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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AppFolio Inc | NASDAQ:APPF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.19 | -0.50% | 237.18 | 222.00 | 240.00 | 241.27 | 236.22 | 238.25 | 127,743 | 01:00:00 |
Delaware
|
|
26-0359894
|
(State of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
50 Castilian Drive
Santa Barbara, California
|
|
93117
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
x
|
|
|
|
|
|
|
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
x
|
Section
|
|
Page No.
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
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||
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||
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||
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||
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||
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||
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|
|
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|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
8,549
|
|
|
$
|
16,109
|
|
Investment securities—current
|
|
37,290
|
|
|
29,800
|
|
||
Accounts receivable, net
|
|
4,535
|
|
|
3,387
|
|
||
Prepaid expenses and other current assets
|
|
5,253
|
|
|
4,546
|
|
||
Total current assets
|
|
55,627
|
|
|
53,842
|
|
||
Investment securities—noncurrent
|
|
21,971
|
|
|
22,401
|
|
||
Property and equipment, net
|
|
6,463
|
|
|
6,696
|
|
||
Capitalized software, net
|
|
18,064
|
|
|
17,609
|
|
||
Goodwill
|
|
6,737
|
|
|
6,737
|
|
||
Intangible assets, net
|
|
1,397
|
|
|
1,725
|
|
||
Other assets
|
|
3,806
|
|
|
1,238
|
|
||
Total assets
|
|
$
|
114,065
|
|
|
$
|
110,248
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
1,099
|
|
|
$
|
610
|
|
Accrued employee expenses
|
|
7,486
|
|
|
10,710
|
|
||
Accrued expenses
|
|
4,905
|
|
|
4,289
|
|
||
Deferred revenue
|
|
5,746
|
|
|
7,080
|
|
||
Other current liabilities
|
|
1,129
|
|
|
1,223
|
|
||
Total current liabilities
|
|
20,365
|
|
|
23,912
|
|
||
Other liabilities
|
|
1,161
|
|
|
1,257
|
|
||
Total liabilities
|
|
21,526
|
|
|
25,169
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, $0.0001 par value, 25,000 authorized and no shares issued and outstanding as of March 31, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Class A common stock, $0.0001 par value, 250,000 shares authorized as of March 31, 2018 and December 31, 2017; 15,092 and 14,879 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively;
|
|
1
|
|
|
1
|
|
||
Class B common stock, $0.0001 par value, 50,000 shares authorized as of March 31, 2018 and December 31, 2017; 19,055 and 19,102 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively;
|
|
3
|
|
|
3
|
|
||
Additional paid-in capital
|
|
152,855
|
|
|
152,531
|
|
||
Accumulated other comprehensive loss
|
|
(357
|
)
|
|
(209
|
)
|
||
Accumulated deficit
|
|
(59,963
|
)
|
|
(67,247
|
)
|
||
Total stockholders’ equity
|
|
92,539
|
|
|
85,079
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
114,065
|
|
|
$
|
110,248
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Revenue
|
$
|
42,340
|
|
|
$
|
32,126
|
|
Costs and operating expenses:
|
|
|
|
||||
Cost of revenue (exclusive of depreciation and amortization)
|
16,613
|
|
|
12,993
|
|
||
Sales and marketing
|
7,405
|
|
|
7,107
|
|
||
Research and product development
|
5,333
|
|
|
3,629
|
|
||
General and administrative
|
5,316
|
|
|
4,804
|
|
||
Depreciation and amortization
|
3,500
|
|
|
2,996
|
|
||
Total costs and operating expenses
|
38,167
|
|
|
31,529
|
|
||
Income from operations
|
4,173
|
|
|
597
|
|
||
Other expense, net
|
(3
|
)
|
|
(28
|
)
|
||
Interest income, net
|
176
|
|
|
102
|
|
||
Income before provision for income taxes
|
4,346
|
|
|
671
|
|
||
Provision for income taxes
|
26
|
|
|
11
|
|
||
Net income
|
$
|
4,320
|
|
|
$
|
660
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.13
|
|
|
$
|
0.02
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.02
|
|
Weighted average common shares outstanding:
|
|
|
|
||||
Basic
|
34,070
|
|
|
33,706
|
|
||
Diluted
|
35,300
|
|
|
34,765
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Net income
|
$
|
4,320
|
|
|
$
|
660
|
|
Other comprehensive (loss) income:
|
|
|
|
||||
Changes in unrealized (losses) gains on investment securities
|
(148
|
)
|
|
22
|
|
||
Comprehensive income
|
$
|
4,172
|
|
|
$
|
682
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
Additional
|
|
Other
|
|
|
|
|
||||||||||||||
|
Common Stock
|
|
Common Stock
|
|
Paid-in
|
|
Comprehensive
|
|
Accumulated
|
|
|
||||||||||||||||||
|
Class A
|
|
Class B
|
|
Capital
|
|
Loss
|
|
Deficit
|
|
Total
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2017
|
14,879
|
|
|
$
|
1
|
|
|
19,102
|
|
|
$
|
3
|
|
|
$
|
152,531
|
|
|
$
|
(209
|
)
|
|
$
|
(67,247
|
)
|
|
$
|
85,079
|
|
Exercise of stock options
|
98
|
|
|
—
|
|
|
—
|
|
|
|
|
470
|
|
|
—
|
|
|
—
|
|
|
470
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,495
|
|
|
—
|
|
|
—
|
|
|
1,495
|
|
||||||
Vesting of restricted stock units, net of shares withheld for taxes
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,650
|
)
|
|
—
|
|
|
—
|
|
|
(1,650
|
)
|
||||||
Vesting of early exercised shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Conversion of Class B stock to Class A stock
|
47
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148
|
)
|
|
—
|
|
|
(148
|
)
|
||||||
Cumulative-effect adjustment resulting from adoption of ASU 2014-09 (Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,964
|
|
|
2,964
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,320
|
|
|
4,320
|
|
||||||
Balance at March 31, 2018
|
15,092
|
|
|
$
|
1
|
|
|
19,055
|
|
|
$
|
3
|
|
|
$
|
152,855
|
|
|
$
|
(357
|
)
|
|
$
|
(59,963
|
)
|
|
$
|
92,539
|
|
APPFOLIO, INC.
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(UNAUDITED)
|
|||||||
(in thousands)
|
|||||||
|
|
||||||
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Cash from operating activities
|
|
|
|
||||
Net income
|
$
|
4,320
|
|
|
$
|
660
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,500
|
|
|
2,996
|
|
||
Purchased investment premium, net of amortization
|
62
|
|
|
(14
|
)
|
||
Amortization of deferred financing costs
|
16
|
|
|
16
|
|
||
Loss on disposal of property and equipment
|
1
|
|
|
28
|
|
||
Stock-based compensation
|
1,318
|
|
|
1,097
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(1,148
|
)
|
|
(1,303
|
)
|
||
Prepaid expenses and other current assets
|
441
|
|
|
402
|
|
||
Other assets
|
(766
|
)
|
|
5
|
|
||
Accounts payable
|
415
|
|
|
(19
|
)
|
||
Accrued employee expenses
|
(3,842
|
)
|
|
(1,662
|
)
|
||
Accrued expenses
|
611
|
|
|
473
|
|
||
Deferred revenue
|
(1,334
|
)
|
|
1,059
|
|
||
Other liabilities
|
(252
|
)
|
|
69
|
|
||
Net cash provided by operating activities
|
3,342
|
|
|
3,807
|
|
||
Cash from investing activities
|
|
|
|
||||
Purchases of property and equipment
|
(263
|
)
|
|
(392
|
)
|
||
Additions to capitalized software
|
(2,936
|
)
|
|
(2,991
|
)
|
||
Purchases of investment securities
|
(15,573
|
)
|
|
(6,537
|
)
|
||
Sales of investment securities
|
5
|
|
|
—
|
|
||
Maturities of investment securities
|
8,296
|
|
|
4,445
|
|
||
Net cash used in investing activities
|
(10,471
|
)
|
|
(5,475
|
)
|
||
Cash from financing activities
|
|
|
|
||||
Proceeds from stock option exercises
|
470
|
|
|
145
|
|
||
Tax withholding for net share settlement
|
(901
|
)
|
|
(1,207
|
)
|
||
Proceeds from issuance of debt
|
32
|
|
|
29
|
|
||
Principal payments on debt
|
(32
|
)
|
|
(29
|
)
|
||
Net cash used in financing activities
|
(431
|
)
|
|
(1,062
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(7,560
|
)
|
|
(2,730
|
)
|
||
Cash, cash equivalents and restricted cash
|
|
|
|
||||
Beginning of period
|
16,537
|
|
|
11,126
|
|
||
End of period
|
$
|
8,977
|
|
|
$
|
8,396
|
|
|
|
|
|
APPFOLIO, INC.
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(UNAUDITED)
|
|||||||
(in thousands)
|
|||||||
|
|
||||||
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Noncash investing and financing activities
|
|
|
|
||||
Purchases of property and equipment included in accounts payable and accrued expenses
|
$
|
114
|
|
|
$
|
58
|
|
Additions of capitalized software included in accrued employee expenses
|
243
|
|
|
196
|
|
||
Stock-based compensation capitalized for software development
|
235
|
|
|
138
|
|
||
Tax withholding for net share settlement included in accrued employee expenses
|
749
|
|
|
—
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents
|
$
|
8,549
|
|
|
$
|
7,969
|
|
Restricted cash included in other assets
|
428
|
|
|
427
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
8,977
|
|
|
$
|
8,396
|
|
|
|
Three Months Ended
March 31, |
||||
|
|
2018
|
|
2017
|
||
Weighted average common shares outstanding
|
|
34,085
|
|
|
33,747
|
|
Less: Weighted average unvested restricted shares subject to repurchase
|
|
15
|
|
|
41
|
|
Weighted average common shares outstanding; basic
|
|
34,070
|
|
|
33,706
|
|
|
|
|
|
|
||
Weighted average common shares outstanding; basic
|
|
34,070
|
|
|
33,706
|
|
Plus: Weighted average options, restricted stock units and restricted shares used to compute diluted net income per common share
|
|
1,230
|
|
|
1,059
|
|
Weighted average common shares outstanding; diluted
|
|
35,300
|
|
|
34,765
|
|
|
Balance at
December 31, 2017
|
|
Adjustments
|
|
Balance at
January 1, 2018
|
||||||
Assets
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
$
|
4,546
|
|
|
$
|
1,148
|
|
|
$
|
5,694
|
|
Other assets
|
1,238
|
|
|
1,816
|
|
|
3,054
|
|
|||
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
$
|
(67,247
|
)
|
|
$
|
2,964
|
|
|
$
|
(64,283
|
)
|
|
March 31, 2018
|
||||||||||
|
As Reported
|
|
Balances Without Adoption of ASU 2014-09
|
|
Effect of Adoption
|
||||||
Assets
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
$
|
5,253
|
|
|
$
|
3,556
|
|
|
$
|
1,697
|
|
Other assets
|
3,806
|
|
|
1,209
|
|
|
2,597
|
|
|||
|
|
|
|
|
|
||||||
Equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
$
|
(59,963
|
)
|
|
$
|
(64,257
|
)
|
|
$
|
4,294
|
|
|
Three Months Ended
March 31, 2018 |
||||||||||
|
As Reported
|
|
Balances Without Adoption of ASU 2014-09
|
|
Effect of Adoption
|
||||||
Costs and operating expenses:
|
|
|
|
|
|
||||||
Cost of revenue (exclusive of depreciation and amortization)
|
$
|
16,613
|
|
|
$
|
16,673
|
|
|
$
|
(60
|
)
|
Sales and marketing
|
7,405
|
|
|
8,675
|
|
|
(1,270
|
)
|
|||
Total costs and operating expenses
|
38,167
|
|
|
39,497
|
|
|
(1,330
|
)
|
|||
Income from operations
|
4,173
|
|
|
2,843
|
|
|
1,330
|
|
|||
Income before provision for income taxes
|
4,346
|
|
|
3,016
|
|
|
1,330
|
|
|||
Net income
|
$
|
4,320
|
|
|
$
|
2,990
|
|
|
$
|
1,330
|
|
|
|
|
|
|
|
||||||
Net income per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.13
|
|
|
$
|
0.09
|
|
|
$
|
0.04
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.08
|
|
|
$
|
0.04
|
|
|
March 31, 2018
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Corporate bonds
|
$
|
37,976
|
|
|
$
|
—
|
|
|
$
|
(299
|
)
|
|
$
|
37,677
|
|
Agency securities
|
11,034
|
|
|
1
|
|
|
(52
|
)
|
|
10,983
|
|
||||
Certificates of deposit
|
1,986
|
|
|
—
|
|
|
(2
|
)
|
|
1,984
|
|
||||
Treasury securities
|
8,622
|
|
|
—
|
|
|
(5
|
)
|
|
8,617
|
|
||||
Total available-for-sale investment securities
|
$
|
59,618
|
|
|
$
|
1
|
|
|
$
|
(358
|
)
|
|
$
|
59,261
|
|
|
December 31, 2017
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Corporate bonds
|
$
|
38,383
|
|
|
$
|
—
|
|
|
$
|
(166
|
)
|
|
$
|
38,217
|
|
Agency securities
|
11,045
|
|
|
—
|
|
|
(42
|
)
|
|
11,003
|
|
||||
Certificates of deposit
|
2,982
|
|
|
1
|
|
|
(2
|
)
|
|
2,981
|
|
||||
Total available-for-sale investment securities
|
$
|
52,410
|
|
|
$
|
1
|
|
|
$
|
(210
|
)
|
|
$
|
52,201
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Estimated Fair Value
|
||||||||
Due in 1 year or less
|
$
|
37,410
|
|
|
$
|
37,290
|
|
|
$
|
29,850
|
|
|
$
|
29,800
|
|
Due after 1 year through 3 years
|
22,208
|
|
|
21,971
|
|
|
22,560
|
|
|
22,401
|
|
||||
Total available-for-sale investment securities
|
$
|
59,618
|
|
|
$
|
59,261
|
|
|
$
|
52,410
|
|
|
$
|
52,201
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||
|
Gross Realized Gains
|
|
Gross Realized Losses
|
|
Gross Proceeds from Sales
|
|
Gross Proceeds from Maturities
|
||||||||
Corporate bonds
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,300
|
|
Agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
||||
Certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
996
|
|
||||
Treasury securities
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
8,296
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Gross Realized Gains
|
|
Gross Realized Losses
|
|
Gross Proceeds from Sales
|
|
Gross Proceeds from Maturities
|
||||||||
Corporate bonds
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,200
|
|
Certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
1,245
|
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,445
|
|
|
March 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair
Value |
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
107
|
|
Available-for-sale investment securities:
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
—
|
|
|
37,677
|
|
|
—
|
|
|
37,677
|
|
||||
Agency securities
|
—
|
|
|
10,983
|
|
|
—
|
|
|
10,983
|
|
||||
Certificates of deposit
|
1,984
|
|
|
—
|
|
|
—
|
|
|
1,984
|
|
||||
Treasury securities
|
8,617
|
|
|
—
|
|
|
—
|
|
|
8,617
|
|
||||
Total
|
$
|
10,708
|
|
|
$
|
48,660
|
|
|
$
|
—
|
|
|
$
|
59,368
|
|
|
December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair
Value |
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
5,524
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,524
|
|
Available-for-sale investment securities:
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
—
|
|
|
38,217
|
|
|
—
|
|
|
38,217
|
|
||||
Agency securities
|
—
|
|
|
11,003
|
|
|
—
|
|
|
11,003
|
|
||||
Certificates of deposit
|
2,981
|
|
|
—
|
|
|
—
|
|
|
2,981
|
|
||||
Total
|
$
|
8,505
|
|
|
$
|
49,220
|
|
|
$
|
—
|
|
|
$
|
57,725
|
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Internal use software development costs, gross
|
|
$
|
47,435
|
|
|
$
|
44,626
|
|
Less: Accumulated amortization
|
|
(29,371
|
)
|
|
(27,017
|
)
|
||
Internal use software development costs, net
|
|
$
|
18,064
|
|
|
$
|
17,609
|
|
Years Ending December 31,
|
||||
2018
|
|
$
|
7,492
|
|
2019
|
|
7,075
|
|
|
2020
|
|
3,233
|
|
|
2021
|
|
264
|
|
|
Total amortization expense
|
|
$
|
18,064
|
|
|
|
March 31, 2018
|
||||||||||
|
|
Gross Carrying
Value |
|
Accumulated
Amortization |
|
Net Carrying
Value |
||||||
Customer relationships
|
|
$
|
790
|
|
|
$
|
(566
|
)
|
|
$
|
224
|
|
Technology
|
|
4,811
|
|
|
(4,072
|
)
|
|
739
|
|
|||
Trademarks
|
|
930
|
|
|
(570
|
)
|
|
360
|
|
|||
Partner relationships
|
|
680
|
|
|
(680
|
)
|
|
—
|
|
|||
Non-compete agreements
|
|
40
|
|
|
(40
|
)
|
|
—
|
|
|||
Domain names
|
|
273
|
|
|
(273
|
)
|
|
—
|
|
|||
Patents
|
|
285
|
|
|
(211
|
)
|
|
74
|
|
|||
|
|
$
|
7,809
|
|
|
$
|
(6,412
|
)
|
|
$
|
1,397
|
|
|
|
December 31, 2017
|
||||||||||
|
|
Gross Carrying
Value |
|
Accumulated
Amortization |
|
Net Carrying
Value |
||||||
Customer relationships
|
|
$
|
790
|
|
|
$
|
(538
|
)
|
|
$
|
252
|
|
Technology
|
|
4,811
|
|
|
(3,871
|
)
|
|
940
|
|
|||
Trademarks
|
|
930
|
|
|
(539
|
)
|
|
391
|
|
|||
Partner relationships
|
|
680
|
|
|
(623
|
)
|
|
57
|
|
|||
Non-compete agreements
|
|
40
|
|
|
(37
|
)
|
|
3
|
|
|||
Domain names
|
|
273
|
|
|
(273
|
)
|
|
—
|
|
|||
Patents
|
|
285
|
|
|
(203
|
)
|
|
82
|
|
|||
|
|
$
|
7,809
|
|
|
$
|
(6,084
|
)
|
|
$
|
1,725
|
|
Years Ending December 31,
|
||||
2018
|
|
$
|
601
|
|
2019
|
|
352
|
|
|
2020
|
|
259
|
|
|
2021
|
|
124
|
|
|
2022
|
|
61
|
|
|
Total amortization expense
|
|
$
|
1,397
|
|
|
|
Number of
Shares
|
|
Weighted
Average
Exercise
Price per Share
|
|
Weighted
Average
Remaining
Contractual Life
in Years
|
|||
Options outstanding as of December 31, 2017
|
|
1,692
|
|
|
$
|
10.81
|
|
|
7.3
|
Options granted
|
|
—
|
|
|
—
|
|
|
|
|
Options exercised
|
|
(98
|
)
|
|
4.81
|
|
|
|
|
Options cancelled/forfeited
|
|
(1
|
)
|
|
14.35
|
|
|
|
|
Options outstanding as of March 31, 2018
|
|
1,593
|
|
|
$
|
11.18
|
|
|
7.5
|
|
|
Three Months Ended
March 31, 2017 |
||
Stock options granted (in thousands)
|
|
132
|
|
|
Weighted average exercise price per share
|
|
$
|
23.80
|
|
Weighted average grant-date fair value per share
|
|
$
|
9.29
|
|
Weighted average Black-Scholes model assumptions:
|
|
|
||
Risk-free interest rate
|
|
2.04
|
%
|
|
Expected term (in years)
|
|
6.4
|
|
|
Expected volatility
|
|
35
|
%
|
|
Expected dividend yield
|
|
—
|
|
|
|
Number of Shares
|
|
Weighted- Average Grant Date Fair Value per Share
|
|||
Unvested as of December 31, 2017
|
|
598
|
|
|
$
|
19.75
|
|
Granted
|
|
191
|
|
|
40.24
|
|
|
Vested
|
|
(107
|
)
|
|
13.36
|
|
|
Forfeited
|
|
(4
|
)
|
|
30.43
|
|
|
Unvested as of March 31, 2018
|
|
678
|
|
|
$
|
26.49
|
|
|
|
Number of
Shares |
|
Weighted-Average
Grant Date Fair Value per Share |
|||
Unvested as of December 31, 2017
|
|
16
|
|
|
$
|
20.93
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Vested
|
|
(2
|
)
|
|
5.64
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Unvested as of March 31, 2018
|
|
14
|
|
|
$
|
22.55
|
|
|
Quarter Ended
|
|||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
|
2018
|
|
2017
|
|||||||||||
Property manager
|
12,030
|
|
|
11,708
|
|
|
11,258
|
|
|
10,820
|
|
|
10,468
|
|
Property manager units under management (in millions)
|
3.40
|
|
|
3.25
|
|
|
3.08
|
|
|
2.93
|
|
|
2.83
|
|
|
Quarter Ended
|
|||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
|
2018
|
|
2017
|
|||||||||||
Legal
|
9,706
|
|
|
9,349
|
|
|
9,128
|
|
|
8,913
|
|
|
8,676
|
|
|
Three Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Consolidated Statements of Operations Data:
|
|
|
|
|
|
|
|||||||
Revenue
|
$
|
42,340
|
|
|
100.0
|
%
|
|
$
|
32,126
|
|
|
100.0
|
%
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
||||||
Cost of revenue (exclusive of depreciation and amortization)
(1)
|
16,613
|
|
|
39.2
|
|
|
12,993
|
|
|
40.4
|
|
||
Sales and marketing
(1)
|
7,405
|
|
|
17.5
|
|
|
7,107
|
|
|
22.1
|
|
||
Research and product development
(1)
|
5,333
|
|
|
12.6
|
|
|
3,629
|
|
|
11.3
|
|
||
General and administrative
(1)
|
5,316
|
|
|
12.6
|
|
|
4,804
|
|
|
15.0
|
|
||
Depreciation and amortization
|
3,500
|
|
|
8.3
|
|
|
2,996
|
|
|
9.3
|
|
||
Total costs and operating expenses
|
38,167
|
|
|
90.1
|
|
|
31,529
|
|
|
98.1
|
|
||
Income from operations
|
4,173
|
|
|
9.9
|
|
|
597
|
|
|
1.9
|
|
||
Other expense, net
|
(3
|
)
|
|
—
|
|
|
(28
|
)
|
|
(0.1
|
)
|
||
Interest income, net
|
176
|
|
|
0.4
|
|
|
102
|
|
|
0.3
|
|
||
Income before provision for income taxes
|
4,346
|
|
|
10.3
|
|
|
671
|
|
|
2.1
|
|
||
Provision for income taxes
|
26
|
|
|
0.1
|
|
|
11
|
|
|
—
|
|
||
Net income
|
$
|
4,320
|
|
|
10.2
|
%
|
|
$
|
660
|
|
|
2.1
|
%
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
Costs and operating expenses:
|
|
|
|
|||||
Cost of revenue (exclusive of depreciation and amortization)
|
|
$
|
220
|
|
|
$
|
129
|
|
Sales and marketing
|
|
210
|
|
|
120
|
|
||
Research and product development
|
|
225
|
|
|
116
|
|
||
General and administrative
|
|
663
|
|
|
732
|
|
||
Total stock-based compensation expense
|
$
|
1,318
|
|
|
$
|
1,097
|
|
|
|
Three Months Ended
March 31, |
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Core solutions
|
|
$
|
16,205
|
|
|
$
|
13,106
|
|
|
$
|
3,099
|
|
|
24
|
%
|
Value+ services
|
|
24,640
|
|
|
17,764
|
|
|
6,876
|
|
|
39
|
%
|
|||
Other
|
|
1,495
|
|
|
1,256
|
|
|
239
|
|
|
19
|
%
|
|||
Total revenues
|
|
$
|
42,340
|
|
|
$
|
32,126
|
|
|
$
|
10,214
|
|
|
32
|
%
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Cost of revenue (exclusive of depreciation and amortization)
|
|
$
|
16,613
|
|
|
$
|
12,993
|
|
|
$
|
3,620
|
|
|
28
|
%
|
Percentage of revenue
|
|
39.2
|
%
|
|
40.4
|
%
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Sales and marketing
|
|
$
|
7,405
|
|
|
$
|
7,107
|
|
|
$
|
298
|
|
|
4
|
%
|
Percentage of revenue
|
|
17.5
|
%
|
|
22.1
|
%
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Research and product development
|
|
$
|
5,333
|
|
|
$
|
3,629
|
|
|
$
|
1,704
|
|
|
47
|
%
|
Percentage of revenue
|
|
12.6
|
%
|
|
11.3
|
%
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
General and administrative
|
|
$
|
5,316
|
|
|
$
|
4,804
|
|
|
$
|
512
|
|
|
11
|
%
|
Percentage of revenue
|
|
12.6
|
%
|
|
15.0
|
%
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Depreciation and amortization
|
|
$
|
3,500
|
|
|
$
|
2,996
|
|
|
$
|
504
|
|
|
17
|
%
|
Percentage of revenue
|
|
8.3
|
%
|
|
9.3
|
%
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Interest income
|
|
$
|
176
|
|
|
$
|
102
|
|
|
$
|
74
|
|
|
73
|
%
|
Percentage of revenue
|
|
0.4
|
%
|
|
0.3
|
%
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
Net cash provided by operating activities
|
|
$
|
3,342
|
|
|
$
|
3,807
|
|
Net cash used in investing activities
|
|
(10,471
|
)
|
|
(5,475
|
)
|
||
Net cash used in financing activities
|
|
(431
|
)
|
|
(1,062
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
$
|
(7,560
|
)
|
|
$
|
(2,730
|
)
|
|
|
AppFolio, Inc.
|
|
|
|
|
|
|
|
Date:
|
April 30, 2018
|
By:
|
/s/ Ida Kane
|
|
|
|
|
Ida Kane
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
1 Year AppFolio Chart |
1 Month AppFolio Chart |
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