Appfolio, Inc. · NASDAQ:APPF
Appfolio — Investor Day (November 2025)
91 slides from Appfolio's investor day presentation, Nov 18, 2025
Slide 1: 2025 Investor Meeting
Santa Barbara, CA November 18, 2025 2025 Investor Meeting
Slide 2: Agenda
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, Produ
Slide 3: Forward-looking statements
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 cu
Slide 4: Non-GAAP financial measures
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
Slide 5: Powering the Future of Real Estate: AppFolio Vision & Strategy
5 AppFolio Vision & Strategy Shane Trigg President & Chief Executive Officer Powering the Future of Real Estate:
Slide 6: AppFolio: Two Decades of Growth & Innovation
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 $100M annual revenue AppFolio Property Manager Plus 1000 Employees First AI Service Launches 9M units Lea
Slide 7: Transforming Our Performance: Financial
7 2025 © AppFolio Investor Meeting - November 18, 2025 Transforming Our Performance: Financial Revenue ($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 20
Slide 8: Innovation Over the Years
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
Slide 9: Transforming Our Performance: Industry-Leading Innovation to Customer Value
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 O
Slide 10: AppFolio Powers Winning Businesses
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 Northpoi
Slide 11: Awards & Accolades
2025 © AppFolio Investor Meeting - November 18, 202511 CUSTOMER IMPACT Awards & Accolades Overall Leader, G2 Grid® for Property Management* INNOVATION TEAM
Slide 12: Values
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
Slide 13: The AppFolian Way
The AppFolian Way
Slide 14: AppFolio Leadership Team
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
Slide 15: Industry challenges
15 2025 © AppFolio Investor Meeting - November 18, 2025 Outdated Systems AI Noise Fragmented Data Compliance Regulatory Challenges Delay
Slide 16: The Performance Gap
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 . G
Slide 17: Legacy Systems Are Holding the Industry's Performance Back
17 2025 © AppFolio Investor Meeting - November 18, 2025 Legacy Systems Are Holding the Industry’s Performance Back VS. Siloed Data Bolt-on AI FUTURE STATE CURRENT STATE Point Solutions & Services Single, trusted source of truth for all critical operating information. System of Record Automates compl
Slide 18: The future of real estate has a name
18 2025 © AppFolio Investor Meeting - November 18, 2025 The future of real estate has a name Real Estate Performance Management
Slide 19: AppFolio Performance Platform
gppfolio Performance Platform
Slide 20: Vision
20 2025 © AppFolio Investor Meeting - November 18, 2025 To power the future of real estate. Vision
Slide 21: Mission
21 2025 © AppFolio Investor Meeting - November 18, 2025 To build the platform where real estate comes to do business. Mission
Slide 22: Property Manager is Our Core Industry Segment
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 r
Slide 23: Investing to Win Across Key Industry Control Points
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
Slide 24: Where We Play & How We Win
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 De
Slide 25: Total Addressable Market
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 Indust
Slide 26: 26 2025 © AppFolio Investor Meeting - November 18, 2025
26 2025 © AppFolio Investor Meeting - November 18, 2025
Slide 27: Strategic Pillars
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
Slide 28: Differentiate to Win: AppFolio Solutions
28 Differentiate to Win: AppFolio Solutions Kyle Triplett Sr. Vice President, Product
Slide 29: AppFolio Performance Platform
gppfolio Performance Platform
Slide 30: Store the Data, Do the Work, Unify the Experience
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
Slide 31: Winning the System of Record
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
Slide 32: Unified Data
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 ● Scala
Slide 33: AppFolio Stack
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 |
Slide 34: Realm-X Flows and AppFolio Stack
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
Slide 35: Store the Data, Do the Work, Unify the Experience
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
Slide 36: The AppFolio Difference: AI-Powered Innovation
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
Slide 37: Real Performance with Realm-X
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
Slide 38: 38 2025 © AppFolio Investor Meeting - November 18, 2025
38 2025 © AppFolio Investor Meeting - November 18, 2025
Slide 39: Store the Data, Do the Work, Unify the Experience
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
Slide 40: Unifying the Resident Experience
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
Slide 41: Delivering Value During Resident Onboarding
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
Slide 42: Resident Onboarding (video placeholder)
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
Slide 43: Resident Onboarding Lift
43 2025 © AppFolio Investor Meeting - November 18, 2025 Helping customers improve the resident experience and create new revenue streams with Resident Onboarding Lift, powered by Second Nature. Receive convenient benefits, cost savings, and an improved quality of life. Generate ancillary revenue & d
Slide 44: Resident Messenger Performer
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 eligibl
Slide 45: Value Added Services
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
Slide 46: Realm-X Flows user results
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*
Slide 47: Deliver Performance Efficiently: Go-to-Market Strategy
47 Deliver Performance Efficiently: Go-to-Market Strategy Lisa Horner Chief Marketing Officer
Slide 48: Our Brand Is a Differentiator for AppFolio
Our Brand Is a Differentiator for AppFolio Delay
Slide 49: Differentiated Brand & Customer Experiences Delivers Efficient Growth
49 2025 © AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE Differentiated Brand & Customer Experiences Delivers Efficient Growth for AppFolio
Slide 50: GTM Alignment & Insights Create Efficient Customer Acquisition
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 E
Slide 51: Ease of Use Drives High Adoption & Customer Outcomes
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 Agen
Slide 52: We Win When Our Customers Win
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 Tr
Slide 53: Service Excellence at Every Touchpoint
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 Performanc
Slide 54: Our Reputation Is Built on Customer Success
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 Brea
Slide 55: We Deliver AppFolio & Real Estate Performance Efficiently
55 2025 © AppFolio Investor Meeting - November 18, 2025 ACQUIRE ADOPT GROW RETAIN ADVOCATE We Deliver AppFolio & Real Estate Performance Efficiently Delay
Slide 56: AppFolio Customer Panel
56 AppFolio Customer Panel Stacy Holden Vice President & Industry Principal
Slide 57: Hello to our Customers!
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
Slide 58: Rob Gayle, President
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 Lea
Slide 59: Tony Julianelle, CEO, Partner
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
Slide 60: Josh Winch, President
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
Slide 61: Stacy Winship, Executive Vice President
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
Slide 62: Thank You, AppFolio Customers!
Thank You, AppFolio Customers! AppFolio Customer Panel
Slide 63: Financial Overview
63 Financial Overview Tim Eaton Chief Financial Officer
Slide 64: Financial Priorities: Delivering Shareholder Value
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 ● Pr
Slide 65: Financial Priorities: Delivering Shareholder Value
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,
Slide 66: Consistent Revenue Growth
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
Slide 67: Growing Units
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.
Slide 68: Growing ARPU
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.
Slide 69: Premium Tier
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
Slide 70: Long Runway for Future ARPU Growth
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
Slide 71: Innovating for Future ARPU Growth
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
Slide 72: Financial Priorities: Delivering Shareholder Value
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 ● Continu
Slide 73: Prioritizing Profitability
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 thes
Slide 74: Optimizing Cost of Revenue
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
Slide 75: Continued Operational Discipline Across G&A, R&D, and S&M
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. Refe
Slide 76: Improving Revenue Per Employee
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
Slide 77: Growing Operating Cash Flow Per Share
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 AL
Slide 78: Capital Allocation Priorities
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 cust
Slide 79: Financial Priorities: Delivering Shareholder Value
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 ● Pr
Slide 80: Growing Operating Cash Flow Per Share
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)
Slide 81: Strategic Pillars
81 2025 © AppFolio Investor Meeting - November 18, 2025 Strategic Pillars Differentiate to Win Great People & Culture Deliver Performance Efficiently
Slide 82: Vision
82 2025 © AppFolio Investor Meeting - November 18, 2025 To power the future of real estate. Vision
Slide 83: Appendix
Appendix appfolio
Slide 84: Metric Definitions
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
Slide 85: GAAP to Non-GAAP Reconciliation: Operating Margin
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% Amor
Slide 86: GAAP to Non-GAAP Reconciliation: COR Expenses
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
Slide 87: GAAP to Non-GAAP Reconciliation: S&M Operating Expenses
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
Slide 88: GAAP to Non-GAAP Reconciliation: R&D Operating Expenses
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
Slide 89: GAAP to Non-GAAP Reconciliation: G&A Operating Expenses
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 separ
Slide 90: GAAP to Non-GAAP Reconciliation: D&A Operating Expenses
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
Slide 91: Operating Cash Flow Per Share Reconciliation
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