capitalized software development costs, net	17,345	21,562
Goodwill	56,060	56,060
Other long-term assets	12,183	11,263
Total assets	479,317	408,889
Current liabilities
Accounts payable	1,256	1,141
Accrued employee expenses	31,962	35,567
Accrued expenses	16,423	21,723
Other current liabilities	13,708	11,335
Total current liabilities	63,349	69,766
Operating lease liabilities	39,447	41,114
Other liabilities	5,109	697
Total liabilities	107,905	111,577
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	243,040	236,985
Accumulated other comprehensive Income (loss)	(184)	99
Treasury stock	(25,756)	(25,756)
Retained earnings	154,308	85,980
Total stockholders’ equity	371,412	297,312
Total liabilities and stockholders’ equity	479,317	408,889
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue		$ 197,375	$ 147,075	$ 384,805	$ 283,175
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	[1]	69,601	57,854	134,247	114,062
Sales and marketing	[1]	27,300	27,002	51,755	56,400
Research and product development	[1]	39,522	37,263	77,417	74,925
General and administrative	[1]	20,254	18,819	41,386	50,510
Depreciation and amortization		4,670	6,816	9,882	14,487
Total costs and operating expenses		161,347	147,754	314,687	310,384
Income (loss) from operations		36,028	(679)	70,118	(27,209)
Other income (loss), net		0	(54)	0	(34)
Interest income, net		3,476	1,478	6,468	2,839
Income (loss) before provision for income taxes		39,504	745	76,586	(24,404)
Provision for income taxes		9,839	19,646	8,258	29,607
Net income (loss)		$ 29,665	$ (18,901)	$ 68,328	$ (54,011)
Net income (loss) per common share:
Net income (loss) per common share, basic (in dollars per share)		$ 0.82	$ (0.53)	$ 1.89	$ (1.52)
Net income (loss) per common share, diluted (in dollars per share)		$ 0.81	$ (0.53)	$ 1.86	$ (1.52)
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic (in shares)		36,241	35,565	36,164	35,505
Weighted average common shares outstanding, diluted (in shares)		36,742	35,565	36,720	35,505

[1]Includes stock-based compensation expense as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock-based compensation expense included in costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) $ 1,175 $ 988 $ 2,135 $ 1,756 Sales and marketing 1,703 444 3,213 2,861 Research and product development 6,472 4,348 12,154 9,787 General and administrative 5,444 4,992 10,766 10,271 Total stock-based compensation expense $ 14,794 $ 10,772 $ 28,268 $ 24,675

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total stock-based compensation expense	$ 14,794	$ 10,772	$ 28,268	$ 24,675
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	1,175	988	2,135	1,756
Sales and marketing
Total stock-based compensation expense	1,703	444	3,213	2,861
Research and product development
Total stock-based compensation expense	6,472	4,348	12,154	9,787
General and administrative
Total stock-based compensation expense	$ 5,444	$ 4,992	$ 10,766	$ 10,271

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 29,665	$ (18,901)	$ 68,328	$ (54,011)
Other comprehensive income (loss):
Changes in unrealized (losses) gains on investment securities, net of tax	(69)	334	(283)	1,097
Comprehensive income (loss)	$ 29,596	$ (18,567)	$ 68,045	$ (52,914)

CONDENSED CONSOLIDATED STATEM_4

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
Beginning balance (in shares) at Dec. 31, 2022		20,569	14,746
Beginning balance at Dec. 31, 2022	$ 265,546	$ 2	$ 2	$ 209,704	$ (1,684)	$ (25,756)	$ 83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		64
Exercise of stock options	834			834
Stock-based compensation	14,075			14,075
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		79
Vesting of restricted stock units, net of shares withheld for taxes	(5,539)			(5,539)
Conversion of Class B common stock to Class A common stock (in shares)		27	(27)
Issuance of restricted stock awards (in shares)		2
Other comprehensive income (loss)	763				763
Net Income (loss)	(35,110)						(35,110)
Ending balance (in shares) at Mar. 31, 2023		20,741	14,719
Ending balance at Mar. 31, 2023	240,569	$ 2	$ 2	219,074	(921)	(25,756)	48,168
Beginning balance (in shares) at Dec. 31, 2022		20,569	14,746
Beginning balance at Dec. 31, 2022	265,546	$ 2	$ 2	209,704	(1,684)	(25,756)	83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	1,097
Net Income (loss)	(54,011)
Ending balance (in shares) at Jun. 30, 2023		20,922	14,719
Ending balance at Jun. 30, 2023	225,953	$ 2	$ 2	223,025	(587)	(25,756)	29,267
Beginning balance (in shares) at Mar. 31, 2023		20,741	14,719
Beginning balance at Mar. 31, 2023	240,569	$ 2	$ 2	219,074	(921)	(25,756)	48,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		95
Exercise of stock options	668			668
Stock-based compensation	11,000			11,000
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		82
Vesting of restricted stock units, net of shares withheld for taxes	(7,717)			(7,717)
Issuance of restricted stock awards (in shares)		4
Other comprehensive income (loss)	334				334
Net Income (loss)	(18,901)						(18,901)
Ending balance (in shares) at Jun. 30, 2023		20,922	14,719
Ending balance at Jun. 30, 2023	225,953	$ 2	$ 2	223,025	(587)	(25,756)	29,267
Beginning balance (in shares) at Dec. 31, 2023		21,749	14,116
Beginning balance at Dec. 31, 2023	297,312	$ 2	$ 2	236,985	99	(25,756)	85,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		244
Exercise of stock options	3,874			3,874
Stock-based compensation	13,646			13,646
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		89
Vesting of restricted stock units, net of shares withheld for taxes	(14,086)			(14,086)
Conversion of Class B common stock to Class A common stock (in shares)		199	(199)
Other comprehensive income (loss)	(214)				(214)
Net Income (loss)	38,663						38,663
Ending balance (in shares) at Mar. 31, 2024		22,281	13,917
Ending balance at Mar. 31, 2024	339,195	$ 2	$ 2	240,419	(115)	(25,756)	124,643
Beginning balance (in shares) at Dec. 31, 2023		21,749	14,116
Beginning balance at Dec. 31, 2023	$ 297,312	$ 2	$ 2	236,985	99	(25,756)	85,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	247
Other comprehensive income (loss)	$ (283)
Net Income (loss)	68,328
Ending balance (in shares) at Jun. 30, 2024		22,999	13,273
Ending balance at Jun. 30, 2024	371,412	$ 2	$ 2	243,040	(184)	(25,756)	154,308
Beginning balance (in shares) at Mar. 31, 2024		22,281	13,917
Beginning balance at Mar. 31, 2024	339,195	$ 2	$ 2	240,419	(115)	(25,756)	124,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		3
Exercise of stock options	25			25
Stock-based compensation	15,032			15,032
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		71
Vesting of restricted stock units, net of shares withheld for taxes	(12,436)			(12,436)
Conversion of Class B common stock to Class A common stock (in shares)		644	(644)
Other comprehensive income (loss)	(69)				(69)
Net Income (loss)	29,665						29,665
Ending balance (in shares) at Jun. 30, 2024		22,999	13,273
Ending balance at Jun. 30, 2024	$ 371,412	$ 2	$ 2	$ 243,040	$ (184)	$ (25,756)	$ 154,308

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash from operating activities
Net Income (loss)	$ 68,328	$ (54,011)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	8,892	13,135
Amortization of operating lease right-of-use assets	1,053	1,109
Gain on lease modification	0	(4,281)
Stock-based compensation, including as amortized	29,258	26,027
Other	(4,005)	(708)
Changes in operating assets and liabilities:
Accounts receivable	(4,982)	(3,530)
Prepaid expenses and other current assets	5,157	(2,066)
Accounts payable	437	(989)
Operating lease liabilities	(1,418)	(4,638)
Accrued expenses and other liabilities	(8,897)	22,295
Net cash provided by (used in) operating activities	93,823	(7,657)
Cash from investing activities
Purchases of available-for-sale investments	(151,539)	(73,597)
Proceeds from sales of available-for-sale investments	0	1,013
Proceeds from maturities of available-for-sale investments	94,455	49,617
Purchases of property and equipment	(1,458)	(2,171)
Capitalization of software development costs	(2,529)	(2,151)
Proceeds from sale of business, net of cash divested	0	629
Net cash used in investing activities	(61,071)	(26,660)
Cash from financing activities
Proceeds from stock option exercises	3,898	1,502
Tax withholding for net share settlement	(26,520)	(13,256)
Net cash used in financing activities	(22,622)	(11,754)
Net increase (decrease) in cash, cash equivalents and restricted cash	10,130	(46,071)
Cash, cash equivalents and restricted cash
Beginning of period	49,759	71,019
End of period	59,889	24,948
Cash and cash equivalents	59,639	24,698
Restricted cash included in prepaid expenses and other current assets	250	250
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	59,889	24,948
Supplemental disclosure of cash flow information
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 2,966	$ 5,805

Nature of Business

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc. ("we," "us" or "our") is a leading provider of cloud business management solutions for the real estate industry. Our solutions are designed to enable our property manager customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. Digital transformation is effectively a requirement for business success in the modern world, and the way we work and live requires powerful software solutions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 1, 2024. 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 and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. Reclassification We reclassified certain amounts in our 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 us 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 Income (Loss) per Common Share Net income (loss) 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 sets forth the computation of basic and diluted net income (loss) per common share (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic net income (loss) per share: Numerator Net income (loss) $ 29,665 $ (18,901) $ 68,328 $ (54,011) Less: undistributed earnings to participating securities 3 — 8 — Net income (loss) attributable to common stockholders $ 29,662 $ (18,901) $ 68,320 $ (54,011) Denominator — — Weighted average common shares outstanding 36,244 35,573 36,168 35,512 Less: Weighted average unvested restricted shares subject to repurchase 3 8 4 7 Weighted average common shares outstanding; basic 36,241 35,565 36,164 35,505 Net income (loss) per common share; basic $ 0.82 $ (0.53) $ 1.89 $ (1.52) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 29,662 $ (18,901) $ 68,320 $ (54,011) Denominator Weighted average common shares outstanding; basic 36,241 35,565 36,164 35,505 Add: Weighted average dilutive options outstanding 41 — 75 — Add: Weighted average dilutive RSUs outstanding 460 — 481 — Weighted average common shares outstanding; diluted 36,742 35,565 36,720 35,505 Net income (loss) per common share; diluted $ 0.81 $ (0.53) $ 1.86 $ (1.52) Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Unvested Restricted Stock Awards — 6 — 6 Options — 477 — 477 Restricted Stock Units 2 1,335 163 1,335 Total potentially dilutive securities 2 1,818 163 1,818

Investment Securities and Fair

Investment Securities and Fair Value Measurements	6 Months Ended
Investment Securities and Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Investment Securities and Fair Value Measurements	Investment Securities and Fair Value Measurements Investment Securities Investment securities classified as available-for-sale consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and agency securities 221,841 1 (149) 221,693 Total available-for-sale investment securities $ 221,841 $ 1 $ (149) $ 221,693 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and agency securities 162,062 193 (59) 162,196 Total available-for-sale investment securities $ 162,062 $ 193 $ (59) $ 162,196 As of June 30, 2024, 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 June 30, 2024 or December 31, 2023. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): June 30, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 221,841 $ 221,693 $ 162,062 $ 162,196 Total available-for-sale investment securities $ 221,841 $ 221,693 $ 162,062 $ 162,196 During the six months ended June 30, 2024 and 2023, we had sales and maturities of investment securities, as follows (in thousands): Six Months Ended June 30, 2024 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities U.S. government and agency securities — — — 94,455 Total $ — $ — $ — $ 94,455 Six Months Ended June 30, 2023 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 3 $ — $ 1,013 $ 11,012 U.S. government and agency securities — — — 38,605 Total $ 3 $ 1,013 $ 49,617 The tables above do not include our non-marketable debt securities of $1.3 million, which is recorded in Other long term assets in Condensed Consolidated Balance Sheet as of June 30, 2024. 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 June 30, 2024 and December 31, 2023 by level within the fair value hierarchy (in thousands): June 30, 2024 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 42,185 $ — $ 42,185 Available-for-sale investment securities: U.S. government and agency securities — 221,693 221,693 Total $ 42,185 $ 221,693 $ 263,878 December 31, 2023 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 37,100 $ — $ 37,100 Available-for-sale investment securities: U.S. government and agency securities — 162,196 162,196 Total $ 37,100 $ 162,196 $ 199,296 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 Developmen

Capitalized Software Development Costs, net	6 Months Ended
Capitalized Software Development Costs, net	Jun. 30, 2024
Research and Development [Abstract]
Capitalized Software Development Costs, net	Capitalized Software Development Costs, net Capitalized software development costs were as follows (in thousands): June 30, December 31, Capitalized software development costs, gross $ 125,370 $ 126,606 Less: Accumulated amortization (108,025) (105,044) Capitalized software development costs, net $ 17,345 $ 21,562 Capitalized software development costs were $1.6 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense with respect to capitalized software development costs totaled $3.2 million and $4.9 million for the three months ended June 30, 2024 and 2023, respectively, and $7.0 million and $10.8 million for the six months ended June 30, 2024 and 2023, respectively. We disposed fully amortized capitalized software development costs of $2.1 million and $1.3 million, during the three months ended June 30, 2024 and 2023, respectively, and $4.0 million and $3.5 million, during six months ended June 30, 2024 and 2023, respectively. Future amortization expense with respect to capitalized software development costs as of June 30, 2024 is estimated as follows (in thousands): Years Ending December 31, 2024 $ 5,583 2025 6,963 2026 3,345 2027 1,454 Total amortization expense $ 17,345

Accrued Employee Expenses

Accrued Employee Expenses	6 Months Ended
Accrued Employee Expenses	Jun. 30, 2024
Compensation Related Costs [Abstract]
Accrued Employee Expenses	Accrued Employee Expenses Accrued employee expenses consisted of the following (in thousands): June 30, December 31, Accrued vacation $ 13,726 $ 12,399 Accrued bonuses 11,764 14,795 Accrued payroll, severance and related personnel cost 6,472 8,373 Total accrued employee expenses $ 31,962 $ 35,567

Other Current Liabilities

Other Current Liabilities	6 Months Ended
Other Current Liabilities	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other Current Liabilities consisted of the following (in thousands): June 30, December 31, Insurance reserves $ 4,389 $ 4,174 Operating lease liabilities-current 3,875 3,626 Other 5,444 3,535 Total other current liabilities $ 13,708 $ 11,335 For additional information, refer to Note 8, Commitments and Contingencies and Note 7, Leases.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Operating leases for our corporate offices have remaining lease terms ranging from one month to nine 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 1,070 $ 1,131 $ 2,143 $ 2,276 Variable lease cost 289 448 654 1,021 Total lease cost $ 1,359 $ 1,579 $ 2,797 $ 3,297 Lease-related assets and liabilities were as follows (in thousands): June 30, December 31, Assets Operating lease right-of-use assets $ 18,232 $ 19,285 Liabilities Other current liabilities $ 3,875 $ 3,626 Operating lease liabilities 39,447 41,114 Total lease liabilities $ 43,323 $ 44,740 In January 2023, we entered into an amendment to the lease agreement for our San Diego facility. We remeasured the lease liability and recorded a reduction to the lease liability and right-of-use asset using the discount rate at the modification date, which resulted in a gain of $2.4 million in the Condensed Consolidated Statements of Operations. In June 2023, we entered into a second amendment to reduce the rentable square footage and our future rental payment obligations under the San Diego Lease pursuant to which we made a one-time payment of $2.9 million. We again remeasured the lease liability and recorded a reduction to the lease liability using the discount rate at the modification date. As a result, we recorded a gain of $1.9 million in the Consolidated Statements of Operations. Future minimum lease payments under non-cancellable leases as of June 30, 2024 were as follows (in thousands): Years ending December 31, 2024 $ 2,840 2025 6,168 2026 6,346 2027 6,529 2028 6,717 Thereafter 24,373 Total future minimum lease payments 52,973 Less: imputed interest (9,650) Total $ 43,323

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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. 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 e stimated liability for reported claims and incurred but not reported claims as of June 30, 2024 and December 31, 2023 was $4.4 million and $4.2 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 are $3.6 million and $5.1 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 are involved in various other investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the ultimate outcome of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we do not believe that any such pending investigative inquiries, legal proceedings and other disputes, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. 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

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options A summary of activity in connection with our stock options for the six months ended June 30, 2024, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2023 381 $ 51.49 3.4 Options exercised (247) 15.77 Options cancelled/forfeited (1) 3.28 Options outstanding as of June 30, 2024 133 $ 118.00 7.9 Our stock-based compensation expense for stock options were not material for the periods presented. As of June 30, 2024, the total estimated remaining stock-based compensation expense for the aforementioned stock options was $5.8 million, which is expected to be recognized over a weighted average period of 3.5 years. Restricted Stock Units A summary of activity in connection with our restricted stock units ("RSUs") for the six months ended June 30, 2024, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2023 943 $ 121.61 Granted 283 212.29 Vested (227) 124.91 Forfeited (28) 132.12 Unvested as of June 30, 2024 971 $ 146.99 Unvested RSUs as of June 30, 2024 were composed of 0.8 million RSUs with only service conditions and 0.1 million performance share units ("PSUs") with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The unvested PSUs as of June 30, 2024, are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2024 and will vest over a three year period, assuming continued employment through each vesting date. The actual number of shares to be issued at the end of the performance period will range from 0% to 170% of the target number of shares depending on achievement relative to the performance metric over the applicable period. We recognized stock-based compensation expense for the RSUs and PSUs of $14.5 million and $10.4 million for the three months ended June 30, 2024 and 2023, respectively, and $27.5 million and $24.1 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $113.8 million, which is expected to be recognized over a weighted average period of 2.3 years.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for 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 six months ended June 30, 2024, we recorded income tax expense of $9.8 million and $8.3 million, representing an effective tax rate of 24.9% and 10.8%, respectively. For the three months ended June 30, 2024, our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to change in valuation allowance against deferred tax assets, state income taxes and non-deductible officers' compensation partially offset by excess tax benefits from stock-based compensation. For six months ended June 30, 2024, our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to excess tax benefits from stock-based compensation. We assess our ability to realize our deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. Due to a history of cumulative losses, including permanent adjustments, and assessing all available positive and negative evidence, we have determined that it is more likely than not that our federal and state deferred tax assets would not be realized. Accordingly, we have been maintaining full valuation allowance against our deferred tax assets. However, based on our current and projected future earnings, we believe that there is reasonable possibility that sufficient positive evidence of sustained profitability may be achieved during the current year to reach a conclusion that part or all of our deferred tax assets may become realizable, resulting in a possible release of valuation allowance. Such valuation allowance release may result in a material increase to our deferred tax assets and a corresponding decrease in income tax expense. The exact timing and amount of the valuation allowance release are subject to our projection of earnings and level of profitability that will be achieved. There were no material changes to our unrecognized tax benefits during the three and six months ended June 30, 2024, and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the year.

Revenue and Other Information

Revenue and Other Information	6 Months Ended
Revenue and Other Information	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Other Information	Revenue and Other Information The following table presents our revenue categories for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Core solutions $ 44,024 $ 38,515 $ 86,944 $ 75,684 Value Added Services 151,620 106,085 293,951 202,920 Other 1,731 2,475 3,910 4,571 Total revenue $ 197,375 $ 147,075 $ 384,805 $ 283,175 Our revenue is generated primarily from customers in the United States. All of our property and equipment is located in the United States.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (loss)	$ 29,665	$ 38,663	$ (18,901)	$ (35,110)	$ 68,328	$ (54,011)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Olivia Nottebohm [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 15, 2023, Olivia Nottebohm, a member of our Board of Directors, entered into a prearranged stock selling plan for the sale of up to 1,449 shares of the Company's Class A common stock between March 1, 2024 and December 27, 2024. Ms. Nottebohm's trading plan was entered into during an open insider trading window and was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. On June 27, 2024, Ms. Nottebohm's trading plan automatically terminated and expired pursuant to its terms in connection with the completed sale of all shares subject to the trading plan.
Name	Olivia Nottebohm
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 27, 2024
Aggregate Available	1,449	1,449
Janet Kerr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On March 13, 2024, Janet Kerr, a member of our Board of Directors, entered into a prearranged stock selling plan for the sale of up to 2,500 shares of the Company's Class A common stock between June 14, 2024 and December 31, 2024. Ms. Kerr's trading plan was entered into during an open insider trading window and was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. On June 14, 2024, Ms. Kerr's trading plan automatically terminated and expired pursuant to its terms in connection with the completed sale of all shares subject to the trading plan.
Name	Janet Kerr
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 14, 2024
Aggregate Available	2,500	2,500
Shane Trigg [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 10, 2024, Shane Trigg, our Chief Executive Officer and a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 19,414 shares of the Company's Class A common stock between August 15, 2024 and August 15, 2025. Mr. Trigg's trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Shane Trigg
Title	Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 10, 2024
Arrangement Duration	365 days
Aggregate Available	19,414	19,414
Matt Mazza [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 16, 2024, Matt Mazza, our Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale, between August 15, 2024 and August 31, 2025, of up to (i) 8,413 shares of the Company's Class A common stock, plus (ii) the net number of shares of the Company's Class A common stock received by Mr. Mazza in connection with the of vesting, between August 10, 2024 and August 10, 2025, of RSUs and PSUs held by Mr. Mazza. Mr. Mazza's trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act of 1934.
Name	Matt Mazza
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Arrangement Duration	381 days
Aggregate Available	8,413	8,413

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies
Reclassification	Reclassification We reclassified certain amounts in our 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	Use of Estimates
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Shares	The following table sets forth the computation of basic and diluted net income (loss) per common share (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic net income (loss) per share: Numerator Net income (loss) $ 29,665 $ (18,901) $ 68,328 $ (54,011) Less: undistributed earnings to participating securities 3 — 8 — Net income (loss) attributable to common stockholders $ 29,662 $ (18,901) $ 68,320 $ (54,011) Denominator — — Weighted average common shares outstanding 36,244 35,573 36,168 35,512 Less: Weighted average unvested restricted shares subject to repurchase 3 8 4 7 Weighted average common shares outstanding; basic 36,241 35,565 36,164 35,505 Net income (loss) per common share; basic $ 0.82 $ (0.53) $ 1.89 $ (1.52) Diluted net income (loss) per share: Numerator Net income (loss) attributable to common stockholders $ 29,662 $ (18,901) $ 68,320 $ (54,011) Denominator Weighted average common shares outstanding; basic 36,241 35,565 36,164 35,505 Add: Weighted average dilutive options outstanding 41 — 75 — Add: Weighted average dilutive RSUs outstanding 460 — 481 — Weighted average common shares outstanding; diluted 36,742 35,565 36,720 35,505 Net income (loss) per common share; diluted $ 0.81 $ (0.53) $ 1.86 $ (1.52)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Unvested Restricted Stock Awards — 6 — 6 Options — 477 — 477 Restricted Stock Units 2 1,335 163 1,335 Total potentially dilutive securities 2 1,818 163 1,818

Investment Securities and Fai_2

Investment Securities and Fair Value Measurements (Tables)	6 Months Ended
Investment Securities and Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Available-for-sale Securities	Investment securities classified as available-for-sale consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and agency securities 221,841 1 (149) 221,693 Total available-for-sale investment securities $ 221,841 $ 1 $ (149) $ 221,693 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and agency securities 162,062 193 (59) 162,196 Total available-for-sale investment securities $ 162,062 $ 193 $ (59) $ 162,196
Available-for-sale Investments, by Remaining Contract Maturity	The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands): June 30, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 221,841 $ 221,693 $ 162,062 $ 162,196 Total available-for-sale investment securities $ 221,841 $ 221,693 $ 162,062 $ 162,196
Schedule of Sales, Calls, and Maturities	During the six months ended June 30, 2024 and 2023, we had sales and maturities of investment securities, as follows (in thousands): Six Months Ended June 30, 2024 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities U.S. government and agency securities — — — 94,455 Total $ — $ — $ — $ 94,455 Six Months Ended June 30, 2023 Gross Realized Gains Gross Realized Losses Gross Proceeds from Sales Gross Proceeds from Maturities Corporate bonds $ 3 $ — $ 1,013 $ 11,012 U.S. government and agency securities — — — 38,605 Total $ 3 $ 1,013 $ 49,617
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 June 30, 2024 and December 31, 2023 by level within the fair value hierarchy (in thousands): June 30, 2024 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 42,185 $ — $ 42,185 Available-for-sale investment securities: U.S. government and agency securities — 221,693 221,693 Total $ 42,185 $ 221,693 $ 263,878 December 31, 2023 Level 1 Level 2 Total Fair Cash equivalents: Money market funds $ 37,100 $ — $ 37,100 Available-for-sale investment securities: U.S. government and agency securities — 162,196 162,196 Total $ 37,100 $ 162,196 $ 199,296

Capitalized Software Developm_2

Capitalized Software Development Costs, net (Tables)	6 Months Ended
Capitalized Software Development Costs, net (Tables)	Jun. 30, 2024
Research and Development [Abstract]
Schedule of Capitalized Computer Software	Capitalized software development costs were as follows (in thousands): June 30, December 31, Capitalized software development costs, gross $ 125,370 $ 126,606 Less: Accumulated amortization (108,025) (105,044) Capitalized software development costs, net $ 17,345 $ 21,562
Schedule of Capitalized Computer Software Future Amortization Expense	Future amortization expense with respect to capitalized software development costs as of June 30, 2024 is estimated as follows (in thousands): Years Ending December 31, 2024 $ 5,583 2025 6,963 2026 3,345 2027 1,454 Total amortization expense $ 17,345

Accrued Employee Expenses (Tabl

Accrued Employee Expenses (Tables)	6 Months Ended
Accrued Employee Expenses (Tables)	Jun. 30, 2024
Compensation Related Costs [Abstract]
Schedule of Accrued Employee Expenses	Accrued employee expenses consisted of the following (in thousands): June 30, December 31, Accrued vacation $ 13,726 $ 12,399 Accrued bonuses 11,764 14,795 Accrued payroll, severance and related personnel cost 6,472 8,373 Total accrued employee expenses $ 31,962 $ 35,567

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
Other Current Liabilities (Tables)	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities consisted of the following (in thousands): June 30, December 31, Insurance reserves $ 4,389 $ 4,174 Operating lease liabilities-current 3,875 3,626 Other 5,444 3,535 Total other current liabilities $ 13,708 $ 11,335

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 1,070 $ 1,131 $ 2,143 $ 2,276 Variable lease cost 289 448 654 1,021 Total lease cost $ 1,359 $ 1,579 $ 2,797 $ 3,297
Schedule of Lease Assets and Liabilities	Lease-related assets and liabilities were as follows (in thousands): June 30, December 31, Assets Operating lease right-of-use assets $ 18,232 $ 19,285 Liabilities Other current liabilities $ 3,875 $ 3,626 Operating lease liabilities 39,447 41,114 Total lease liabilities $ 43,323 $ 44,740
Schedule of Minimum Lease Payments Under Leases	Future minimum lease payments under non-cancellable leases as of June 30, 2024 were as follows (in thousands): Years ending December 31, 2024 $ 2,840 2025 6,168 2026 6,346 2027 6,529 2028 6,717 Thereafter 24,373 Total future minimum lease payments 52,973 Less: imputed interest (9,650) Total $ 43,323

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of activity in connection with our stock options for the six months ended June 30, 2024, is as follows (number of shares in thousands): Number of Weighted Weighted Options outstanding as of December 31, 2023 381 $ 51.49 3.4 Options exercised (247) 15.77 Options cancelled/forfeited (1) 3.28 Options outstanding as of June 30, 2024 133 $ 118.00 7.9
Schedule of Restricted Stock Units Activity	A summary of activity in connection with our restricted stock units ("RSUs") for the six months ended June 30, 2024, is as follows (number of shares in thousands): Number of Shares Weighted Average Grant Date Fair Value per Share Unvested as of December 31, 2023 943 $ 121.61 Granted 283 212.29 Vested (227) 124.91 Forfeited (28) 132.12 Unvested as of June 30, 2024 971 $ 146.99

Revenue and Other Information (

Revenue and Other Information (Tables)	6 Months Ended
Revenue and Other Information (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Product Information by Revenue Categories	The following table presents our revenue categories for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Core solutions $ 44,024 $ 38,515 $ 86,944 $ 75,684 Value Added Services 151,620 106,085 293,951 202,920 Other 1,731 2,475 3,910 4,571 Total revenue $ 197,375 $ 147,075 $ 384,805 $ 283,175

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income (loss)	$ 29,665	$ 38,663	$ (18,901)	$ (35,110)	$ 68,328	$ (54,011)
Less: undistributed earnings to participating securities	3		0		8	0
Net income (loss) attributable to common stockholders	$ 29,662		$ (18,901)		$ 68,320	$ (54,011)
Denominator
Weighted average common shares outstanding (in shares)	36,244		35,573		36,168	35,512
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	3		8		4	7
Weighted average common shares outstanding; basic (in shares)	36,241		35,565		36,164	35,505
Net income (loss) per common share, basic (in dollars per share)	$ 0.82		$ (0.53)		$ 1.89	$ (1.52)
Numerator
Net income (loss) attributable to common stockholders	$ 29,662		$ (18,901)		$ 68,320	$ (54,011)
Denominator
Weighted average common shares outstanding, basic (in shares)	36,241		35,565		36,164	35,505
Weighted average common shares outstanding; diluted (in shares)	36,742		35,565		36,720	35,505
Net income (loss) per common share, diluted (in dollars per share)	$ 0.81		$ (0.53)		$ 1.86	$ (1.52)
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	41		0		75	0
Restricted Stock Units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	460		0		481	0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	2	1,818	163	1,818
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	0	6	0	6
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	0	477	0	477
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	2	1,335	163	1,335

Investment Securities and Fai_3

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 221,841	$ 162,062
Gross Unrealized Gains	1	193
Gross Unrealized Losses	(149)	(59)
Available-for-sale investment securities:	221,693	162,196
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	221,841	162,062
Gross Unrealized Gains	1	193
Gross Unrealized Losses	(149)	(59)
Available-for-sale investment securities:	$ 221,693	$ 162,196

Investment Securities and Fai_4

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Allowance for credit losses, available-for sale investments	$ 0	$ 0
Non-marketable debt securities	$ 1,300,000

Investment Securities and Fai_5

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 221,841	$ 162,062
Amortized Cost	221,841	162,062
Estimated Fair Value
Due in one year or less	221,693	162,196
Estimated Fair Value	$ 221,693	$ 162,196

Investment Securities and Fai_6

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0	$ 3
Gross Realized Losses	0
Gross Proceeds from Sales	0	1,013
Gross Proceeds from Maturities	94,455	49,617
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		3
Gross Realized Losses		0
Gross Proceeds from Sales		1,013
Gross Proceeds from Maturities		11,012
U.S. government and 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	$ 94,455	$ 38,605

Investment Securities and Fai_7

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 221,693	$ 162,196
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	263,878	199,296
Fair value, recurring measurements \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	221,693	162,196
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	42,185	37,100
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	42,185	37,100
Fair value, recurring measurements \| Level 1 \| U.S. government and 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 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	42,185	37,100
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	221,693	162,196
Fair value, recurring measurements \| Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	221,693	162,196
Fair value, recurring measurements \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Capitalized Software Developm_3

Capitalized Software Development Costs, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Research and Development [Abstract]
Capitalized software development costs, gross	$ 125,370	$ 126,606
Less: Accumulated amortization	(108,025)	(105,044)
Capitalized software development costs, net	$ 17,345	$ 21,562

Capitalized Software Developm_4

Capitalized Software Development Costs, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and Development [Abstract]
Capitalized software development costs during the period	$ 1.6	$ 1.3	$ 2.7	$ 2.3
Amortization expense with respect to software development costs during the period	3.2	4.9	7	10.8
Fully amortized capitalized software development costs disposed of	$ 2.1	$ 1.3	$ 4	$ 3.5

Capitalized Software Developm_5

Capitalized Software Development Costs, net - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Years Ending December 31,
2024	$ 5,583
2025	6,963
2026	3,345
2027	1,454
Capitalized software development costs, net	$ 17,345	$ 21,562

Accrued Employee Expenses (Deta

Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Accrued vacation	$ 13,726	$ 12,399
Accrued bonuses	11,764	14,795
Accrued payroll, severance and related personnel cost	6,472	8,373
Total accrued employee expenses	$ 31,962	$ 35,567

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Insurance reserves	$ 4,389	$ 4,174
Operating lease liabilities-current	3,875	3,626
Other	5,444	3,535
Total other current liabilities	$ 13,708	$ 11,335

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term			10 years
Gain (loss) on modification of lease	$ 1,900	$ 2,400	$ 0	$ 4,281
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 2,900		$ 2,966	$ 5,805
Minimum
Lessee, Lease, Description [Line Items]
Lease term			1 month
Maximum
Lessee, Lease, Description [Line Items]
Lease term			9 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,070	$ 1,131	$ 2,143	$ 2,276
Variable lease cost	289	448	654	1,021
Total lease cost	$ 1,359	$ 1,579	$ 2,797	$ 3,297

Leases - Lease Related Assets a

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 18,232	$ 19,285
Other current liabilities	3,875	3,626
Operating lease liabilities	39,447	41,114
Total lease liabilities	$ 43,323	$ 44,740
Operating lease, liability, current, location	Other current liabilities	Other current liabilities

Leases - Schedule of Minimum Le

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Years ending December 31,
2024	$ 2,840
2025	6,168
2026	6,346
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	52,973
Less: imputed interest	(9,650)
Total	$ 43,323	$ 44,740

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Quota share of tenant liability insurance provided, percent	100%
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported	$ 4.4	$ 4.2
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral	$ 3.6	$ 5.1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Shares
Options outstanding, beginning balance (in shares)	381
Options exercised (in shares)	(247)
Options cancelled/forfeited (in shares)	(1)
Options outstanding, ending balance (in shares)	133	381
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 51.49
Options exercised (in dollars per share)	15.77
Options cancelled/forfeited (in dollars per share)	3.28
Options outstanding, ending balance (in dollars per share)	$ 118	$ 51.49
Weighted Average Remaining Contractual Life in Years	7 years 10 months 24 days	3 years 4 months 24 days

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining stock-based compensation expense for unvested options, not yet recognized	$ 5.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, weighted average recognition period (in years)	3 years 6 months
Stock Options \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Stock Options \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Stock Options \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	943
Granted (in shares) \| shares	283
Vested (in shares) \| shares	(227)
Forfeited (in shares) \| shares	(28)
Unvested, ending balance (in shares) \| shares	971
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 121.61
Granted (in dollars per share) \| $ / shares	212.29
Vested (in dollars per share) \| $ / shares	124.91
Forfeited (in dollars per share) \| $ / shares	132.12
Unvested, ending balance (in dollars per share) \| $ / shares	$ 146.99

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14,794	$ 10,772	$ 28,268	$ 24,675
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	14,500	$ 10,400	27,500	$ 24,100
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 113,800		$ 113,800
Stock-based compensation expense, weighted average recognition period (in years)			2 years 3 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	971		971		943
Vesting period			4 years
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	800		800
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested performance stock units (in shares)	100		100
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Percent of targeted performance metric	100%		100%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0%		0%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	170%		170%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expenses	$ 9,839	$ 19,646	$ 8,258	$ 29,607
Effective tax rate, percent	24.90%		10.80%

Revenue and Other Information_2

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 197,375	$ 147,075	$ 384,805	$ 283,175
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	44,024	38,515	86,944	75,684
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	151,620	106,085	293,951	202,920
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,731	$ 2,475	$ 3,910	$ 4,571