AppFolio (APPF) Investor Update summary

Vision and strategy

• Focused on powering the future of real estate through a unified, AI-native performance platform integrating system of record, data, action, and growth.

• Strategy centers on growing units, revenue, and margin by advancing the AppFolio Performance Platform and differentiating via advanced solutions and a strong people-centric culture.

• Emphasis on customer-centric innovation, operational discipline, and a culture of great people.

• Targeting holistic value creation for property managers, residents, investors, and vendors, with a large addressable market.

• Recognized for industry leadership, innovation, and workplace excellence through multiple awards.

Financial performance and guidance

• Revenue guidance for 2025 is $948 million, doubling since 2022 with a 26% CAGR.

• Non-GAAP operating margin improved from -1% in 2022 to a projected 24% in 2025.

• Operating cash flow per share rose from $0.72 in 2022 to $4.87 YTD 2025.

• RPU/ARPU increased from $66 to $103 since 2022, driven by value-added services and premium tier adoption.

• Units under management grew from 7.3M in 2022 to 9.1M YTD 2025, with customer count at 21,759.

Product innovation and differentiation

• Launched AI-native AppFolio Performance Platform, integrating data, automation, and growth tools.

• RealmX suite (AI agents, workflows, messaging) widely adopted, automating millions of actions and saving significant staff time.

• New agentic AI performers automate leasing, maintenance, and resident communications, enhancing efficiency and customer experience.

• Folio Space app and partnerships (Second Nature, Live Easy) streamline resident onboarding and value-added services.

• Stack marketplace enables deep partner integrations, expanding platform capabilities.