APPFOLIO INC

Listed Company

APPFCIK 0001433195NasdaqLarge AcceleratedServices-Prepackaged SoftwareFY ends Dec 31

Period

FY 2025

Revenue

$950.82M

Net Income

$140.92M

Total Assets

$688.97M

Equity

$542.58M

Shares Out

—

Op. Cash Flow

$242.10M

Business

APPFOLIO INC provides a cloud-based platform that enables property managers to operate and automate real estate business processes. It offers subscription core plans—Core, Plus, and Max—and value-added services like electronic payments, tenant screening, risk mitigation (FolioGuard), maintenance, and AI features via AppFolio Realm and Stack integrations. Key segments are its subscription platform and supplementary Value Added Services delivered through its AI-enhanced product suite and partner ecosystem. AppFolio serves property managers, investors, residents, vendors and associations via cloud delivery, direct sales, onboarding and partner channels across devices.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	951	794	620	472	359
Cost of revenue (exclusive of depreciation and amortization)	345	282	238	192	144
Sales and marketing	144	111	108	107	73
Research and product development	190	160	151	111	66
General and administrative	96	86	93	101	57
Depreciation and amortization	23	20	29	33	31
Total costs and operating expenses	798	659	619	544	371
Income from operations	153	136	963,000	−72	−12
Other income, net	38,000	697,000	3,000	4	13
Interest income, net	8	14	7	1	—
Income before provision for income taxes	161	150	8	−67	2
Provision for (benefit from) income taxes	20	−54	5	1	706,000
Net income	141	204	3	−68	1
Basic (in dollars per share)	3.91	5.63	0.08	−1.95	0.03
Diluted (in dollars per share)	3.88	5.55	0.07	−1.95	0.03
Basic (in shares)	36	36	36	35	35
Diluted (in shares)	36	37	36	35	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	107	43	50	71	58
Investment securitiescurrent	144	236	162	89	65
Accounts receivable, net	37	24	21	17	13
Prepaid expenses and other current assets	65	33	40	25	24
Total current assets	353	335	272	201	159
Property and equipment, net	23	24	28	26	30
Operating lease right-of-use assets	16	17	19	23	42
Capitalized software development costs, net	11	15	22	35	41
Goodwill	96	96	56	56	56
Intangible assets, net	39	49	2	5	12
Deferred income taxes	59	77	0	—	0
Long-term investments	77	2	—	—	—
Other long-term assets	14	9	9	9	7
Total assets	689	627	409	381	408
Accounts payable	4	2	1	2	2
Accrued employee expenses	60	30	36	34	30
Accrued expenses	21	15	22	16	13
Other current liabilities	22	16	11	9	8
Total current liabilities	107	63	70	61	53
Operating lease liabilities	33	37	41	50	56
Other liabilities	6	7	0	4	2
Total liabilities	146	107	112	116	111
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	284	255	237	210	172
Accumulated other comprehensive (loss) Income	30,000	173,000	99,000	−2	−194,000
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively	−172	−26	−26	−26	−26
Retained earnings	431	290	86	83	151
Total stockholders equity	543	519	297	266	297
Total liabilities and stockholders equity	689	627	409	381	408

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	23	20	29	31	29
Amortization of operating lease right-of-use assets	2	2	2	3	3
Amortization of costs capitalized to obtain revenue contracts, net	11	10	10	—	—
Gain on lease modification	0	0	−4	0	0
Deferred income taxes	18	−77	−490,000	−993,000	250,000
Stock-based compensation, including as amortized	71	60	52	43	17
Other	−2	−8	−3	135,000	499,000
Accounts receivable	−13	−3	−4	−4	−2
Prepaid expenses and other assets	−21	−6	−23	−7	−3
Accounts payable	2	2	−2	1	497,000
Operating lease liabilities	−4	−3	−3	−3	1
Accrued expenses and other liabilities	15	−12	4	12	1
Net cash provided by operating activities	242	188	60	25	35
Purchases of available-for-sale investments	−229	−317	−196	−79	−241
Proceeds from sales of available-for-sale investments	203	10	1	994,000	43
Proceeds from maturities of available-for-sale investments	119	240	152	88	107
Purchases of property and equipment	−3	−2	−9	−7	−8
Capitalization of software development costs	−3	−5	−5	−15	−25
Purchases of long-term investments	−75	0	629,000	—	—
Cash paid in business acquisition, net of cash acquired	−906,000	−77	0	0	0
Net cash provided by (used in) investing activities	10	−152	−56	−6	−110
Proceeds from stock option exercises	134,000	4	3	4	3
Tax withholding for net share settlement	−43	−47	−29	−11	−10
Proceeds from the issuance of common stock under the employee stock purchase plan	951,000	0	0	—	—
Purchase of common stock	−146	0	0	0	0
Net cash used in financing activities	−188	−43	−26	−6	−7
Net increase (decrease) in cash, cash equivalents and restricted cash	64	−7	−21	13	−82
Cash paid for income taxes	29	14	8	3	9
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	6	6	5	4	2

Filings

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