Company: APPF
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001433195-25-000105
Chunk: 33

Company: APPFOLIO INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 for income taxes consists of federal and state income taxes in the United States.

18

Results of Operations 

Revenue

 Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change 20252024Amount%20252024Amount% (dollars in thousands)Core solutions$52,473 $44,024 $8,449 19 %$101,986 $86,944 $15,042 17 %Value Added Services180,145 151,620 28,525 19 %344,851 293,951 50,900 17 %Other2,957 1,731 1,226 71 %6,440 3,910 2,530 65 %Total revenue$235,575 $197,375 $38,200 19 %$453,277 $384,805 $68,472 18 %

The increase in revenue for the three and six months ended June 30, 2025, compared to the same periods in the prior year, was primarily attributable to an increase in the usage of our payments, tenant screening, and risk mitigation services. During the three and six month periods ended June 30, 2025, we also experienced growth of 6% in the number of property management units under management compared to the same period in the prior year, which drove growth in users of our subscription and usage-based services.

Our payment services experienced increased usage during the comparative periods as residents and property managers transacted more business online.

We expect total revenue for the year ending December 31, 2025 to increase compared to the year ended December 31, 2024 as we continue to add new customers and property management units under management, along with increased adoption and usage of our Value Added Services.

Cost of Revenue (Exclusive of Depreciation and Amortization)

 Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change 20252024Amount%20252024Amount% (dollars in thousands)Cost of revenue (exclusive of depreciation and amortization)$83,827 $69,601 $14,226 20 %$163,325 $134,247 $29,078 22 %Percentage of revenue35.6 %35.3 %36.0 %34.9 %Stock-based compensation, included above$1,419 $1,