AppFolio Inc. Files Q3 2024 10-Q Report

TL;DR

AppFolio Q3 10-Q is in. Financials and ops details for investors.

AI Summary

AppFolio Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business segments are outlined, providing insight into the company's trajectory.

Why It Matters

This report provides investors with crucial financial data and operational insights for AppFolio Inc. during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 93117 — ZIP Code (AppFolio's location)
• 8053646047 — Phone Number (AppFolio's contact number)

Key Players & Entities

• AppFolio Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-10-25 (date) — Date the filing was made
• 70 CASTILIAN DRIVE, SANTA BARBARA, CA 93117 (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value APPF NASDAQ Global Market I

Filing Documents

• appf-20240930.htm (10-Q) — 1109KB
• a093024exhibit311.htm (EX-31.1) — 17KB
• a093024exhibit312.htm (EX-31.2) — 15KB
• a093024exhibit321.htm (EX-32.1) — 11KB
• 0001433195-24-000127.txt ( ) — 5471KB
• appf-20240930.xsd (EX-101.SCH) — 36KB
• appf-20240930_cal.xml (EX-101.CAL) — 71KB
• appf-20240930_def.xml (EX-101.DEF) — 173KB
• appf-20240930_lab.xml (EX-101.LAB) — 426KB
• appf-20240930_pre.xml (EX-101.PRE) — 313KB
• appf-20240930_htm.xml (XML) — 754KB

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 September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended Se ptember 30, 2024 and 2023 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 18

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

Other Information

Part II. Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Other Information

Item 5. Other Information 25

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 September 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

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) September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 62,417 $ 49,509 Investment securities—current 268,951 162,196 Accounts receivable, net 25,581 20,709 Prepaid expenses and other current assets 38,194 39,943 Total current assets 395,143 272,357 Property and equipment, net 25,478 28,362 Operating lease right-of-use assets 17,744 19,285 Capitalized software development costs, net 16,330 21,562 Goodwill 56,060 56,060 Other long-term assets 12,542 11,263 Total assets $ 523,297 $ 408,889 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 509 $ 1,141 Accrued employee expenses 33,625 35,567 Accrued expenses 14,899 21,723 Other current liabilities 14,664 11,335 Total current liabilities 63,697 69,766 Operating lease liabilities 38,402 41,114 Other liabilities 8,371 697 Total liabilities 110,470 111,577 Commitments and contingencies (Note 8) Stockholders' equity: Class A common stock 2 2 Class B common stock 2 2 Additional paid-in capital 250,790 236,985 Accumulated other comprehensive Income (loss) 475 99 Treasury stock ( 25,756 ) ( 25,756 ) Retained earnings 187,314 85,980 Total stockholders' equity 412,827 297,312 Total liabilities and stockholders' equity $ 523,297 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 205,733 $ 165,440 $ 590,538 $ 448,615 Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization) (1) 71,631 62,739 205,878 176,801 Sales and marketing (1)

View Full Filing

View this 10-Q filing on SEC EDGAR