Annual Revenue

FY 2025

$920 million to $940 million, 17% "

$935,000,000 to $945,000,000, 18% "

raised

Non-GAAP Operating Margin

FY 2025

24.5% to 26.5% "

24.5% to 26.5% "

no change

Diluted Weighted Average Shares Outstanding

FY 2025

37 million "

37,000,000 "

no change

Cost of Revenue

FY 2025

Expected to remain relatively flat as a percentage of revenue compared to prior year "

Expected to remain relatively flat as a percentage of revenue compared to prior year "

no change

Headcount Growth

FY 2025

Projected to increase by end of 2025 with rate less than revenue growth "

Projected to grow, with the rate of headcount growth expected to be less than revenue growth "

no change

Financial Performance & Revenue Growth

Q1 2025 showed revenue growth of 16% YoY with increased core solutions revenue " " ; Q4 2024 reported 19% YoY growth in revenue and 28% full‐year growth " " ; Q3 2024 highlighted 24% YoY revenue growth with strong performance metrics " "

Q2 2025 reported strong financial performance with 19% YoY revenue growth, driven by customer acquisition and premium tier adoption " "

Stable and consistently positive performance with similar growth drivers across periods

Operating Margin Trends & Profitability

Q1 2025 noted a slight decline in non‐GAAP operating margin to 24% from 25.7% " " ; Q4 2024 detailed a Q4 margin drop to 20.2% but a robust full‐year improvement " " ; Q3 2024 recorded significant margin expansion to 28.7% and improved free cash flow " " "

Q2 2025 posted a non‐GAAP operating margin of 26.2% with flat cost metrics and maintained profitability guidance " " "

Consistent focus on operational efficiency—with margins stabilizing and even improving in the current period

AI Integration & Technological Innovation

Q1 2025 emphasized AI-powered Realm-X tools and the launch of FolioSpace to enhance resident experience " " ; Q4 2024 highlighted the rollout of Realm-X capabilities and smart maintenance updates integrated with FolioSpace " " ; Q3 2024 introduced Realm-X assistant and new productivity tools like the budget creation tool " "

Q2 2025 showcased advanced AI integration with the RealmX platform, noting that 96% of customers are using AI-powered solutions and highlighting joint research and improved workflow efficiencies " "

Increasing emphasis on AI as a strategic differentiator, with notable customer adoption and measurable productivity gains

Strategic Partnerships, Acquisitions & Ecosystem Expansion

Q1 2025 discussed partnerships with Second Nature and Zillow and the integration of the LiveEasy acquisition " " ; Q4 2024 detailed the LiveEasy acquisition, integration with Lula, and expanding premium plans " " " ; Q3 2024 also focused on the LiveEasy acquisition and the launch of FolioSpace as part of ecosystem expansion " "

Q2 2025 highlighted a strategic partnership with Second Nature, involving a $75 million investment, and continued expansion of the AppFolio Stack marketplace with 80 partners " "

A consistently prioritized area that continues to expand through strategic investments and partnerships, enhancing platform integration and customer value

Customer Growth & Premium Product Adoption

Q1 2025 reported a 6% increase in customers and a boost in premium (Plus and Max) adoption, with 89% of new customers leveraging AI tools " " ; Q4 2024 noted a 5% customer increase and that 1 in 5 customer units were on premium plans " " ; Q3 2024 observed a 5% customer growth with added premium functionalities like new beta tools " "

Q2 2025 recorded a 6% increase in both ending units and customers, driven by strong adoption of Plus and Max tiers "

Steady and consistent customer growth with ongoing premium product upgrades that support revenue expansion

Cost Pressures, Integration, & Investment Risks

Q1 2025 reported an increase in cost of revenue to 36% (up from 34%) and discussed integration challenges related to the LiveEasy acquisition and equity investments " " ; Q4 2024 provided detailed commentary on higher cost pressures (37% cost of revenue in Q4), integration of LiveEasy into FolioSpace, and noted high interest rates as a risk " " ; Q3 2024 mentioned lower cost ratios (34% cost of revenue) and operational efficiencies aiding integration " "

Q2 2025 reported flat cost of revenue at 35% and stable operating expense percentages, with integration efforts continuing via the AppFolio Stack marketplace and minimal emphasis on new risks " "

Although cost pressures and integration challenges have been noted previously, these concerns appear to be effectively managed and less prominent in the current period

Leadership Changes & Executive Uncertainty

Q3 2024 announced the departure of CFO Fay Sien Goon, interim appointment of Tim Eaton, and onboarding of a new CRO " " ; Q4 2024 indicated a transition with Tim Eaton serving as Interim CFO during the search process " ; Q1 2025 mentioned ongoing CFO recruitment and leadership promotions in CMO and CTO roles " "

Q2 2025 confirmed the appointment of Tim Eaton as CFO, signaling a resolution in leadership transitions "

Initial executive uncertainty has been resolved in the current period, leading to improved leadership stability

Macro-Economic Environment Impact (high interest rates)

Q4 2024 referenced that high interest rates were limiting customers’ ability to expand their portfolios "

Q2 2025 did not mention macro-economic factors such as high interest rates

Previously noted concerns are no longer discussed in the current period, suggesting a reduced focus on this issue

Earnings Call Q&A Engagement

There was no mention of earnings call Q&A engagement in Q1 2025, Q4 2024, or Q3 2024

Q2 2025 also did not provide any commentary on Q&A engagement

This topic remains absent across periods with no change in emphasis