APPFOLIO INC
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 5, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash from operating activities | |||
| Net income | $140,923 | $204,068 | $2,702 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 22,651 | 19,543 | 28,989 |
| Amortization of operating lease right-of-use assets | 2,221 | 2,030 | 2,132 |
| Amortization of costs capitalized to obtain revenue contracts, net | 11,115 | 9,985 | 9,515 |
| Gain on lease modification | — | — | (4,281) |
| Deferred income taxes | 18,139 | (76,937) | (490) |
| Stock-based compensation, including as amortized | 70,790 | 60,328 | 52,363 |
| Other | (2,119) | (8,220) | (3,108) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (12,527) | (3,383) | (4,206) |
| Prepaid expenses and other assets | (21,446) | (5,859) | (23,008) |
| Accounts payable | 1,767 | 1,559 | (1,565) |
| Operating lease liabilities | (4,263) | (3,143) | (2,504) |
| Accrued expenses and other liabilities | 14,854 | (11,812) | 3,744 |
| Net cash provided by operating activities | 242,105 | 188,159 | 60,283 |
| Cash from investing activities | |||
| Purchases of available-for-sale investments | (228,887) | (317,173) | (195,740) |
| Proceeds from sales of available-for-sale investments | 202,662 | 9,984 | 1,013 |
| Proceeds from maturities of available-for-sale investments | 118,970 | 240,035 | 152,382 |
| Purchases of property and equipment | (3,155) | (2,016) | (9,041) |
| Capitalization of software development costs | (3,440) | (5,170) | (4,825) |
| Purchases of long-term investments | (75,000) | — | 629 |
| Cash paid in business acquisition, net of cash acquired | (906) | (77,421) | — |
| Net cash provided by (used in) investing activities | 10,244 | (151,761) | (55,582) |
| Cash from financing activities | |||
| Proceeds from stock option exercises | 134 | 3,924 | 2,595 |
| Tax withholding for net share settlement | (43,248) | (47,327) | (28,556) |
| Proceeds from the issuance of common stock under the employee stock purchase plan | 951 | — | — |
| Purchase of common stock | (145,723) | — | — |
| Net cash used in financing activities | (187,886) | (43,403) | (25,961) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 64,463 | (7,005) | (21,260) |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 42,754 | 49,759 | 71,019 |
| End of period | $107,217 | $42,754 | $49,759 |
| Cash, cash equivalents and restricted cash at end of period: | |||
| Cash and cash equivalents | $106,967 | $42,504 | $49,509 |
| Restricted cash included in prepaid expenses and other current assets | 250 | 250 | 250 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $107,217 | $42,754 | $49,759 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for income taxes | $28,840 | $14,022 | $8,086 |
| Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows | $6,251 | $5,828 | $4,732 |
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