Company: APPF
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001433195-25-000055
Chunk: 14

Company: APPFOLIO INC
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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5 and December 31, 2024 by level within the fair value hierarchy (in thousands):

10

March 31, 2025Level 1Level 2Total FairValueCash equivalents:Money market funds$32,019 $— $32,019 Available-for-sale investment securities:   U.S. government and agency securities— 153,881 153,881 Total$32,019 $153,881 $185,900 December 31, 2024Level 1Level 2Total FairValueCash equivalents:Money market funds$25,167 $— $25,167 Available-for-sale investment securities:U.S. government and agency securities— 235,745 235,745 Total$25,167 $235,745 $260,912 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.

 4. Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands): March 31,2025December 31,2024Accrued bonuses7,142 17,092 Accrued payroll and other14,633 13,065     Total accrued employee expenses$21,775 $30,157 

5. Other Current Liabilities

Other Current Liabilities consisted of the following (in thousands): March 31,2025December 31,2024Unearned premium liabilities$5,767 $5,455 Insurance reserves$4,041 $3,908 Operating lease liabilities-current4,369 4,273 Other1,996 2,451     Total other current liabilities$16,173 $16,087 Unearned premium liabilities are the refundable portion of commissions received in connection with the sale of renters insurance policies to residents through AppFolio Insurance Services, Inc., our wholly owned subsidiary. In the event a resident cancels their renters insurance policy prior to the end of such policy, we may be required to refund a pro rata portion