Tim Eaton
Chief Financial Officer at APPF
Executive
About Tim Eaton
Tim Eaton, age 37, serves as AppFolio’s Interim Chief Financial Officer (appointed October 25, 2024) and was appointed Interim Principal Accounting Officer on January 29, 2025; he joined AppFolio in 2020 after financial, strategic, and operational roles at Visa, Google, and Goldman Sachs, and holds an MBA from Wharton, a BS from BYU, and is a CFA charterholder . Under Eaton’s interim finance leadership period, AppFolio reported FY 2024 revenue growth of 28% to $794 million, GAAP operating margin of 17.1%, and net income of $204 million; company TSR (fixed $100 investment benchmark) stood at 224 in 2024 versus 158 in 2023, reflecting multi-year value creation momentum .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AppFolio | Chief of Staff to CEO; various leadership roles | 2020–2024 | Supported CEO and leadership across finance/strategy/operations prior to interim CFO |
| Visa | Financial/strategic/operational positions | Pre-2020 | Global payments experience relevant to scaling operations |
| Financial/strategic/operational positions | Pre-2020 | Technology operating discipline | |
| Goldman Sachs | Financial/strategic/operational positions | Pre-2020 | Capital markets and analytical rigor |
External Roles
No public company directorships or external board roles disclosed for Tim Eaton. Prior professional roles only (Visa, Google, Goldman Sachs) .
Fixed Compensation
| Component | FY 2024 | Notes |
|---|---|---|
| Base Salary ($) | 290,000 | Interim CFO; not an NEO in 2023 |
| Target Bonus ($) | 116,000 | Corporate Bonus Plan at-risk cash |
| Actual Bonus Paid ($) | 135,642 | Based on blended achievement of 123% |
| All Other Compensation ($) | 43,677 | Includes insurance, 401(k) match, PTO payout |
| Total Reported Compensation ($) | 965,701 | FY 2024 SCT total |
Performance Compensation
| Metric | Weighting | Target Definition | Actual Attainment | Payout Curve Result | Payout Impact |
|---|---|---|---|---|---|
| Booked Residential Units (net) | 40% | Board-set threshold/target/max | 102% attainment | 102% factor per curve | Contributed to blended 123% |
| GAAP Revenue | 30% | Board-set thresholds | 123% attainment | 123% factor | Contributed to blended 123% |
| Adjusted GAAP Operating Margin | 30% | GAAP op margin less non-recurring items | 150% attainment | 150% factor | Contributed to blended 123% |
| Blended Corporate Bonus Plan | 100% | Weighted blend of the above | 123% | 123% payout | Eaton’s bonus paid at 135,642 |
Equity Incentives:
- Eaton did not receive PSUs in 2024 (not an NEO at grant time) .
- Time-based RSUs in 2024: grants vest quarterly over four years, commencing May 10, 2024, settled in Class A shares .
| RSU Grant | Grant Date | Shares (#) | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSU #1 | Mar 5, 2024 | 1,276 | 300,039 | Quarterly over 4 years starting May 10, 2024 |
| RSU #2 | Mar 11, 2024 | 855 | 200,104 | Quarterly over 4 years starting May 10, 2024 |
| Prior RSUs (FY 2022–2023) | Feb 9, 2022; Mar 6, 2023; Nov 6, 2023 | 681; 1,321; 743 | n/a | Quarterly over 4 years (per award) |
Equity Ownership & Alignment
- Beneficial ownership: 1,320 Class A shares; less than 1% of outstanding; 729 shares to vest within 60 days of March 31, 2025 .
- Outstanding unvested RSUs (selected awards at 12/31/2024) and market value at $246.72 close:
- 694 shares (Mar 11, 2024) valued $171,224 .
- 1,037 shares (Mar 5, 2024) valued $255,849 .
- 743 shares (Nov 6, 2023) valued $183,313 .
- 1,321 shares (Mar 6, 2023) valued $325,917 .
- 681 shares (Feb 9, 2022) valued $168,016 .
Pledging/Hedging Policy:
- Insider Trading Policy prohibits hedging, short sales, options/derivatives, and—subject to limited exceptions—margin purchases and pledging of AppFolio securities for officers, directors, and employees (including family household members) .
Clawback:
- Executive Compensation Recovery Policy adopted July 26, 2023 requires clawback of erroneously awarded incentive-based compensation for covered executives over the prior three completed fiscal years in the event of a required accounting restatement (Nasdaq Rule 5608 compliant) .
Section 16(a) Compliance:
- One late Form 4 filing reported for Eaton on November 13, 2024 (tax withholding on RSU vesting) .
Employment Terms
- Employment agreement: None; Eaton is not party to an employment agreement with the Company .
- Severance: None; not entitled to cash severance, accelerated vesting, or enhanced benefits upon termination or change-in-control, except plan-level treatment below .
- Change-in-control: Under the 2015 Plan, if successor/acquirer refuses to assume/convert/replace awards in a Corporate Transaction, RSUs accelerate immediately prior to the transaction; hypothetical value of Eaton’s accelerated RSUs as of 12/31/2024 would have been $1,104,319 based on 4,476 units at $246.72 .
- Non-compete / non-solicit / garden leave: Not disclosed for Eaton .
- Stock ownership guidelines: Not disclosed for Eaton .
Investment Implications
- Pay-for-performance linkage: Eaton’s FY 2024 bonus was fully formulaic off company-level metrics with a blended payout of 123% and no discretionary PSU grants, reinforcing alignment with revenue growth and operating discipline during transition leadership .
- Retention profile: RSUs vest quarterly over four years, creating steady vesting cadence but no dedicated severance or CIC protection, which can reduce entrenchment risk yet potentially increase external mobility risk for a high-performing interim finance leader .
- Ownership alignment and risk controls: Beneficial ownership is modest, but robust prohibitions on hedging/pledging and presence of an Exchange Act-compliant clawback mitigate misalignment and governance risk; one late Form 4 (administrative) recorded for tax withholding .
- Company performance context: Strong FY 2024 fundamentals (28% revenue growth, non-GAAP operating margin 25.2%, net income $204 million) and improved TSR underpin compensation outcomes; forward-looking FY 2025 revenue outlook $920–940 million guides continued performance-based incentives .