# EDGAR Filing Document

**Accession Number:** 0001433195
**File Stem:** 0001433195-25-000145
**Filing Date:** 2025-11
**Character Count:** 51120
**Document Hash:** abc96ca0782123cd9118f27e7036525d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001433195-25-000145.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001433195-25-000145

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APPFOLIO INC
- **CENTRAL INDEX KEY:** 0001433195
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 260359894
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37468
- **FILM NUMBER:** 251494065

**BUSINESS ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117
- **BUSINESS PHONE:** 8053646047

**MAIL ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117

?xml version='1.0' encoding='ASCII'? appf-20251118

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): November 18, 2025** 

**AppFolio, Inc.** 

(Exact name of registrant as specified in its charter)

**Delaware** 

(State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **001-37468** | **26-0359894** |
| (Commission File Number) | (IRS Employer Identification Number) |

---

**70 Castilian Drive** 

**Santa Barbara, CA 93117** 

(Address of principal executive offices)

Registrant's telephone number, including area code: **(805) 364-6093** 

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Class A Common Stock, $0.0001 par value | APPF | NASDAQ Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 7.01 Regulation FD Disclosure.**

As previously disclosed, AppFolio, Inc. (the "Company") hosted an investor meeting on November 18, 2025, at 9:00 a.m. Pacific Time (the "Investor Meeting"). A live webcast of the Investor Meeting was broadcast on the Company's investor relations website at https://ir.appfolioinc.com/ (the "Company's Website"). A copy of the slide presentation used in connection with the Investor Meeting (the "Investor Slide Deck") is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference into this Item 7.01. A replay of the webcast and a copy of the Investor Slide Deck are available on the Company's Website.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[A](appfolioinvestormeeting2.htm)[ppFolio Investor Presentation dated November 18, 2025](appfolioinvestormeeting2.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: November 18, 2025 | **AppFolio, Inc.** |
|  | By: /s/ Tim Eaton |
|  | Name: Tim Eaton |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.1

![](appfolioinvestormeeting2001.jpg)

Santa Barbara, CA November 18, 2025 2025 Investor Meeting

------

![](appfolioinvestormeeting2002.jpg)

2 2025© AppFolio Investor Meeting - November 18, 2025 Agenda Welcome Bill Schroeder Vice President, Finance Powering the Future of Real Estate: AppFolio Vision & Strategy Shane Trigg President & Chief Executive Officer Differentiate to Win: AppFolio Solutions Kyle Triplett Sr. Vice President, Product Deliver Performance Efficiently: Go-to-Market Strategy Lisa Horner Chief Marketing Officer Break Customer Panel Stacy Holden Vice President & Industry Principal Financial Overview Tim Eaton Chief Financial Officer Q&A All

------

![](appfolioinvestormeeting2003.jpg)

3 2025© AppFolio Investor Meeting - November 18, 2025 This presentation contains forward-looking statements within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements made in this presentation are based primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, and prospects. In some cases, you can identify forward-looking statements by the use of words such as "may," "will," "should," "might," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Examples of forward-looking statements include, among others, statements made regarding product development plans, future product functionality or availability, future market conditions and size, growth in the size of our business and number of customers, strategic plans and objectives, business forecasts and plans, our future or assumed financial condition, ARPU potential, results of operations and liquidity, trends affecting our business and industry, the competitive environment, responding to customer needs, and capital resource allocation plans. Further information on the above and other risks that could cause our actual results to differ materially from our current expectations and projections can be found in our Annual Report on Form 10-K filed for the year ended December 31, 2024 and in our other Securities and Exchange Commission ("SEC") filings, including our most recent Quarterly Report on Form 10-Q, which are available on our website at https://ir.appfolioinc.com/ or the SEC's website at www.sec.gov. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter. The information in this presentation on new products, features, or functionality is intended solely to outline our general product direction. It is not a commitment to deliver any product, feature, or functionality; and our product direction may change at any time without notice. As such, the information may not be incorporated into any contract and purchases should not be contingent upon it. Numbers in this presentation may be rounded for presentation purposes. Safe Harbor Statement and Other Information

------

![](appfolioinvestormeeting2004.jpg)

4 2025© AppFolio Investor Meeting - November 18, 2025 This presentation includes information about non-GAAP operating margin (collectively the "non-GAAP financial measures"). Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. We use non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these adjustments also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods. Non-GAAP operating margin is defined as income (loss) from operations, less stock-based compensation, amortization of stock-based compensation capitalized in software development, and other non-recurring items. Statement Regarding Use of Non-GAAP Financial Measures

------

![](appfolioinvestormeeting2005.jpg)

5 AppFolio Vision & Strategy Shane Trigg President & Chief Executive Officer Powering the Future of Real Estate:

------

![](appfolioinvestormeeting2006.jpg)

6 2025© AppFolio Investor Meeting - November 18, 2025 AppFolio: Two Decades of Growth & Innovation AppFolio Opens Its Doors AppFolio Property Manager Launches AppFolio Goes Public 500 Employees $100M annual revenue AppFolio Property Manager Plus 1000 Employees First AI Service Launches 9M units Leadership Team Evolves AppFolio Property Manager Max Launch of AppFolio Stack Insurance Screening Payments 2006 2018 202420152009 2021 AppFolio Acquires LiveEasy 2025 20262012

------

![](appfolioinvestormeeting2007.jpg)

7 2025© AppFolio Investor Meeting - November 18, 2025 Transforming Our Performance: Financial Revenue ($M) $948\* $472 20252022 Non-GAAP Op Margin 24%\* (1%) 20252022 Operating Cash Flow ($M) $177\*\* $25 20252022 Operating Cash Flow Per Share $4.87\*\* $0.72 20252022 Rev per Employee ($K) $532\*\* $264 20252022 \* 2025 represents the mid-point of 2025 annual guidance as reported on October 30, 2025. Non-GAAP operating margin is a non-GAAP financial measure. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable. \*\* YTD 2025 results

------

![](appfolioinvestormeeting2008.jpg)

8 2025© AppFolio Investor Meeting - November 18, 2025 AppFolio Stack FolioGuard Security Deposit Alternative Report Builder Bank Feed Flexible Screening AppFolio Alpha 2022 Innovation Over the Years AppFolio Realm Leasing Signals Leasing CRM AppFolio Stack Solution Partners Progressive Maintenance Intake Auto-generated Marketing Descriptions Instant Pay for Vendors Bulk actions move-outs, renewals, & pricing Affordable Housing 2023 2024 AppFolio Realm-X Assistant AppFolio Realm-X Messages AppFolio Realm-X Flows AppFolio Max (Tier) Database API Custom Fields Modern Reporting Interface AppFolio Stack Webhooks FolioScreen ID & Document Verification Affordable Housing Waitlist Student Pre-Leasing Resident Concierge (LiveEasy) 2025 Realm-X Leasing Performer Realm-X Maintenance Performer Resident Onboarding Resident Onboarding Lift (Second Nature) Resident Messages Zillow Listing Spotlight AvidXChange Payables Centralized CRM Smart Budgeting Credit Card Accounting Bill Approval Flow & Bulk Bills Affordable Certification & HUD Move-In Student Pre-Leasing Placement Board Flexible Rental Applications Delay

------

![](appfolioinvestormeeting2009.jpg)

9 2025© AppFolio Investor Meeting - November 18, 2025 \* YTD 2025 results \*\* Internal data on percentage of customers that used AppFolio Realm AI features and capabilities in 2025 Customer Count 18,441 21,759\* 20252022 ARPU $103\* $66 20252022 Units Under Management 20252022 7.3M 9.1M\* Transforming Our Performance: Industry-Leading Innovation to Customer Value Premium Tier Adoption 25% 10% 20252022 AppFolio Realm AI Use\*\* 40% 96% 20252022

------

![](appfolioinvestormeeting2010.jpg)

10 2025© AppFolio Investor Meeting - November 18, 2025 "Moving to AppFolio was a seamless experience, which speaks volumes about the partnership. AppFolio's significant and ongoing investment in product development, along with their client-first support team, reinforces our confidence that Northpoint's residents and owners will continue to have the best experiences and outcomes." Adam Haleck CEO 8,000 Units Customer since 2024 AppFolio Powers Winning Businesses

------

![](appfolioinvestormeeting2011.jpg)

2025© AppFolio Investor Meeting - November 18, 202511 CUSTOMER IMPACT Awards & Accolades Overall Leader, G2 Grid® for Property Management\* INNOVATION TEAM

------

![](appfolioinvestormeeting2012.jpg)

12 2025© AppFolio Investor Meeting - November 18, 2025 Great people make a great company. Listening to customers is in our DNA. Do the right thing; it's good for business. Simpler is better. Innovation powers success. Build trust every day. VALUES

------

![](appfolioinvestormeeting2013.jpg)

The AppFolian Way

------

![](appfolioinvestormeeting2014.jpg)

14 2025© AppFolio Investor Meeting - November 18, 2025 AppFolio Leadership Team Shane Trigg President and Chief Executive Officer AppFolian Since 2020 Kyle Triplett Sr. Vice President, Product AppFolian Since 2019 Tim Eaton Chief Financial Officer AppFolian Since 2020 Matthew Baird Chief Technology Officer AppFolian Since 2022 Elizabeth Barat Chief People Officer AppFolian Since 2016 Marcy Campbell Chief Revenue Officer AppFolian Since 2024 Lisa Horner Chief Marketing Officer AppFolian Since 2014 Evan Pickering Sr. Vice President, General Counsel AppFolian Since 2018

------

![](appfolioinvestormeeting2015.jpg)

15 2025© AppFolio Investor Meeting - November 18, 2025 Outdated Systems AI Noise Fragmented Data Compliance Regulatory Challenges Delay

------

![](appfolioinvestormeeting2016.jpg)

Real Performance FUTURE STATE EXTERNAL FORCES Task-Based Management High Interest Rates Limited Rent Growth Increasing Vacancy Rates Growing Resident Expectations Inflation Data Silos Fragmented Tech Bolt-on AI Efficiency Trap Change Resistance INDUSTRY CHALLENGES CURRENT STATE The . Performance . Gap Delay

------

![](appfolioinvestormeeting2017.jpg)

------

![](appfolioinvestormeeting2018.jpg)

18 2025© AppFolio Investor Meeting - November 18, 2025 The future of real estate has a name Real Estate Performance Management

------

![](appfolioinvestormeeting2019.jpg)

------

![](appfolioinvestormeeting2020.jpg)

20 2025© AppFolio Investor Meeting - November 18, 2025 To power the future of real estate. Vision

------

![](appfolioinvestormeeting2021.jpg)

21 2025© AppFolio Investor Meeting - November 18, 2025 To build the platform where real estate comes to do business. Mission

------

![](appfolioinvestormeeting2022.jpg)

22 2025© AppFolio Investor Meeting - November 18, 2025 Investor Resident Broker Vendor AppFolio Performance Platform Property Manager Core Industry Segment Industry Segments Property Manager is Our Core Industry Segment Property management is the central function that integrates and activates the real estate industry. It transforms scattered assets into a thriving system of homes, businesses, and communities. Its collective actions link residents, investors, vendors, and brokers, ensuring that value is consistently created and sustained.

------

![](appfolioinvestormeeting2023.jpg)

23 2025© AppFolio Investor Meeting - November 18, 2025 Investing to Win Across Key Industry Control Points Investments across systems will independently grow revenue and margin while influencing customer acquisition and unit expansion DO THE WORK System of Action AppFolio Performance Platform Real Estate Performance Management System of Record CREATE THE VALUE System of Growth STORE THE DATA Mission To power the future of real estate. To build the platform where real estate comes to do business. Vision DRIVE THE ECONOMICS

------

![](appfolioinvestormeeting2024.jpg)

24 2025© AppFolio Investor Meeting - November 18, 2025 To power the future of real estate. To build the platform where real estate comes to do business. Investor Annualized Total Return Cash-on-Cash Return Net Operating Income Financial Health Convenience Happiness Resident Broker Network Growth Deal Flow $$ Per Transaction Vendor Work Order Volume Estimate-to-Actual $$ Per Technician Data & Security System of Growth System of Record System of Action AppFolio Stack & APIs AppFolio Realm™ AppFolio Performance Platform Mission Vision Fewer, More Valuable Interactions Units Per Property Manager Profitability Per Revenue $ Core Industry Segment Industry Segments Performance Outcomes Property Manager Platform \| AI-Native Architecture \| Performance Where We Play & How We Win 10-Year Vision STORE THE DATA DO THE WORK UNIFY THE EXPERIENCE DRIVE THE ECONOMICS BUILD THE PLATFORM POWER THE FUTURE CREATE THE VALUE

------

![](appfolioinvestormeeting2025.jpg)

25 2025© AppFolio Investor Meeting - November 18, 2025 Investor Resident Broker Vendor 10-Year Vision TAM Data & Security System of Growth System of Record System of Action AppFolio Stack™ & APIs AppFolio Realm™ AppFolio Performance Platform 52 Million Residential Units Core Industry Segment Industry Segments Total Addressable Market\* Property Manager Platform \| AI-Native Architecture \| Performance 17 Million Investors with Rentals 110 Million Residents in Rentals 5 Million Real Estate Transactions 644,000 Home Service Providers \* Estimates based on AppFolio analysis of data from Census.gov, BLS.gov, McKinsey, Cotality, and other third-party sources STORE THE DATA DO THE WORK UNIFY THE EXPERIENCE DRIVE THE ECONOMICS BUILD THE PLATFORM POWER THE FUTURE CREATE THE VALUE Where We Play & How We Win Total Addressable Market\*

------

![](appfolioinvestormeeting2026.jpg)

26 2025© AppFolio Investor Meeting - November 18, 2025

------

![](appfolioinvestormeeting2027.jpg)

27 2025© AppFolio Investor Meeting - November 18, 2025 Differentiate to Win Great People & Culture Deliver Performance Efficiently Strategic Pillars To power the future of real estate. Vision To build the platform where real estate comes to do business. Mission

------

![](appfolioinvestormeeting2028.jpg)

28 Differentiate to Win: AppFolio Solutions Kyle Triplett Sr. Vice President, Product

------

![](appfolioinvestormeeting2029.jpg)

------

![](appfolioinvestormeeting2030.jpg)

30 2025© AppFolio Investor Meeting - November 18, 2025 STORE THE DATA DO THE WORK UNIFY THE EXPERIENCE DRIVE THE ECONOMICS BUILD THE PLATFORM POWER THE FUTURE CREATE THE VALUE

------

![](appfolioinvestormeeting2031.jpg)

31 2025© AppFolio Investor Meeting - November 18, 2025 Accounting Advance our accounting capabilities to support upmarket portfolios. Mixed Portfolios Broaden our coverage with expanded Affordable and Student Housing functionality. Permissions Empower large customers through more granular controls and permissions. Reporting Enhance reporting with increased flexibility and customization. Winning the System of Record

------

![](appfolioinvestormeeting2032.jpg)

32 2025© AppFolio Investor Meeting - November 18, 2025 Our ambition is to be the system of record, action, and growth for real estate, turning the data within our platform into structured intelligence that drives customer performance and strengthens our competitive advantage. ● Standardized ● Scalable ● Reliable Unified Data The heart of every successful platform is data Powered Initiatives AppFolio Stack AppFolio Realm-X Data & API Products

------

![](appfolioinvestormeeting2033.jpg)

33 2025© AppFolio Investor Meeting - November 18, 2025 4M+ Units Connected 84 Partners 8 Product Categories Investor Resident Broker Vendor Property Manager Data & Security System of Growth System of Record System of Action AppFolio Stack™ & APIs AppFolio Realm™ Platform \| AI-Native Architecture \| Performance AppFolio Stack AppFolio Performance Platform AppFolio Stack Our customers' space to connect their data to the outside world

------

![](appfolioinvestormeeting2034.jpg)

34 2025© AppFolio Investor Meeting - November 18, 2025 New Templates Existing AppFolio Stack in Realm-X Flows Realm-X Flows will trigger actions in AppFolio Stack Apps to extend our System of Action

------

![](appfolioinvestormeeting2035.jpg)

35 2025© AppFolio Investor Meeting - November 18, 2025 STORE THE DATA DO THE WORK UNIFY THE EXPERIENCE DRIVE THE ECONOMICS BUILD THE PLATFORM POWER THE FUTURE CREATE THE VALUE

------

![](appfolioinvestormeeting2036.jpg)

36 2025© AppFolio Investor Meeting - November 18, 2025 The AppFolio Difference: AI-Powered Innovation Realm-X Assistant Smart Bill Entry FolioGuard Smart Ensure Leasing Descriptions Bank Feed Leasing Signals Realm-X Flows Realm-X Messages Smart Budgeting

------

![](appfolioinvestormeeting2037.jpg)

37 2025© AppFolio Investor Meeting - November 18, 2025 26 Seconds Saved for Every Message Created\*\* 10.3 Hours Saved Completing Tasks per User Each Week\* 15+ Million Actions Automated in 2025 Real Performance with Realm-X \* Average from 2024 survey of 343 AppFolio Realm-X users \*\* Estimated average from customer-usage data

------

![](appfolioinvestormeeting2038.jpg)

38 2025© AppFolio Investor Meeting - November 18, 2025

------

![](appfolioinvestormeeting2039.jpg)

39 2025© AppFolio Investor Meeting - November 18, 2025 STORE THE DATA DO THE WORK UNIFY THE EXPERIENCE DRIVE THE ECONOMICS BUILD THE PLATFORM POWER THE FUTURE CREATE THE VALUE

------

![](appfolioinvestormeeting2040.jpg)

40 2025© AppFolio Investor Meeting - November 18, 2025 APPLY QUALIFY We're closing the lease and securing a commitment I'm signing my lease and paying deposits I'm moving in and setting my space up the way I like it We're welcoming new residents & ensuring a seamless move-in experience ONBOARD SIGN & MOVE-IN Unifying the Resident Experience I'm looking for a place to call "home" DISCOVER ATTRACT We're marketing & generating quality/trusted leads I'm deciding whether to stay or move out RENEW RETAIN We're driving renewals and managing turnover I'm living in a hassle-free and comfortable space & I feel supported LIVE MANAGE We're providing services, collecting rent, & maintaining retention R E S ID E N T JO U R N E Y P M JO U R N E Y

------

![](appfolioinvestormeeting2041.jpg)

41 2025© AppFolio Investor Meeting - November 18, 2025 We're closing the lease and securing a commitment I'm signing my lease and paying deposits I'm moving in and setting my space up the way I like it We're welcoming new residents & ensuring a seamless move-in experience ONBOARD SIGN & MOVE-IN I'm looking for a place to call "home" ATTRACT We're marketing & generating quality/trusted leads I'm applying for this rental QUALIFY We're processing and screening applicants I'm deciding whether to stay or move out RETAIN We're driving renewals and managing turnover I'm living in a hassle-free and comfortable space & I feel supported MANAGE We're providing services, collecting rent, & maintaining retention DISCOVER APPLY LIVE RENEW of residents move in every year Millions Delivering Value During Resident Onboarding R E S ID E N T JO U R N E Y P M JO U R N E Y

------

![](appfolioinvestormeeting2042.jpg)

42 2025© AppFolio Investor Meeting - November 18, 2025 VIDEO 5 PLACEHOLDER Resident Onboarding https://drive.google. com/file/d/1B0O6iY khRM7nTJQe2aehr FL6zrP6KfI8/view? usp=sharing 4K WIP

------

![](appfolioinvestormeeting2043.jpg)

------

![](appfolioinvestormeeting2044.jpg)

44 2025© AppFolio Investor Meeting - November 18, 2025 Resident Messenger Performer Hi Jordan, we're happy to grant you a one-time waiver. The charge has been removed. RESIDENT TO PM Can my late fee be waived? PERFORMER ESCALATIONS AUTOMATED DECISIONS AI Concierge Just now Good news, you're eligible for a one-time late fee removal, and it's all taken care of. PROACTIVE AI Concierge 3 mins ago Hi Jordan, just a quick reminder that your June rent of $1320 is past due. No problem, I can split that into two payments: 📆 Payment Plan • Today: $660 • Aug 15: $660 Want me to set that up? Just now AI Concierge 12 mins ago Hey there 👋 how can I help you? I can check with your Property Manager on that. Are there any other details you'd like to include before I send the request? Hi Jordan, we're happy to grant you a one-time waiver. The charge has been removed. Carol Just now Carol has entered the chat PM PM Can my late fee be waived? Can my late fee be waived? Hey there 👋 how can I help you? Pay Now Can I setup a payment plan? AppFolio Realm-X Resident Messenger Performer is currently being piloted with select customers

------

![](appfolioinvestormeeting2045.jpg)

45 2025© AppFolio Investor Meeting - November 18, 2025 Value Added Services Resident Onboarding Lift FolioGuard Leasing Signals Zillow Listing Spotlight FolioScreen Receivables Payables AvidPay GROW VALUE FOR RESIDENTS AND PROPERTY MANAGERS GROW OCCUPANCY GROW PAYMENTS IMPACT Premium Listings Sites Realm-X Performers Leasing CRM ACTION THE WORK

------

![](appfolioinvestormeeting2046.jpg)

46 2025© AppFolio Investor Meeting - November 18, 2025 \* Averages from 2025 survey of 120 AppFolio Realm-X Flows users 5 days Vacancy Time Reduced\* 20% Increased Renewal Rates\* 2.8% Increased Net Operating Income\*

------

![](appfolioinvestormeeting2047.jpg)

47 Deliver Performance Efficiently: Go-to-Market Strategy Lisa Horner Chief Marketing Officer

------

![](appfolioinvestormeeting2048.jpg)

Our Brand Is a Differentiator for AppFolio Delay

------

![](appfolioinvestormeeting2049.jpg)

49 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE Differentiated Brand & Customer Experiences Delivers Efficient Growth for AppFolio

------

![](appfolioinvestormeeting2050.jpg)

50 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE GTM Alignment & Insights Create Efficient Customer Acquisition \*YTD 2025 non-GAAP expense Ideal Customer Profile Alignment GTM Investments Prioritized By Highest Fit + Propensity to Buy Prospect Accounts S&M Expense 13% of Revenue\* Tier 7 Tier 6 Tier 5 Tier 4 Tier 3 Tier 2 Tier 1 Buyer Group Engagement Personalized Value Plays by Buyer Group Stakeholder 80% Buyer Group Engagement With Top 500 Prospect Accounts CEO/Owner CFO Accountant Property Manager Lead Leasing Lead Maintenance Lead GTM Acquisition Playbooks by Segment + Common Goals Across GTM Functions Acquisition Market Segmentation +40% Upmarket Acquisition Sales Capacity Since 2023 UP MARKET SMB Delay \* 2025 represents YTD Q3-2025 as reported on October 30, 2025. Non-GAAP operating margin is a non-GAAP financial measure. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable.

------

![](appfolioinvestormeeting2051.jpg)

51 2025© AppFolio Investor Meeting - November 18, 2025 Ease of Use Drives High Adoption & Customer Outcomes Adoption & Customer Performance By Integrating Technology Customers Need 4M+ Units Connected \| 84 Partners Extended Value with Stack ACQUIRE ADOPT GROW RETAIN ADVOCATE Easy to Use Native Agentic Collaboration So Customers Build Thriving Communities 96% Use of AppFolio Realm AI Suite\*\* AI & Agentic Product Experiences Automating Onboarding Reduces Barrier to Switch + Decreases Time To Value 93% Onboarding Customer Satisfaction\* Product-Led Onboarding Delay \* Represents the percentage of Upmarket new customers who rated their AppFolio migration experience a 9 or 10 via automated post-migration surveys since 1/1/25 \*\* Internal data on percentage of customers that used AppFolio Realm AI features and capabilities in 2025

------

![](appfolioinvestormeeting2052.jpg)

52 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE We Win When Our Customers Win GTM Growth Playbooks by Segment + Common Goals Across GTM Functions +12% ARPU Growth from Prior Year\* Revenue Potential Segmentation TIER 1 TIER 2 TIER 3 TIER 4 TI ER 5 T 6 T 7 Transforming Unstructured Customer Data Into Proactive Growth Outcomes 47% Customers Engaged Via Automation AI-Led Growth Driving Customer Outcomes Underpins Monetization Strategy +50% Growth Sales Capacity Since 2023 Value Added Services & Upsell \*YTD 2025 ARPU is an approximate based YTD annualized actual results through September 30, 2025 Delay

------

![](appfolioinvestormeeting2053.jpg)

53 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE Service Excellence at Every Touchpoint Customer Differentiation When Customers Create Performance for Their Customers, We Are True Partners Realm-X Flows Users See +20% Renewal Rates\*\* Real Customer Performance As we Do The Work in Real Estate AppFolio Customers Perform Realm-X Users Save 10.3 Hours Per Week\* Our Customers Get Agentic Assistance within our Platform AI In-App Assistance 59% Support Interactions Handled by AI Delay \* Average from 2024 survey of 343 AppFolio Realm-X users \*\* Average from 2025 survey of 120 AppFolio Realm-X Flows users

------

![](appfolioinvestormeeting2054.jpg)

54 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE Our Reputation Is Built on Customer Success Buyers Trust Authentic Customer Reviews & Ratings Overall Leader, G2 Grid® for Property Management\* Stories of Customer Performance Fuel Our Efficient Growth We Break Through The AI Hype with Stories of Real Performance Real Stories of Success 56% of Managed Accounts Are Active Prospect References Community Multipliers Users Connect to Share Best Practices Driving Community Led Growth +28% YoY Community Engagements \* G2 Grid for Property Management Software, AppFolio overall leader ranking as of 11/17/2025. Rankings are dynamic. Delay

------

![](appfolioinvestormeeting2055.jpg)

55 2025© AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE We Deliver AppFolio & Real Estate Performance Efficiently Delay

------

![](appfolioinvestormeeting2056.jpg)

56 AppFolio Customer Panel Stacy Holden Vice President & Industry Principal

------

![](appfolioinvestormeeting2057.jpg)

57 2025© AppFolio Investor Meeting - November 18, 2025 Hello to our Customers! Rob Gayle President Dream. Live. Prosper Communities Josh Winch President Focus Property Management Stacy Winship Executive Vice President Fairgrove Property Management Tony Julianelle CEO, Partner Atlas Real Estate

------

![](appfolioinvestormeeting2058.jpg)

58 2025© AppFolio Investor Meeting - November 18, 2025 Rob Gayle President St. Augustine, FL 9,900 Units Multifamily, Single Family, Commercial + Customer Since 2017 Payments Sites Realm-X Flows, Assistant, Messages Realm-X Maintenance Performer Beta Investment Manager Collections Premium Leads Leasing Signals, Leasing CRM Max

------

![](appfolioinvestormeeting2059.jpg)

59 2025© AppFolio Investor Meeting - November 18, 2025 Tony Julianelle CEO, Partner IM Denver, CO 5,475 Units Single-Family, Multifamily, Build-to-Rent, Commercial Customer Since 2015 Payments Sites Realm-X Flows, Assistant, Messages Collections Premium Leads Automated AP + IMMax

------

![](appfolioinvestormeeting2060.jpg)

60 2025© AppFolio Investor Meeting - November 18, 2025 Josh Winch President Kaukauna, WI 6,161 Units Multifamily, Single Family, Commercial Customer Since 2019 Payments Sites Realm-X Flows, Assistant, Messages Procurement Collections Premium Leads + Plus

------

![](appfolioinvestormeeting2061.jpg)

61 2025© AppFolio Investor Meeting - November 18, 2025 Realm-X Maintenance Performer Beta Stacy Winship Executive Vice President Irvine, CA 9,080 Units Multifamily, Single Family Customer Since 2018 Payments Sites Realm-X Flows, Assistant, Messages Collections Premium Leads Leasing Signals, Leasing CRM + Max

------

![](appfolioinvestormeeting2062.jpg)

Thank You, AppFolio Customers! AppFolio Customer Panel

------

![](appfolioinvestormeeting2063.jpg)

63 Financial Overview Tim Eaton Chief Financial Officer

------

![](appfolioinvestormeeting2064.jpg)

64 2025© AppFolio Investor Meeting - November 18, 2025 REVENUE GROWTH ● Drive unit growth through new business and customer expansion ● Accelerate premium tier and value added services adoption ● Scale resident industry segment Delivering Shareholder Value Financial Priorities MARGIN EXPANSION ● Prioritize profitable revenue growth ● Continued operational discipline across S&M, R&D, and G&A ● Invest in highest-ROI opportunities CAPITAL ALLOCATION ● Prioritize organic growth while thoughtfully considering inorganic opportunities ● Maintain financial flexibility with appropriate liquidity ● Execute opportunistic share repurchases to drive long-term shareholder value Growing Operating Cash Flow Per Share \* Operating Cash Flow is a GAAP metric. Operating cash flow per share defined as operating cash flow divided by diluted weighted average common shares outstanding.

------

![](appfolioinvestormeeting2065.jpg)

65 2025© AppFolio Investor Meeting - November 18, 2025 ● Drive unit growth through new business and customer expansion ● Accelerate premium tier and value added services adoption ● Scale resident industry segment ● Prioritize profitable revenue growth ● Continued operational discipline across S&M, R&D, and G&A ● Invest in highest-ROI opportunities ● Prioritize organic growth while thoughtfully considering inorganic opportunities ● Maintain financial flexibility with appropriate liquidity ● Execute opportunistic share repurchases to drive long-term shareholder value Delivering Shareholder Value Financial Priorities REVENUE GROWTH MARGIN EXPANSION Growing Operating Cash Flow Per Share \* Operating Cash Flow is a GAAP metric. Operating cash flow per share defined as operating cash flow divided by diluted weighted average common shares outstanding. CAPITAL ALLOCATION

------

![](appfolioinvestormeeting2066.jpg)

66 2025© AppFolio Investor Meeting - November 18, 2025 CAGR 26% \* 2025 revenue of $948M is the full-year midpoint guidance provided on October 30, 2025. Consistent Revenue Growth

------

![](appfolioinvestormeeting2067.jpg)

67 2025© AppFolio Investor Meeting - November 18, 2025 Growing Units CAGR 8% Community Association Units Upmarket Residential (1,500+ Units) SMB Residential (50-1,499 Units) Prioritizing Residential Unit Acquisition \* 2025 represents units under management as of September 30, 2025.

------

![](appfolioinvestormeeting2068.jpg)

68 2025© AppFolio Investor Meeting - November 18, 2025 Growing ARPU Value Added CAGR 21% Value Added Services ARPU Core ARPU Through value added services adoption \* YTD 2025 ARPU is an approximate based YTD annualized actual results through September 30. 2025.

------

![](appfolioinvestormeeting2069.jpg)

69 2025© AppFolio Investor Meeting - November 18, 2025 Premium Tier CAGR 40% Plus Tier Units Core Tier Units Max Tier Units Through premium tier adoption ~1 in 4 units on premium tier Growing ARPU

------

![](appfolioinvestormeeting2070.jpg)

70 2025© AppFolio Investor Meeting - November 18, 2025 WH OL E NU MB ER S ~$40 ~$160~$103 Increased Premium Tier adoption & Value Added Services usage Long Runway for Future ARPU Growth +11% Growth from Prior Year ALL CUSTOMERS LOWEST 20% CUSTOMERS HIGHEST 20% CUSTOMERS +11% Growth from Prior Year +17% Growth from Prior Year \* ARPU is based on 2025 YTD annualized actual results through September 30. 2025.

------

![](appfolioinvestormeeting2071.jpg)

71 2025© AppFolio Investor Meeting - November 18, 2025 Innovating for Future ARPU Growth Resident Investor Realm-X Realm-X Performers Residential Mixed Portfolio Premium Tiers AppFolio Stack Other Value Added Services … Significant Long-term ARPU Potential

------

![](appfolioinvestormeeting2072.jpg)

72 2025© AppFolio Investor Meeting - November 18, 2025 ● Drive unit growth through new business and customer expansion ● Accelerate premium tier and value added services adoption ● Scale resident industry segment ● Prioritize profitable revenue growth ● Invest in highest-ROI opportunities ● Continued operational discipline across S&M, R&D, and G&A Growing Operating Cash Flow Per Share \* Operating Cash Flow is a GAAP metric. Operating cash flow per share defined as operating cash flow divided by diluted weighted average common shares outstanding. ● Prioritize organic growth while thoughtfully considering inorganic opportunities ● Maintain financial flexibility with appropriate liquidity ● Execute opportunistic share repurchases to drive long-term shareholder value REVENUE GROWTH MARGIN EXPANSION CAPITAL ALLOCATION Delivering Shareholder Value Financial Priorities

------

![](appfolioinvestormeeting2073.jpg)

73 2025© AppFolio Investor Meeting - November 18, 2025 \* 2025 represents the mid-point of 2025 annual guidance as reported on October 30, 2025. Non-GAAP operating margin is a non-GAAP financial measure. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable. Non-GAAP Operating Margin Non-GAAP Operating Margin % Prioritizing Profitability Investing in profitable revenue growth while delivering operational efficiencies

------

![](appfolioinvestormeeting2074.jpg)

74 2025© AppFolio Investor Meeting - November 18, 2025 Non-GAAP COR Non-GAAP COR % Optimizing Cost of Revenue Balancing product mix, COR operational efficiencies, and early scaling of profitable revenue growth \* 2025 represents YTD Q3-2025 as reported on October 30, 2025. Non-GAAP operating margin is a non-GAAP financial measure. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable.

------

![](appfolioinvestormeeting2075.jpg)

75 2025© AppFolio Investor Meeting - November 18, 2025 Non-GAAP D&A % Non-GAAP G&A % Non-GAAP R&D % Non-GAAP S&M % Continued Operational Discipline Across G&A, R&D, and S&M \* 2025 represents YTD Q3-2025 as reported on October 30, 2025. Non-GAAP operating margin is a non-GAAP financial measure. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable.

------

![](appfolioinvestormeeting2076.jpg)

76 2025© AppFolio Investor Meeting - November 18, 2025 \* 2025 represents ending employee count as of September 30, 2025 and trailing 12 months of revenue. Ending Employee # Revenue Per Employee ($K) Improving Revenue Per Employee Through operational leverage

------

![](appfolioinvestormeeting2077.jpg)

77 2025© AppFolio Investor Meeting - November 18, 2025 Growing Operating Cash Flow Per Share \* Operating Cash Flow is a GAAP metric. Operating cash flow per share defined as operating cash flow divided by diluted weighted average common shares outstanding. REVENUE GROWTH MARGIN EXPANSION CAPITAL ALLOCATION ● Drive unit growth through new business and customer expansion ● Accelerate premium tier and value added services adoption ● Scale resident industry segment ● Prioritize profitable revenue growth ● Invest in highest-ROI opportunities ● Continued operational discipline across S&M, R&D, and G&A ● Prioritize organic growth while thoughtfully considering inorganic opportunities ● Maintain financial flexibility with appropriate liquidity ● Execute opportunistic share repurchases to drive long-term shareholder value Delivering Shareholder Value Financial Priorities

------

![](appfolioinvestormeeting2078.jpg)

78 2025© AppFolio Investor Meeting - November 18, 2025 CAPITAL RETURN & SHAREHOLDER VALUE INORGANIC GROWTH Research & Development M&A and Minority Investments Sales and Marketing investment to drive new customer acquisition and customer growth R&D investment in capabilities to deliver value to customers, win new units, and expand ARPU Accelerating our vision to own moments that matter and be the platform where real estate comes to do business General & Administrative Functional investment to deliver performance efficiently, enhance security, and ensure compliance Share Repurchases Sales & Marketing Opportunistically repurchase shares to drive long-term shareholder value and manage dilution ORGANIC REVENUE GROWTH Accounting Reporting & Permissions Mixed Portfolios Sales Capacity Ad & Promo Information Security Internal Systems & Processes Compliance & Governance 689K Shares repurchased 2025 YTD Capital Allocation Priorities System of Growth System of Action System of Record AI-Native Architecture ADOPT GROW RETAIN ADVOCATE ACQUIRE

------

![](appfolioinvestormeeting2079.jpg)

79 2025© AppFolio Investor Meeting - November 18, 2025 REVENUE GROWTH ● Drive unit growth through new business and customer expansion ● Accelerate premium tier and value added services adoption ● Scale resident industry segment Delivering Shareholder Value Financial Priorities MARGIN EXPANSION ● Prioritize profitable revenue growth ● Continued operational discipline across S&M, R&D, and G&A ● Invest in highest-ROI opportunities CAPITAL ALLOCATION ● Prioritize organic growth while thoughtfully considering inorganic opportunities ● Maintain financial flexibility with appropriate liquidity ● Execute opportunistic share repurchases to drive long-term shareholder value Growing Operating Cash Flow Per Share \* Operating Cash Flow is a GAAP metric. Operating cash flow per share defined as operating cash flow divided by diluted weighted average common shares outstanding.

------

![](appfolioinvestormeeting2080.jpg)

80 2025© AppFolio Investor Meeting - November 18, 2025 Growing Operating Cash Flow Per Share Operating Cash Flow per Share Operating Cash Flow \* 2025 represents three quarters of results through September 30, 2025. Prior years represent full year results. (Q1-Q3)

------

![](appfolioinvestormeeting2081.jpg)

81 2025© AppFolio Investor Meeting - November 18, 2025 Strategic Pillars Differentiate to Win Great People & Culture Deliver Performance Efficiently

------

![](appfolioinvestormeeting2082.jpg)

82 2025© AppFolio Investor Meeting - November 18, 2025 To power the future of real estate. Vision

------

![](appfolioinvestormeeting2083.jpg)

83 Appendix

------

![](appfolioinvestormeeting2084.jpg)

84 2025© AppFolio Investor Meeting - November 18, 2025 METRIC NAME DEFINITION WHY IT MATTERS ARPU Annualized average revenue per unit. Recurring revenue (Core revenue + Value added services revenue) divided by average ending units under management for the specified period. Provides insight into how much revenue recognized, on average, from each unit in a given period. Customers Customers which have an entitlement to an APM Core, Plus, or Max subscription at the end of the specified period. Indicates our market penetration, the growth of our business, and our potential future business opportunities. Non-GAAP Operating Margin Operating margin is defined as income (loss) from operations, less stock-based compensation, amortization of stock-based compensation capitalized in software development, amortization of intangibles and other non-recurring items. Serves as a non-GAAP financial measure of profitability. Operating Cash Flow per Share Operating cash flow per share is defined as operating cash flow divided by diluted weighted average common shares outstanding Reflects the underlying economic engine of our business, encompassing our efforts to drive revenue growth and deliver non-GAAP operating margin improvement, while managing dilution. Residential Units Includes single-family, multi-family, student, and affordable rental units. Demonstrates our market for AppFolio Property Management Solution products. Community Associations Units Includes condominium owners' associations who manage common structures with multiple units, such as apartments and townhomes and homeowner associations who oversee single-family homes in planned developments, usually made up of individual lots and homes. Demonstrates our market for AppFolio Property Management Solution products. Units Number of ending units under management which have an entitlement to an APM Core, Plus or Max subscription at the end of the specified period. Indicates our our market penetration, the growth of our business, and our potential future business opportunities. Revenue Per Employee Annualized average revenue per employee. Total revenue divided by ending full time equivalents for the specified period. Expressed in thousands. Measures workforce efficiency and demonstrates our ability to convert our people and their capital into revenue. Definitions of Measures and Metrics and Why They Matter

------

![](appfolioinvestormeeting2085.jpg)

85 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation OPERATING MARGIN 2022 2023 2024 YTD 2025 GAAP income (loss) from operations as a percentage of revenue (15.3%) 0.2% 17.1% 15.6% Stock-based compensation expense as a percentage of revenue 8.7% 8.4% 7.6% 7.9% Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue 0.5% 0.4% 0.2% 0.1% Impairment, net as a percentage of revenue 4.7% — % — % — % Amortization of purchased intangibles as a percentage of revenue 0.9% 0.4% 0.3% 1.1% CEO separation costs payment as a percentage of revenue — % 1.9% — % — % Gain on lease modification as a percentage of revenue — % (0.7%) — % — % Severance payments for workforce reduction as a percentage of revenue — % 1.8% — % — % Non-GAAP operating margin as a percentage of revenue (0.6%) 12.2% 25.2% 24.7%

------

![](appfolioinvestormeeting2086.jpg)

86 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation COR EXPENSES 2022 2023 2024 YTD 2025 GAAP COR expense as a percentage of revenue 40.7% 38.4% 35.5% 36.3% Stock-based compensation expense as a percentage of revenue (0.6%) (0.6%) (0.6%) (0.6%) Severance payments for workforce reduction as a percentage of revenue — % (0.3%) — % — % Non-GAAP COR expense as a percentage of revenue 40.1% 37.4% 34.9% 35.7%

------

![](appfolioinvestormeeting2087.jpg)

87 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation S&M OPERATING EXPENSES 2022 2023 2024 YTD 2025 GAAP S&M expense as a percentage of revenue 22.8% 17.3% 13.9% 14.8% Stock-based compensation expense as a percentage of revenue (1.8%) (1.0%) (1.0%) (1.3%) Severance payments for workforce reduction as a percentage of revenue — % (0.5%) — % — % Non-GAAP S&M expense as a percentage of revenue 20.9% 15.8% 12.9% 13.4%

------

![](appfolioinvestormeeting2088.jpg)

88 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation R&D OPERATING EXPENSES 2022 2023 2024 YTD 2025 GAAP R&D expense as a percentage of revenue 23.5% 24.4% 20.2% 20.6% Stock-based compensation expense as a percentage of revenue (3.4%) (3.4%) (3.2%) (3.4%) Severance payments for workforce reduction as a percentage of revenue — % (0.4%) — % — % Non-GAAP R&D expense as a percentage of revenue 20.2% 20.6% 17.0% 17.1%

------

![](appfolioinvestormeeting2089.jpg)

89 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation G&A OPERATING EXPENSES 2022 2023 2024 YTD 2025 GAAP G&A expense as a percentage of revenue 21.4% 15.1% 10.8% 10.4% Stock-based compensation expense as a percentage of revenue (2.9%) (3.5%) (2.8%) (2.6%) CEO separation costs payment as a percentage of revenue — % (1.9%) — % — % Gain on lease modification as a percentage of revenue — % 0.7% — % — % Severance payments for workforce reduction as a percentage of revenue — % (0.3%) — % — % Impairment, net as a percentage of revenue (4.7%) — % — % — % Non-GAAP G&A expense as a percentage of revenue 13.8% 10.1% 8.0% 7.8%

------

![](appfolioinvestormeeting2090.jpg)

90 2025© AppFolio Investor Meeting - November 18, 2025 GAAP to Non-GAAP Reconciliation D&A OPERATING EXPENSES 2022 2023 2024 YTD 2025 GAAP D&A expense as a percentage of revenue 7.0% 4.7% 2.5% 2.5% Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue (0.5%) (0.4%) (0.2%) (0.1%) Amortization of purchased intangibles as a percentage of revenue (0.9%) (0.4%) (0.3%) (1.1%) Non-GAAP D&A expense as a percentage of revenue 5.6% 3.9% 2.0% 1.3%

------

![](appfolioinvestormeeting2091.jpg)

91 2025© AppFolio Investor Meeting - November 18, 2025 Operating Cash Flow Per Share Reconciliation OPERATING CASH FLOW PER SHARE 2022 2023 2024 YTD 2025 GAAP net cash provided by operating activities $25.4M $60.3M $188.2M $177.1M Diluted Weighted Average Shares Outstanding 35.0M 36.4M 36.8M 36.4M Operating cash flow per share $0.72 $1.66 $5.12 $4.87

------