Company: APPF
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001433195-25-000055
Chunk: 7

Company: APPFOLIO INC
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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430 Costs and operating expenses:Cost of revenue (exclusive of depreciation and amortization)(1)79,498 64,646 Sales and marketing(1)31,057 24,455 Research and product development(1)43,758 37,895 General and administrative(1)23,351 21,132 Depreciation and amortization6,255 5,212 Total costs and operating expenses183,919 153,340 Income from operations33,783 34,090 Other income (loss), net56 — Interest income, net2,953 2,992 Income before provision for income taxes36,792 37,082 Provision (benefit from) for income taxes5,409 (1,581)Net income$31,383 $38,663 Net income per common share:Basic$0.86 $1.07 Diluted$0.86 $1.05 Weighted average common shares outstanding:Basic36,302 36,087 Diluted36,648 36,674 

(1) Includes stock-based compensation expense as follows:

Three Months EndedMarch 31,20252024Stock-based compensation expense included in costs and operating expenses:Cost of revenue (exclusive of depreciation and amortization)$1,287 $960 Sales and marketing2,848 1,510 Research and product development6,931 5,682 General and administrative5,305 5,322 Total stock-based compensation expense$16,371 $13,474 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

4

APPFOLIO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)

 Three Months EndedMarch 31, 20252024Net income$31,383 $38,663 Other comprehensive loss:    Changes in unrealized losses on investment securities, net of tax(207)(214)Comprehensive income$31,176 $38,449 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

5

APPFOLIO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 

(UNAUDITED)

(in thousands)

AccumulatedAdditionalOtherCommon StockCommon Stock