0001433195-24-000054 | 10-Q | XBRL Viewer


	Three Months Ended March 31,
	2024		2023
Stock-based compensation expense included in costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	960	$	768
Sales and marketing	1,510		2,417
Research and product development	5,682		5,439
General and administrative	5,322		5,279
Total stock-based compensation expense	$	13,474	$	13,903

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Operating leases for our corporate offices have remaining lease terms ranging from four months to nine years, some of which include options to extend the leases for up to ten years. These options to extend have not been recognized as part of our operating lease right-of-use assets and lease liabilities as it is not reasonably certain that we will exercise these options. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Certain leases contain provisions for property-related costs that are variable in nature for which we are responsible, including common area maintenance, which are expensed as incurred.

The components of lease expense recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	1,073	$	1,145
Variable lease cost	365		573
Total lease cost	$	1,438	$	1,718

Lease-related assets and liabilities were as follows (in thousands):


	March 31, 2024		December 31, 2023
Assets

Operating lease right-of-use assets	$	18,762	$	19,285

Liabilities
Other current liabilities	$	3,796	$	3,626
Operating lease liabilities	40,469		41,114
Total lease liabilities	$	44,265	$	44,740

In January 2023, we entered into an amendment to the lease agreement for our San Diego facility. We remeasured the lease liability and recorded a reduction to the lease liability and right-of-use asset using the discount rate at the modification date, which resulted in a gain of $2.4 million in the Condensed Consolidated Statements of Operations.

Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows (in thousands):


Years ending December 31,
2024	$	4,323
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	54,455
Less: imputed interest	(10,190)
Total	$	44,265

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (Loss)	$ 38,663	$ (35,110)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of activity in connection with our stock options for the three months ended March 31, 2024, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2023	381	$	51.49	3.4

Options exercised	(244)	15.86
Options cancelled/forfeited	(1)	3.28
Options outstanding as of March 31, 2024	136	$	115.58	8.0

Schedule of Restricted Stock Units Activity

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2024, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2023	943	$	121.61
Granted	270	211.40
Vested	(105)	118.27
Forfeited	(15)	127.79
Unvested as of March 31, 2024	1,093	$	144.03

Investment Securities and Fair Value Measurements - Available-for-sale Investments, by Remaining Contract Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 184,377	$ 162,062
Amortized Cost	184,377	162,062
Estimated Fair Value
Due in one year or less	184,298	162,196
Estimated Fair Value	$ 184,298	$ 162,196

Investment Securities and Fair Value Measurements - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 184,377	$ 162,062
Gross Unrealized Gains	17	193
Gross Unrealized Losses	(96)	(59)
Available-for-sale investment securities:	184,298	162,196
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	184,377	162,062
Gross Unrealized Gains	17	193
Gross Unrealized Losses	(96)	(59)
Available-for-sale investment securities:	$ 184,298	$ 162,196

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accrued Employee Expenses - Schedule of Accrued Employee Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Accrued vacation	$ 13,258	$ 12,399
Accrued bonuses	5,694	14,795
Accrued payroll, severance and related personnel cost	10,250	8,373
Total accrued employee expenses	$ 29,202	$ 35,567

Revenue and Other Information

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Other Information

The following table presents our revenue categories for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Core solutions	$	42,920	$	37,169
Value Added Services	142,331		96,835
Other	2,179		2,096
Total revenue	$	187,430	$	136,100

Our revenue is generated primarily from customers in the United States. All of our property and equipment is located in the United States.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total stock-based compensation expense	$ 13,474	$ 13,903
Cost of revenue (exclusive of depreciation and amortization)
Total stock-based compensation expense	960	768
Sales and marketing
Total stock-based compensation expense	1,510	2,417
Research and product development
Total stock-based compensation expense	5,682	5,439
General and administrative
Total stock-based compensation expense	$ 5,322	$ 5,279

Accrued Employee Expenses - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Former Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 14.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 1,581	$ (9,961)
Effective tax rate, percent	(4.30%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Liability to Landlord Insurance We have a wholly owned subsidiary, Terra Mar Insurance Company, Inc., which was established in connection with reinsuring liability to landlord insurance policies offered to our customers by our third-party service provider. We assume a 100% quota share of the liability to landlord insurance policies placed with our customers by our third-party service provider. We accrue for reported claims, and include an estimate of losses incurred but not reported by our property manager customers, in cost of revenue because we bear the risk related to all such claims. Our estimated liability for reported claims and incurred but not reported claims as of March 31, 2024 and December 31, 2023 was $3.3 million and $4.2 million, respectively, and is included in Other current liabilities on our Condensed Consolidated Balance Sheets. Included in Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 are $3.0 million and $5.1 million, respectively, of deposits held with a third party related to requirements to maintain collateral for this insurance service. Legal Proceedings On February 10, 2023, a lawsuit was filed in the First Judicial District Court of New Mexico, Murphy, et al. v. AppFolio, Inc., et al. (No. D-101-CV-2022-02100), naming us as a defendant and alleging certain violations of the New Mexico Unfair Practices Act and negligent misrepresentation in connection with our tenant screening service (the “Murphy Litigation”). In late November 2023, the parties agreed to settle the Murphy Litigation. We did not admit any wrongdoing in connection with the settlement of the Murphy Litigation. The settlement agreement required us to pay $7.0 million, which was covered in full under our existing insurance policies. In April, 2024, the parties filed a stipulation of settlement with the court dismissing all claims against AppFolio with prejudice. As the settlement was paid in March 2024, there is no remaining liability or receivable as of March 31, 2024. In addition to the foregoing, from time to time, we are involved in various other investigative inquiries, legal proceedings and disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, labor, regulatory and contractual matters. Although the ultimate outcome of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we do not believe that any such pending investigative inquiries, legal proceedings and other disputes, if determined adversely to us, would, individually or taken together, have a material adverse effect on our business, operating results, financial condition or cash flows. Indemnification In the ordinary course of business, we may provide indemnification of varying scope and terms to customers, business partners, investors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of any applicable agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from our services or our acts or omissions. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments we could be required to make under these indemnification provisions may not be subject to maximum loss clauses and is indeterminable. We have not incurred any costs as a result of such indemnification obligations and have not recorded any liabilities related to such obligations in the Condensed Consolidated Financial Statements.

Capitalized Software Development Costs, net - Capitalized Computer Software (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Research and Development [Abstract]
Capitalized software development costs, gross	$ 125,890	$ 126,606
Less: Accumulated amortization	(106,916)	(105,044)
Capitalized software development costs, net	$ 18,974	$ 21,562

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash from operating activities
Net income (Loss)	$ 38,663	$ (35,110)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	4,693	6,937
Amortization of operating lease right-of-use assets	523	568
Gain on lease modification	0	(2,366)
Stock-based compensation, including as amortized	13,992	14,637
Other	(1,824)	(155)
Changes in operating assets and liabilities:
Accounts receivable	(5,470)	(914)
Prepaid expenses and other current assets	8,849	(2,399)
Accounts payable	733	(1,777)
Operating lease liabilities	(475)	(771)
Accrued expenses and other liabilities	(16,730)	22,923
Net cash provided by operating activities	42,954	1,573
Cash from investing activities
Purchases of available-for-sale investments	(57,162)	(1,285)
Proceeds from sales of available-for-sale investments	0	1,013
Proceeds from maturities of available-for-sale investments	36,670	37,890
Purchases of property and equipment	(1,420)	(794)
Capitalization of software development costs	(1,125)	(1,165)
Proceeds from sale of business, net of cash divested	0	629
Net cash (used in) provided by investing activities	(23,037)	36,288
Cash from financing activities
Proceeds from stock option exercises	3,874	834
Tax withholding for net share settlement	(14,086)	(5,539)
Net cash used in financing activities	(10,212)	(4,705)
Net increase in cash, cash equivalents and restricted cash	9,705	33,156
Cash, cash equivalents and restricted cash
Beginning of period	49,759	71,019
End of period	59,464	104,175
Cash and cash equivalents	59,214	103,925
Restricted cash included in prepaid expenses and other current assets	250	250
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	59,464	104,175
Supplemental disclosure of cash flow information
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows	$ 1,483	$ 1,348

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Quota share of tenant liability insurance provided, percent		100.00%
Murphy Litigation
Loss Contingencies [Line Items]
Settlement payment	$ 7,000
Other current liabilities
Loss Contingencies [Line Items]
Liability for reported claims and claims incurred but not reported		$ 3,300	$ 4,200
Other current assets
Loss Contingencies [Line Items]
Deposits held with a third party related to insurance services collateral		$ 3,000	$ 5,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Weighted Average Number of Shares

The following table sets forth the computation of basic and diluted net income (loss) per common share (in thousands):


	Three Months Ended March 31,
	2024		2023
Basic net income (loss) per share:
Numerator
Net income (loss)	$	38,663	$	(35,110)
Less: undistributed earnings to participating securities	5		—
Net income (loss) attributable to common stockholders	$	38,658	$	(35,110)
Denominator
Weighted average common shares outstanding	36,092		35,451
Less: Weighted average unvested restricted shares subject to repurchase	5		8
Weighted average common shares outstanding; basic	36,087		35,443
Net income (loss) per common share; basic	$	1.07	$	(0.99)
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	38,658	$	(35,110)
Denominator
Weighted average common shares outstanding; basic	36,087		35,443
Add: Weighted average dilutive options outstanding	108		—
Add: Weighted average dilutive RSUs outstanding	479		—
Weighted average common shares outstanding; diluted	36,674		35,443
Net income (loss) per common share; diluted	$	1.05	$	(0.99)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2024	2023
Unvested Restricted Stock Awards	4	8
Options	—	572
Restricted Stock Units	170	1,620
Total potentially dilutive securities	174	2,200

Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income (loss)	$ 38,663	$ (35,110)
Less: undistributed earnings to participating securities	5	0
Net income (loss) attributable to common stockholders	$ 38,658	$ (35,110)
Denominator
Weighted average common shares outstanding (in shares)	36,092	35,451
Less: Weighted average unvested restricted shares subject to repurchase (in shares)	5	8
Weighted average common shares outstanding; basic (in shares)	36,087	35,443
Net income (loss) per common share, basic (in dollars per share)	$ 1.07	$ (0.99)
Numerator
Net income (loss) attributable to common stockholders	$ 38,658	$ (35,110)
Denominator
Weighted average common shares outstanding, basic (in shares)	36,087	35,443
Weighted average common shares outstanding; diluted (in shares)	36,674	35,443
Net income (loss) per common share, diluted (in dollars per share)	$ 1.05	$ (0.99)
Options
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	108	0
Restricted Stock Units
Denominator
Add: Weighted average diluted share-based payments outstanding (in shares)	479	0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andreas von Blottnitz [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Andreas von Blottnitz, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 28,500 shares of the Company's Class A common stock between June 14, 2024 and December 31, 2024. Mr. von Blottnitz's trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Andreas von Blottnitz
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	200 days
Aggregate Available	28,500
Janet Kerr [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Janet Kerr, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 2,500 shares of the Company's Class A common stock between June 14, 2024 and December 31, 2024. Ms. Kerr's trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act of 1934.
Name	Janet Kerr
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	200 days
Aggregate Available	2,500

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 1, 2024. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements. The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024.

Reclassification

We reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, capitalized software development costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, income taxes, useful lives associated with property and equipment and intangible assets, contingencies, assumptions underlying performance-based compensation (whether cash or stock-based), and assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements.

Net Income (Loss) per Common Share

Net income (loss) per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below. The following table sets forth the computation of basic and diluted net income (loss) per common share (in thousands):


	Three Months Ended March 31,
	2024		2023
Basic net income (loss) per share:
Numerator
Net income (loss)	$	38,663	$	(35,110)
Less: undistributed earnings to participating securities	5		—
Net income (loss) attributable to common stockholders	$	38,658	$	(35,110)
Denominator
Weighted average common shares outstanding	36,092		35,451
Less: Weighted average unvested restricted shares subject to repurchase	5		8
Weighted average common shares outstanding; basic	36,087		35,443
Net income (loss) per common share; basic	$	1.07	$	(0.99)
Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	38,658	$	(35,110)
Denominator
Weighted average common shares outstanding; basic	36,087		35,443
Add: Weighted average dilutive options outstanding	108		—
Add: Weighted average dilutive RSUs outstanding	479		—
Weighted average common shares outstanding; diluted	36,674		35,443
Net income (loss) per common share; diluted	$	1.05	$	(0.99)

Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2024	2023
Unvested Restricted Stock Awards	4	8
Options	—	572
Restricted Stock Units	170	1,620
Total potentially dilutive securities	174	2,200

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

A summary of activity in connection with our stock options for the three months ended March 31, 2024, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2023	381	$	51.49	3.4

Options exercised	(244)	15.86
Options cancelled/forfeited	(1)	3.28
Options outstanding as of March 31, 2024	136	$	115.58	8.0

Our stock-based compensation expense for stock options were not material for the periods presented.

As of March 31, 2024, the total estimated remaining stock-based compensation expense for the aforementioned stock options was $6.3 million, which is expected to be recognized over a weighted average period of 3.8 years.

Restricted Stock Units

A summary of activity in connection with our restricted stock units ("RSUs") for the three months ended March 31, 2024, is as follows (number of shares in thousands):


	Number of Shares	Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2023	943	$	121.61
Granted	270	211.40
Vested	(105)	118.27
Forfeited	(15)	127.79
Unvested as of March 31, 2024	1,093	$	144.03

Unvested RSUs as of March 31, 2024 were composed of 1.0 million RSUs with only service conditions and 0.1 million performance share units ("PSUs") with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The unvested PSUs as of March 31, 2024, are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2024 and will vest over a three year period, assuming continued employment through each vesting date. The actual number of shares to be issued at the end of the performance period will range from 0% to 150% of the target number of shares depending on achievement relative to the performance metric over the applicable period.

We recognized stock-based compensation expense for the RSUs and PSUs of $13.0 million and $13.8 million for the three months ended March 31, 2024 and 2023, respectively. Excluded from stock-based compensation expense is capitalized software development costs of $0.2 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $124.8 million, which is expected to be recognized over a weighted average period of 2.5 years.

Investment Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	184,377		17		(96)		184,298
Total available-for-sale investment securities	$	184,377	$	17	$	(96)	$	184,298


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	162,062		193		(59)		162,196
Total available-for-sale investment securities	$	162,062	$	193	$	(59)	$	162,196

Available-for-sale Investments, by Remaining Contract Maturity

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	March 31, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	184,377	$	184,298	$	162,062	$	162,196

Total available-for-sale investment securities	$	184,377	$	184,298	$	162,062	$	162,196

Schedule of Sales, Calls, and Maturities

During the three months ended March 31, 2024 and 2023, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		36,670
Total	$	—	$	—	$	—	$	36,670


	Three Months Ended March 31, 2023
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	3	$	—	$	1,013	$	6,860

U.S. government and agency securities	—		—		—		31,030
Total	$	3			$	1,013	$	37,890

Fair Value, Assets Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by level within the fair value hierarchy (in thousands):


	March 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	42,400	$	—	$	42,400


Available-for-sale investment securities:


U.S. government and agency securities	—		184,298		184,298
Total	$	42,400	$	184,298	$	226,698


	December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	37,100	$	—	$	37,100

Available-for-sale investment securities:


U.S. government and agency securities	—		162,196		162,196
Total	$	37,100	$	162,196	$	199,296

Accrued Employee Expenses

3 Months Ended

Mar. 31, 2024

Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued vacation	$	13,258	$	12,399
Accrued bonuses	5,694		14,795

Accrued payroll, severance and related personnel cost	10,250		8,373


Total accrued employee expenses	$	29,202	$	35,567

In the three months ended March 31, 2023, we expensed $14.9 million of severance related to separation costs associated with our former Chief Executive Officer's Transition and Separation Agreement, dated March 1, 2023 ("Separation Agreement").

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,073	$ 1,145
Variable lease cost	365	573
Total lease cost	$ 1,438	$ 1,718

Capitalized Software Development Costs, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Research and Development [Abstract]
Capitalized software development costs during the period	$ 1.2	$ 1.0
Amortization expense with respect to software development costs during the period	3.7	5.9
Fully amortized capitalized software development costs disposed of	$ 1.9	$ 2.2

Leases - Schedule of Minimum Lease Payments Under Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Years ending December 31,
2024	$ 4,323
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	54,455
Less: imputed interest	(10,190)
Total	$ 44,265	$ 44,740

Revenue and Other Information (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Product Information by Revenue Categories

The following table presents our revenue categories for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Core solutions	$	42,920	$	37,169
Value Added Services	142,331		96,835
Other	2,179		2,096
Total revenue	$	187,430	$	136,100

Capitalized Software Development Costs, net (Tables)

3 Months Ended

Mar. 31, 2024

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Capitalized software development costs were as follows (in thousands):


	March 31, 2024		December 31, 2023
Capitalized software development costs, gross	$	125,890	$	126,606
Less: Accumulated amortization	(106,916)		(105,044)
Capitalized software development costs, net	$	18,974	$	21,562

Schedule of Capitalized Computer Software Future Amortization Expense

Future amortization expense with respect to capitalized software development costs as of March 31, 2024 is estimated as follows (in thousands):


Years Ending December 31,
2024	$	9,074
2025	6,434
2026	2,816
2027	650

Total amortization expense	$	18,974

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with our audited consolidated financial statements and the related notes included in our Annual Report, which was filed with the SEC on February 1, 2024. The year-end condensed balance sheet was derived from our audited consolidated financial statements. Our unaudited interim Condensed Consolidated Financial Statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of our Condensed Consolidated Financial Statements.
Reclassification	Reclassification We reclassified certain amounts in our Condensed Consolidated Statements of Cash Flows within the cash flows from operating activities section in the prior year to conform to the current year's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue, expenses, other income, and provision for income taxes during the reporting period. Assets and liabilities which are subject to judgment and use of estimates include the fair value of financial instruments, capitalized software development costs, period of benefit associated with deferred costs, incremental borrowing rate used to measure operating lease liabilities, the recoverability of goodwill and long-lived assets, income taxes, useful lives associated with property and equipment and intangible assets, contingencies, assumptions underlying performance-based compensation (whether cash or stock-based), and assumptions underlying stock-based compensation. Actual results could differ from those estimates and any such differences may have a material impact on our Condensed Consolidated Financial Statements.
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Net income (loss) per common share was the same for shares of our Class A and Class B common stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the table below.

Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Insurance reserves	$	3,314	$	4,174
Operating lease liabilities-current	3,796		3,626
Other	4,683		3,535
Total other current liabilities	$	11,793	$	11,335

For additional information, refer to Note 8, Commitments and Contingencies and Note 7, Leases.

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Insurance reserves	$ 3,314	$ 4,174
Operating lease liabilities-current	3,796	3,626
Other	4,683	3,535
Total other current liabilities	$ 11,793	$ 11,335

Investment Securities and Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Allowance for credit losses, available-for sale investments	$ 0	$ 0

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business AppFolio, Inc. ("we," "us" or "our") is a leading provider of cloud business management solutions for the real estate industry. Our solutions are designed to enable our property manager customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. Digital transformation is effectively a requirement for business success in the modern world, and the way we work and live requires powerful software solutions.

Capitalized Software Development Costs, net

3 Months Ended

Mar. 31, 2024

Research and Development [Abstract]

Capitalized Software Development Costs, net

Capitalized software development costs were as follows (in thousands):


	March 31, 2024		December 31, 2023
Capitalized software development costs, gross	$	125,890	$	126,606
Less: Accumulated amortization	(106,916)		(105,044)
Capitalized software development costs, net	$	18,974	$	21,562

Capitalized software development costs were $1.2 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense with respect to capitalized software development costs totaled $3.7 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, we disposed of $1.9 million and $2.2 million, respectively, of fully amortized capitalized software development costs.

Future amortization expense with respect to capitalized software development costs as of March 31, 2024 is estimated as follows (in thousands):


Years Ending December 31,
2024	$	9,074
2025	6,434
2026	2,816
2027	650

Total amortization expense	$	18,974

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		20,569	14,746
Beginning balance at Dec. 31, 2022	$ 265,546	$ 2	$ 2	$ 209,704	$ (1,684)	$ (25,756)	$ 83,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		64
Exercise of stock options	834			834
Stock-based compensation	14,075			14,075
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		79
Vesting of restricted stock units, net of shares withheld for taxes	(5,539)			(5,539)
Conversion of Class B common stock to Class A common stock (in shares)		27	(27)
Issuance of restricted stock awards (in shares)		2
Other comprehensive income (loss)	763				763
Net income (Loss)	(35,110)						(35,110)
Ending balance (in shares) at Mar. 31, 2023		20,741	14,719
Ending balance at Mar. 31, 2023	240,569	$ 2	$ 2	219,074	(921)	(25,756)	48,168
Beginning balance (in shares) at Dec. 31, 2023		21,749	14,116
Beginning balance at Dec. 31, 2023	$ 297,312	$ 2	$ 2	236,985	99	(25,756)	85,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	244	244
Exercise of stock options	$ 3,874			3,874
Stock-based compensation	13,646			13,646
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		89
Vesting of restricted stock units, net of shares withheld for taxes	(14,086)			(14,086)
Conversion of Class B common stock to Class A common stock (in shares)		199	(199)
Other comprehensive income (loss)	(214)				(214)
Net income (Loss)	38,663						38,663
Ending balance (in shares) at Mar. 31, 2024		22,281	13,917
Ending balance at Mar. 31, 2024	$ 339,195	$ 2	$ 2	$ 240,419	$ (115)	$ (25,756)	$ 124,643

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Insurance reserves	$	3,314	$	4,174
Operating lease liabilities-current	3,796		3,626
Other	4,683		3,535
Total other current liabilities	$	11,793	$	11,335

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense recognized in the Condensed Consolidated Statements of Operations were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	1,073	$	1,145
Variable lease cost	365		573
Total lease cost	$	1,438	$	1,718

Schedule of Lease Assets and Liabilities

Lease-related assets and liabilities were as follows (in thousands):


	March 31, 2024		December 31, 2023
Assets

Operating lease right-of-use assets	$	18,762	$	19,285

Liabilities
Other current liabilities	$	3,796	$	3,626
Operating lease liabilities	40,469		41,114
Total lease liabilities	$	44,265	$	44,740

Schedule of Minimum Lease Payments Under Leases

Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows (in thousands):


Years ending December 31,
2024	$	4,323
2025	6,168
2026	6,345
2027	6,529
2028	6,717
Thereafter	24,373
Total future minimum lease payments	54,455
Less: imputed interest	(10,190)
Total	$	44,265

Investment Securities and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	$ 184,298	$ 162,196
Fair value, recurring measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	226,698	199,296
Fair value, recurring measurements \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	184,298	162,196
Fair value, recurring measurements \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	42,400	37,100
Fair value, recurring measurements \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	42,400	37,100
Fair value, recurring measurements \| Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	0	0
Fair value, recurring measurements \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	42,400	37,100
Fair value, recurring measurements \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	184,298	162,196
Fair value, recurring measurements \| Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities:	184,298	162,196
Fair value, recurring measurements \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0	$ 0

Capitalized Software Development Costs, net - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Years Ending December 31,
2024	$ 9,074
2025	6,434
2026	2,816
2027	650
Capitalized software development costs, net	$ 18,974	$ 21,562

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 38,663	$ (35,110)
Other comprehensive income (loss):
Changes in unrealized (losses) gains on investment securities, net of tax	(214)	763
Comprehensive income (loss)	$ 38,449	$ (34,347)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	174	2,200
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	4	8
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	0	572
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from net income (loss) per share computation (in shares)	170	1,620

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our provision for income taxes on a quarterly basis by applying an estimated annual effective tax rate to income (loss) from operations and by calculating the tax effect of discrete items recognized during the quarter. For the three months ended March 31, 2024, we recorded benefits from income taxes of $1.6 million, representing an effective tax rate of (4.3)%. The effective tax rate as compared to the U.S. federal statutory rate of 21% differs primarily due to excess tax benefits from stock-based compensation, partially offset by change in valuation allowance against deferred tax assets, state income taxes and non-deductible officers' compensation. We assess our ability to realize our deferred tax assets on a quarterly basis and we establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. Due to a history of cumulative losses, including permanent adjustments, and assessing all available positive and negative evidence, we have determined that it is more likely than not that our federal and state deferred tax assets would not be realized. Accordingly, we have been maintaining full valuation allowance against our deferred tax assets. However, based on our current and projected future earnings, we believe that there is reasonable possibility that sufficient positive evidence of sustained profitability may be achieved during the current year to reach a conclusion that part or all of our deferred tax assets may become realizable, resulting in a possible release of valuation allowance. Such valuation allowance release may result in a material increase to our deferred tax assets and a corresponding decrease in income tax expense. The exact timing and amount of the valuation allowance release are subject to our projection of earnings and level of profitability that will be achieved. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2024, and we do not expect to have any significant changes to unrecognized tax benefits through the remainder of the year.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term		10 years
Gain (loss) on modification of lease	$ 2,400	$ 0	$ 2,366
Minimum
Lessee, Lease, Description [Line Items]
Lease term		4 months
Maximum
Lessee, Lease, Description [Line Items]
Lease term		9 years

Investment Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Investment Securities and Fair Value Measurements

Investment Securities

Investment securities classified as available-for-sale consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	184,377		17		(96)		184,298
Total available-for-sale investment securities	$	184,377	$	17	$	(96)	$	184,298


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value


U.S. government and agency securities	162,062		193		(59)		162,196
Total available-for-sale investment securities	$	162,062	$	193	$	(59)	$	162,196

As of March 31, 2024, the decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not we will hold the securities until maturity or recovery of the cost basis. No allowance for credit losses for available-for-sale investment securities was recorded as of March 31, 2024 or December 31, 2023.

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):


	March 31, 2024				December 31, 2023
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	184,377	$	184,298	$	162,062	$	162,196

Total available-for-sale investment securities	$	184,377	$	184,298	$	162,062	$	162,196

During the three months ended March 31, 2024 and 2023, we had sales and maturities of investment securities, as follows (in thousands):


	Three Months Ended March 31, 2024
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities


U.S. government and agency securities	—		—		—		36,670
Total	$	—	$	—	$	—	$	36,670


	Three Months Ended March 31, 2023
	Gross Realized Gains		Gross Realized Losses		Gross Proceeds from Sales		Gross Proceeds from Maturities
Corporate bonds	$	3	$	—	$	1,013	$	6,860

U.S. government and agency securities	—		—		—		31,030
Total	$	3			$	1,013	$	37,890

Fair Value Measurements

Recurring Fair Value Measurements


	March 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	42,400	$	—	$	42,400


Available-for-sale investment securities:


U.S. government and agency securities	—		184,298		184,298
Total	$	42,400	$	184,298	$	226,698


	December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents:
Money market funds	$	37,100	$	—	$	37,100

Available-for-sale investment securities:


U.S. government and agency securities	—		162,196		162,196
Total	$	37,100	$	162,196	$	199,296

The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short maturity of these items.

Fair value for our Level 1 investment securities is based on market prices for identical assets. Our Level 2 securities were priced by a pricing vendor. The pricing vendor utilizes the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, other observable inputs like market transactions involving comparable securities are used.

Accrued Employee Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Accrued Employee Expenses

Accrued employee expenses consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued vacation	$	13,258	$	12,399
Accrued bonuses	5,694		14,795

Accrued payroll, severance and related personnel cost	10,250		8,373


Total accrued employee expenses	$	29,202	$	35,567

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 18, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37468
Entity Registrant Name	AppFolio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0359894
Entity Address, Address Line One	70 Castilian Drive
Entity Address, City or Town	Santa Barbara,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93117
City Area Code	805
Local Phone Number	364-6093
Title of 12(b) Security	Class A common stock, $0.0001 par value
Trading Symbol	APPF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001433195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,326,649
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,886,648

Stock-Based Compensation - Stock Option Activity Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining stock-based compensation expense for unvested options, not yet recognized	$ 6.3
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, weighted average recognition period (in years)	3 years 9 months 18 days
Stock Options \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Stock Options \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
Stock Options \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	943
Granted (in shares) \| shares	270
Vested (in shares) \| shares	(105)
Forfeited (in shares) \| shares	(15)
Unvested, ending balance (in shares) \| shares	1,093
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 121.61
Granted (in dollars per share) \| $ / shares	211.40
Vested (in dollars per share) \| $ / shares	118.27
Forfeited (in dollars per share) \| $ / shares	127.79
Unvested, ending balance (in dollars per share) \| $ / shares	$ 144.03

Revenue and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 187,430	$ 136,100
Core solutions
Disaggregation of Revenue [Line Items]
Total revenue	42,920	37,169
Value Added Services
Disaggregation of Revenue [Line Items]
Total revenue	142,331	96,835
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,179	$ 2,096

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares
Options outstanding, beginning balance (in shares)	381
Options exercised (in shares)	(244)
Options cancelled/forfeited (in shares)	(1)
Options outstanding, ending balance (in shares)	136	381
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 51.49
Options exercised (in dollars per share)	15.86
Options cancelled/forfeited (in dollars per share)	3.28
Options outstanding, ending balance (in dollars per share)	$ 115.58	$ 51.49
Weighted Average Remaining Contractual Life in Years	8 years	3 years 4 months 24 days

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 18,762	$ 19,285
Other current liabilities	3,796	3,626
Operating lease liabilities	40,469	41,114
Total lease liabilities	$ 44,265	$ 44,740
Operating lease, liability, current, location	Other current liabilities	Other current liabilities

Investment Securities and Fair Value Measurements - Schedule of Sales, Calls and Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	$ 0	$ 3
Gross Realized Losses	0
Gross Proceeds from Sales	0	1,013
Gross Proceeds from Maturities	36,670	37,890
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains		3
Gross Realized Losses		0
Gross Proceeds from Sales		1,013
Gross Proceeds from Maturities		6,860
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Realized Gains	0	0
Gross Realized Losses	0	0
Gross Proceeds from Sales	0	0
Gross Proceeds from Maturities	$ 36,670	$ 31,030

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 13,474	$ 13,903
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	13,000	13,800
Share-based payment arrangement, amount capitalized	200	$ 200
Remaining stock-based compensation expense for unvested shares, not yet recognized	$ 124,800
Stock-based compensation expense, weighted average recognition period (in years)	2 years 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	1,093		943
Vesting period	4 years
Restricted Stock Units With Service Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units (in shares)	1,000
Restricted Stock Units with Service and Performance Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested performance stock units (in shares)	100
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percent of targeted performance metric	100.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	0.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of targeted performance metric	150.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 59,214	$ 49,509
Investment securities—current	184,298	162,196
Accounts receivable, net	26,179	20,709
Prepaid expenses and other current assets	36,975	39,943
Total current assets	306,666	272,357
Property and equipment, net	27,709	28,362
Operating lease right-of-use assets	18,762	19,285
Capitalized software development costs, net	18,974	21,562
Goodwill	56,060	56,060
Other long-term assets	10,599	11,263
Total assets	438,770	408,889
Current liabilities
Accounts payable	1,531	1,141
Accrued employee expenses	29,202	35,567
Accrued expenses	13,531	21,723
Other current liabilities	11,793	11,335
Total current liabilities	56,057	69,766
Operating lease liabilities	40,469	41,114
Other liabilities	3,049	697
Total liabilities	99,575	111,577
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	240,419	236,985
Accumulated other comprehensive Income (loss)	(115)	99
Treasury stock	(25,756)	(25,756)
Retained earnings	124,643	85,980
Total stockholders’ equity	339,195	297,312
Total liabilities and stockholders’ equity	438,770	408,889
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 2	$ 2