AppFolio, Inc. (APPF) is a leading provider of cloud-based business management solutions tailored for the real estate industry. The company specializes in helping property managers streamline operations, enhance financial performance, and improve customer experiences through automation and AI-powered tools. AppFolio's offerings include subscription-based software and usage-based services that support critical real estate lifecycle transactions such as tenant screening, payment processing, and insurance-related risk mitigation.
- Value Added Services - Provides usage-based services such as payment processing, tenant screening, and insurance-related risk mitigation, supporting critical real estate lifecycle transactions.
- Core Solutions - Offers subscription-based software for property management and legal customers, enabling them to manage operations and workflows efficiently.
- Other Revenue - Includes revenue from legacy products and miscellaneous sources, contributing minimally to the overall business.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Shane Trigg Executive | President and Chief Executive Officer | Member of Forbes Business Council; Limited Partner at Stage 2 Capital | Shane Trigg joined AppFolio in April 2020 as GM, Real Estate, and became CEO in March 2023. He has extensive experience in software and real estate technology, with prior roles at Salesforce and MRI Software. | View Report → |
Tim Eaton Executive | Interim Chief Financial Officer | None | Tim Eaton joined AppFolio in 2020 and became Interim CFO in October 2024. He has prior experience at Visa, Google, and Goldman Sachs and holds an MBA from Wharton. He is also a CFA charterholder. | |
Agnes Bundy Scanlan Board | Director | President of The Cambridge Group LLC; Board member at Truist Financial, R1 RCM, and iCapital | Agnes Bundy Scanlan joined AppFolio's Board in 2020. She has a strong background in strategy and risk management and serves on multiple public and private boards. | |
Alex Wolf Board | Director | Partner at Partners Fund Capital; Board member of several private companies | Alex Wolf joined AppFolio's Board in January 2022. He has expertise in technology investing and finance, with an MBA from Stanford. | |
Andreas von Blottnitz Board | Chairman of the Board | Board member of several private companies | Andreas von Blottnitz has been on AppFolio's Board since 2007. He has extensive experience in technology and investing, serving as a director and officer for multiple companies. | |
Janet Kerr Board | Director | Vice Chancellor at Pepperdine University; Board member at La-Z-Boy and Tilly’s | Janet Kerr has been on AppFolio's Board since 2015. She is a corporate governance expert and has served on multiple public company boards. She is also a professor emeritus at Pepperdine University. | |
Olivia Nottebohm Board | Director | Board member at Lightmatter, Inc. | Olivia Nottebohm joined AppFolio's Board in 2023. She has held leadership roles at Notion Labs, Dropbox, and Google Cloud, and has a strong SaaS and consulting background. | |
Timothy Bliss Board | Director | Partner at Partners Fund Capital; Partner at Investment Group of Santa Barbara | Timothy Bliss has been on AppFolio's Board since 2008. He has over 40 years of experience in investing and building technology companies. | |
Winifred Webb Board | Director, Chairperson of the Audit Committee | Board member at ABM Industries, Wynn Resorts, and American Homes 4 Rent | Winifred Webb joined AppFolio's Board in 2019. She has extensive experience in finance, governance, and real estate, with prior roles at Disney and Ticketmaster. |
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Can you elaborate on the sustainability of your revenue growth, given that part of the increase in value-added services revenue was due to the cessation of eCheck fee waivers in August 2023 ?
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Your non-GAAP operating margin expanded significantly from 16.1% last year to 28.7% this quarter. What are the key drivers behind this expansion, and do you expect these margin levels to be sustainable moving forward?
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You mentioned reduced transaction fees associated with certain card-based payments. How do these reduced fees impact your revenue and profitability, and what is the expected trend for these fees in the coming quarters?
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With the acquisition of LiveEasy for $80 million in cash , can you provide more detail on how this acquisition will contribute to your revenue and profitability, and what integration challenges you might anticipate?
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Could you discuss the impact of the departure of your CFO, Fay Goon , on the company's strategic direction and financial management, and how you plan to ensure continuity during this transition period?
Research analysts covering APPFOLIO.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Move EZ, Inc., d/b/a LiveEasy | 2024 | AppFolio, Inc. acquired LiveEasy via a merger on October 22, 2024, using its wholly owned subsidiary, paying approximately $80 million in cash plus RSUs valued at about $6 million, which will vest over four years. The acquisition brought a concierge platform that connects renters and homeowners with various service providers, with additional provisions including representations and warranties insurance and holdbacks/reserves to secure post-closing adjustments. |
Recent press releases and 8-K filings for APPF.
- AppFolio (NASDAQ:APPF) launched Real Estate Performance Management and the AppFolio Performance Platform on October 14, 2025, a new method designed to enhance performance for all stakeholders in the property management industry.
- The platform is built on an AI-native architecture and features Realm-X Performers, advanced agentic AI capabilities that automate routine workflows.
- Key offerings include Realm-X Leasing Performer, Realm-X Maintenance Performer, and Realm-X Resident Messenger Performer, which streamline tasks from lead-to-lease cycles to maintenance triage and resident communications.
- Users of Realm-X have reported measurable business outcomes, including vacant units being filled 5.2 days faster on average, a 20% increase in renewal rates, and a 1.2-day average reduction in unit turn time.
- AppFolio also introduced new Resident Onboarding innovations and Resident Onboarding Lift (co-created with Second Nature) to enhance the move-in process and unlock new revenue streams.
- AppFolio has partnered with Flex, a leading flexible rent payment provider, to integrate Flex's payment option directly into AppFolio's online portal for residents nationwide.
- This partnership allows residents to split their monthly rent into smaller, more manageable payments, while ensuring property managers receive the full rent payment on time.
- The offering addresses a significant demand, as the AppFolio 2025 Renter Preferences Report indicates that 69% of renters consider flexible rent payment options important when choosing a home.
- Property managers using this service can expect improved on-time payments, increased resident retention, and enhanced Net Operating Income (NOI) at no additional cost or effort.
- On September 30, 2025, AppFolio, Inc. entered into a $150.0 million senior secured revolving credit facility with PNC Bank, National Association.
- The Credit Facility is scheduled to mature on September 30, 2030, and includes sublimits of $25.0 million for letters of credit and $25 million for swingline loans.
- The agreement allows for potential increases in the revolving loan commitment or term loans up to the greater of $225.0 million and 100% of Consolidated EBITDA, subject to certain conditions.
- As of September 30, 2025, AppFolio, Inc. had no outstanding borrowings under the Credit Facility.
- The facility is secured by a first-priority security interest in substantially all of the company's and its guarantors' personal property and includes a financial covenant requiring a Consolidated Net Leverage Ratio not greater than 3.75:1.00.
- AppFolio reported Q2 2025 revenue of $236,000,000, representing a 19% year-over-year growth, with a non-GAAP operating margin of 26.2%.
- The company increased its 2025 full-year revenue guidance to between $935,000,000 and $945,000,000, implying an 18% growth at the midpoint, and expects a non-GAAP operating margin between 24.5% and 26.5%.
- AppFolio announced the appointment of Tim Eaton as Chief Financial Officer, who had served as Interim CFO since October 2024. The Board also approved a $300,000,000 stock repurchase program in April, with 244,000 shares repurchased in Q2 2025.
- Revenue grew 16% YoY to $218 million with total units under management reaching 8.8 million in Q1 2025 .
- Operating performance included a GAAP operating income of $34 million and non‐GAAP operating income of $53 million, with a non‐GAAP operating margin of approximately 24% .
- A share repurchase was executed with 445,000 shares bought for $96 million, and a new $300 million share repurchase program was approved—replacing the previous $100 million program .
- Completed a strategic equity investment of $75 million in Second Nature .
- Full‐year guidance for 2025 projects revenue between $920 million and $940 million with expected revenue growth of 17% and a non‐GAAP operating margin between 24.5% and 26.5% .
- AppFolio and Second Nature have formed a strategic partnership to enhance the resident experience by integrating a suite of services—including credit building, air filter delivery, pest control, and rewards—into the AppFolio Stack partner ecosystem.
- In connection with the partnership, AppFolio purchased a minority, non-controlling equity interest in Second Nature for $75 million, underscoring its commitment to expanding service offerings for property management customers.