AppFolio Inc. Files Q2 2024 10-Q Report

Ticker: APPF · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 1433195

Appfolio INC 10-Q Filing Summary
FieldDetail
CompanyAppfolio INC (APPF)
Form Type10-Q
Filed DateJul 26, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

AppFolio's Q2 10-Q is in: financials and operations detailed for the period ending June 30, 2024.

AI Summary

AppFolio Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the software services sector.

Why It Matters

This report provides investors with a detailed look at AppFolio's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of the software and services industry, coupled with market volatility, contribute to a medium risk level.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 26, 2024.

What is AppFolio Inc.'s primary business classification?

AppFolio Inc. is classified under SERVICES-PREPACKAGED SOFTWARE [7372].

What are the company's business and mailing addresses?

The company's business and mailing addresses are both listed as 70 CASTILIAN DRIVE, SANTA BARBARA, CA 93117.

What is the fiscal year end for AppFolio Inc.?

AppFolio Inc.'s fiscal year ends on December 31.

Filing Stats: 4,756 words · 19 min read · ~16 pages · Grade level 17.3 · Accepted 2024-07-26 06:06:56

Key Financial Figures

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 1

Financial Information

Part I. Financial Information 2

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 202 4 and 20 23 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 202 4 and 20 2 3 8 Notes to Condensed Consolidated Unaudited Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

Part II. Other Information 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

Signatures

Signatures Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 (this "Quarterly Report"), contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), which statements involve substantial risks and uncertainties. The forward-looking statements made in this Quarterly Report are intended to qualify for the protection of the safe harbor provided by the PSLRA and 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, cash flows and/or prospects. Forward-looking statements include all statements that are not statements of historical fact. Forward-looking statements can also be identified by words such as "may," "will," "should," "might," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "future," or "continue," or the negative of these words or other similar terms or expressions. Examples of forward-looking statements include, among others, statements regarding changes in the competitive environment, responding to customer needs, research and product development plans, future products and services, 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, results of operations and liquidity, trends affecting our business and industry, capital needs and financing plans, capital resource allocation plans, share repurchase plans, and commitments and contingencies, including with respect to the outcome of legal proceedings or regulatory matters. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circu

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 2 Table of Contents APPFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 59,639 $ 49,509 Investment securities—current 221,693 162,196 Accounts receivable, net 25,691 20,709 Prepaid expenses and other current assets 41,774 39,943 Total current assets 348,797 272,357 Property and equipment, net 26,700 28,362 Operating lease right-of-use assets 18,232 19,285 Capitalized software development costs, net 17,345 21,562 Goodwill 56,060 56,060 Other long-term assets 12,183 11,263 Total assets $ 479,317 $ 408,889 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,256 $ 1,141 Accrued employee expenses 31,962 35,567 Accrued expenses 16,423 21,723 Other current liabilities 13,708 11,335 Total current liabilities 63,349 69,766 Operating lease liabilities 39,447 41,114 Other liabilities 5,109 697 Total liabilities 107,905 111,577 Commitments and contingencies (Note 8) Stockholders' equity: Class A common stock 2 2 Class B common stock 2 2 Additional paid-in capital 243,040 236,985 Accumulated other comprehensive Income (loss) ( 184 ) 99 Treasury stock ( 25,756 ) ( 25,756 ) Retained earnings 154,308 85,980 Total stockholders' equity 371,412 297,312 Total liabilities and stockholders' equity $ 479,317 $ 408,889 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements. 3 Table of Contents APPFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 197,375 $ 147,075 $ 384,805 $ 283,175 Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) (1) 69,601 57,854 134,247 114,062 Sales and marketing (1) 27,300 27

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