APPFOLIO INC
For the period ended Dec 31, 2023. Filed Feb 1, 2024.
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FY2023 · Filed Feb 1, 2024
APPF$224.76-2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash from operating activities | |||
| Net income (loss) | $2,702 | $(68,119) | $1,028 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 26,500 | 30,820 | 29,032 |
| Amortization of operating lease right-of-use assets | 2,132 | 3,187 | 3,199 |
| Impairment, net | — | 22,022 | — |
| Gain on lease modification | (4,281) | — | — |
| Stock-based compensation, including as amortized | 54,852 | 43,234 | 17,154 |
| Gain on sale of business | — | (4,156) | (380) |
| Gain on sale of equity-method investment and recovery of note receivable | — | (40) | (12,767) |
| Other | (3,598) | (818) | 499 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (4,206) | (4,198) | (2,103) |
| Prepaid expenses and other assets | (13,493) | (7,281) | (3,427) |
| Accounts payable | (1,565) | 1,176 | 497 |
| Operating lease liabilities | (2,504) | (2,524) | 1,268 |
| Accrued expenses and other liabilities | 3,744 | 12,062 | 1,391 |
| Net cash provided by operating activities | 60,283 | 25,365 | 35,391 |
| Cash from investing activities | |||
| Purchases of available-for-sale investments | (195,740) | (79,279) | (241,215) |
| Proceeds from sales of available-for-sale investments | 1,013 | 994 | 43,198 |
| Proceeds from maturities of available-for-sale investments | 152,382 | 87,883 | 107,354 |
| Purchases of property and equipment | (9,041) | (6,540) | (8,103) |
| Capitalization of software development costs | (4,825) | (14,688) | (24,615) |
| Proceeds from sale of business, net of cash divested | — | 5,124 | 402 |
| Proceeds from sale of equity-method investment | 629 | 40 | 12,520 |
| Net cash used in investing activities | (55,582) | (6,466) | (110,459) |
| Cash from financing activities | |||
| Proceeds from stock option exercises | 2,595 | 4,474 | 2,614 |
| Tax withholding for net share settlement | (28,556) | (10,637) | (9,962) |
| Net cash used in financing activities | (25,961) | (6,163) | (7,348) |
| Net (decrease) increase in cash and cash equivalents | (21,260) | 12,736 | (82,416) |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 71,019 | 58,283 | 140,699 |
| End of period | $49,759 | $71,019 | $58,283 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow information | |||
| Cash paid for income taxes | $8,086 | $3,338 | $9,324 |
| Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows | 4,732 | 3,933 | 1,618 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $— | $— | $11,945 |
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above (in thousands):
| December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash and cash equivalents | $49,509 | $70,769 | $57,847 |
| Restricted cash included in other long-term assets | 250 | 250 | 436 |
| Total cash, cash equivalents and restricted cash | $49,759 | $71,019 | $58,283 |
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