AppFolio, Inc. (APPF): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la technologie de gestion immobilière, Appfolio, Inc. (APPF) apparaît comme une force transformatrice, révolutionnant la façon dont les gestionnaires immobiliers et les professionnels de l'immobilier rationalisent leurs opérations. En tirant parti des solutions innovantes basées sur le cloud et un écosystème logiciel complet, AppFolio a conçu un modèle commercial unique qui relève les défis complexes de la gestion immobilière moderne. Des petits portefeuilles résidentiels aux vastes réseaux immobiliers commerciaux, leur plate-forme offre une approche intégrée qui combine la technologie de pointe, la conception intuitive et les fonctionnalités évolutives, se positionnant comme un catalyseur critique de l'efficacité opérationnelle dans le paysage de la technologie immobilière.

AppFolio, Inc. (APPF) - Modèle d'entreprise: partenariats clés

Fournisseurs de logiciels de gestion immobilière

AppFolio maintient des partenariats stratégiques avec plusieurs fournisseurs de logiciels de gestion immobilière pour étendre son écosystème.

Partenaire	Type d'intégration	Portée de la collaboration
Systèmes Yardi	Intégration logicielle	Solutions de gestion immobilière d'entreprise
RealPage, Inc.	Connectivité API	Synchronisation des données et optimisation du flux de travail

Fournisseurs de services cloud

AppFolio exploite les partenariats d'infrastructure cloud pour assurer des plateformes technologiques robustes et évolutives.

Fournisseur de cloud	Services utilisés	Dépenses en nuage annuelles
Amazon Web Services (AWS)	Calcul, stockage, sécurité	4,2 millions de dollars (2023)
Microsoft Azure	Sauvegarde, reprise après sinistre	1,8 million de dollars (2023)

Partenaires d'intégration de la technologie immobilière

AppFolio collabore avec diverses plateformes de technologies immobilières pour améliorer les offres de services.

• Groupe zillow
• Technologies de costar
• VTS (plateforme immobilière commerciale)

Sociétés de traitement des paiements et de services financiers

Les partenariats financiers stratégiques permettent à AppFolio de fournir des solutions de paiement complètes.

Partenaire financier	Type de service	Volume de transaction (2023)
Bande	Traitement des paiements en ligne	1,2 milliard de dollars
Services marchands de Bank of America	Passerelle de paiement	850 millions de dollars

AppFolio, Inc. (APPF) - Modèle d'entreprise: Activités clés

Développement de logiciels et innovation de produit

AppFolio a investi 76,4 millions de dollars dans les frais de recherche et développement en 2022. La société maintient une équipe dédiée en génie logiciel d'environ 500 professionnels axés sur l'innovation continue des produits.

Métrique de R&D	2022 données
Dépenses de R&D	76,4 millions de dollars
Taille de l'équipe d'ingénierie logicielle	Environ 500

Support client et formation

AppFolio fournit un support client complet via plusieurs canaux, notamment:

• Portail d'assistance en ligne 24/7
• Gestionnaires de réussite des clients dédiés
• Ressources de formation et webinaires étendues
• Services d'intégration personnalisés

Marketing et ventes de solutions de gestion immobilière

Métrique des ventes	Valeur 2022
Revenus totaux	503,7 millions de dollars
Revenus logiciels de gestion immobilière	387,2 millions de dollars
Dépenses de vente et de marketing	143,6 millions de dollars

Amélioration continue de la plate-forme et mises à jour de fonctionnalités

AppFolio publie environ 12 à 15 mises à jour logicielles majeures par an, en se concentrant sur:

• Outils de gestion immobilière alimentés
• Capacités de rapports améliorées
• Systèmes de traitement des paiements intégrés
• Technologies de dépistage des locataires avancés

Indicateurs de performance clés pour le développement de la plate-forme:

Métrique de développement	2022 Performance
Mises à jour logicielles annuelles	12-15 versions majeures
Time de disponibilité de la plate-forme	99.95%
Taux de satisfaction client	92%

AppFolio, Inc. (APPF) - Modèle d'entreprise: Ressources clés

Plates-formes logicielles basées sur le cloud propriétaires

Appfolio maintient 2 plates-formes logicielles basées sur le cloud primaires:

Plate-forme	Marché cible	Revenus récurrents annuels
Gestionnaire immobilier AppFolio	Gestion immobilière	264,3 millions de dollars (2023)
Gestion des investissements d'Appfolio	Secteur des immeubles de placement	57,6 millions de dollars (2023)

Équipes techniques d'ingénierie et de développement

Composition technique de la main-d'œuvre technique d'Appfolio:

Catégorie d'équipe	Nombre d'employés	Pourcentage de la main-d'œuvre totale
Ingénieurs logiciels	342	48%
Développeurs de produits	127	18%
Assurance qualité	86	12%

Données clients et infrastructure d'analyse

• Points de données du client total traités: 3,2 millions par an
• Capacité de traitement d'analyse en temps réel: 500 000 transactions par heure
• Infrastructure de stockage de données: 427 pétaoctets

Propriété intellectuelle et brevets logiciels

Catégorie de brevet	Nombre de brevets actifs	Durée de protection des brevets
Technologie logicielle	37	15-20 ans
Conception de l'interface utilisateur	12	10-15 ans
Méthodes de traitement des données	8	15-20 ans

AppFolio, Inc. (APPF) - Modèle d'entreprise: propositions de valeur

Solutions complètes de logiciels de gestion immobilière

AppFolio fournit des solutions logicielles basées sur le cloud spécialement conçues pour la gestion des propriétés. Au quatrième trimestre 2023, la société dessert plus de 21 500 clients de gestion immobilière aux États-Unis.

Catégorie de solutions logicielles	Caractéristiques clés	Segment du marché cible
Plateforme de gestion immobilière	Outils de gestion complets	Petites à grandes sociétés de gestion immobilière
Logiciel de gestion des investissements	Suivi et rapport du portefeuille	Sociétés d'investissement immobilier

Outils comptables intégrés et opérationnels

Le logiciel d'AppFolio comprend des fonctionnalités comptables avancées avec des capacités de suivi et de rapport financier en temps réel.

• Collection de loyer automatisée: taux de réussite des transactions 98,2%
• Rapports financiers en temps réel
• Système de registre général intégré

Dépistage et communication des locataires rationalisés

La plate-forme propose des solutions complètes de gestion des locataires avec des technologies de dépistage avancées.

Fonction de dépistage	Processus de vérification
Chèque de crédit	Analyse du rapport de crédit instantané
Vérification des antécédents	Recherche complète du casier judiciaire
Vérification des revenus	Validation automatisée du document

Maintenance automatisée et rapport financier

AppFolio fournit des mécanismes de suivi et de rapport de maintenance sophistiqués pour les gestionnaires immobiliers.

• Système de gestion des bons de travail
• Suivi des coûts de maintenance automatisés
• Mises à jour du statut de maintenance en temps réel

Plates-formes évolutives pour différentes tailles de gestion immobilière

AppFolio propose des solutions logicielles à plusieurs niveaux pour s'adapter à diverses échelles commerciales.

Niveau de plate-forme	Nombre d'unités gérées	Complexité des prix
Solution de petite entreprise	1 à 50 unités	Modèle de tarification de base
Solution d'entreprise	Plus de 500 unités	Prix ​​personnalisés

AppFolio, Inc. (APPF) - Modèle d'entreprise: relations avec les clients

Portails de support en ligne en libre-service

AppFolio fournit des portails de support en ligne complets avec les fonctionnalités suivantes:

• Plateforme de support client accessible 24/7
• Système de suivi des billets en temps réel
• Base de connaissances avec 1 247 articles de soutien documenté

Métrique du portail de support	2023 données
Temps de réponse moyen	2,3 heures
Utilisateurs actifs mensuels	87 500 utilisateurs
Taux de résolution en libre-service	62%

Gestionnaires de réussite des clients dédiés

Appfolio utilise 174 gestionnaires de réussite des clients dédiés à travers différents segments.

• Le gestionnaire de réussite du client moyen gère 47 comptes d'entreprise
• Processus d'examen trimestriel des comptes
• Conseils stratégiques personnalisés

Webinaires de produits réguliers et séances de formation

Métrique de formation	2023 données
Total des webinaires réalisés	328 séances
Compte de participant moyen	215 par webinaire
Heures de formation annuelles	1 642 heures

Forums et base de connaissances communautaires

Appfolio maintient un vaste écosystème de connaissances:

• Forum communautaire actif avec 42 500 utilisateurs enregistrés
• 3 675 threads de solution générés par l'utilisateur
• Taux d'engagement moyen du forum: 37%

Expériences d'intégration personnalisées

Métrique d'intégration	2023 données
Durée d'intégration moyenne	14 jours
Points de contact de personnalisation	7 interactions personnalisées
Score de satisfaction du client	4.6/5

AppFolio, Inc. (APPF) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe d'AppFolio est composée de 224 représentants commerciaux au T2 2023. Le quota de vente annuel moyen par représentant est de 1,2 million de dollars. L'équipe se concentre sur la gestion immobilière et les marchés logiciels juridiques.

Métrique des ventes	Valeur
Représentants des ventes totales	224
Quota de vente annuel moyen	1,2 million de dollars
Taux de conversion de l'équipe de vente	18.5%

Démonstration de site Web en ligne et de produit

Le site Web d'Appfolio reçoit 387 000 visiteurs uniques mensuels. La plate-forme de démonstration de produits accueille 12 500 demandes de démonstration actives par trimestre.

• Site Web Visiteurs uniques mensuels: 387 000
• Demandes de démonstration trimestrielles: 12 500
• Taux de démonstration moyen à conversion: 22,3%

Logiciels de marché

AppFolio s'intègre à 47 marchés de logiciels tiers. La société génère 18,3 millions de dollars de revenus annuels sur les canaux de marché.

Métrique du marché	Valeur
Intégrations totales sur le marché	47
Revenus annuels du marché	18,3 millions de dollars
Taux de rétention des partenaires du marché	91.5%

Marketing numérique et stratégies de contenu

AppFolio investit 4,7 millions de dollars par an dans le marketing numérique. La société produit 180 pièces de contenu mensuellement sur diverses plateformes numériques.

• Budget annuel du marketing numérique: 4,7 millions de dollars
• Production de contenu mensuelle: 180 pièces
• Taux d'engagement du marketing numérique: 6,2%

Conférence de l'industrie et présence de salon

Appfolio participe à 22 conférences de l'industrie par an. La société génère 6,2 millions de dollars de leads des activités de salon.

Métrique de la conférence	Valeur
Participation annuelle de la conférence	22
Revenus de génération de leads de conférence	6,2 millions de dollars
Taux de conversion de la conférence	15.7%

AppFolio, Inc. (APPF) - Modèle d'entreprise: segments de clientèle

Spécialités de gestion immobilière de petite à moyenne

AppFolio dessert environ 19 500 clients de gestion immobilière au T2 2023. La taille moyenne du portefeuille de gestion immobilière varie entre 100 et 500 unités.

Type de client	Pénétration du marché	Taille moyenne du portefeuille
Petites entreprises de gestion immobilière	65%	150-250 unités
Sociétés de gestion immobilière de taille moyenne	35%	250-500 unités

Propriétaires et gestionnaires immobiliers résidentiels

La plate-forme d'Appfolio gère plus de 6,4 millions d'unités résidentielles aux États-Unis à partir de 2023.

• Propriétés locatives unifamiliales: 38% du total des unités gérées
• Propriétés résidentielles multifamiliales: 52% du total des unités gérées
• Unités de logement abordables: 10% du total des unités gérées

Professionnels de l'immobilier commercial

Le segment immobilier commercial représente environ 15% de la clientèle totale d'Appfolio, avec 2 925 clients de gestion de propriété commerciale.

Type de propriété commerciale	Pourcentage de clients
Immeubles de bureaux	42%
Espaces de vente au détail	28%
Complexes industriels	20%
Propriétés à usage mixte	10%

Organisations de gestion des logements étudiants

Appfolio dessert environ 350 organisations de gestion des logements étudiants, gérant environ 500 000 logements étudiants.

Logement abordable et gestionnaires immobiliers à but non lucratif

AppFolio prend en charge 825 organisations de logements abordables et de gestion immobilière à but non lucratif, gérant environ 350 000 logements abordables.

Type d'organisation	Nombre de clients	Unités gérées
Responsables du logement à but non lucratif	525	225 000 unités
Agences de logement abordable du gouvernement	300	125 000 unités

Appfolio, Inc. (APPF) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, AppFolio a déclaré des frais de recherche et de développement de 78,6 millions de dollars, ce qui représente 26,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	78,6 millions de dollars	26.1%
2022	71,3 millions de dollars	24.8%

Infrastructure cloud et maintenance technologique

Les coûts d'infrastructure technologique d'AppFolio pour 2023 étaient d'environ 42,3 millions de dollars, y compris l'hébergement cloud, les licences logicielles et la maintenance technologique.

• Coût des fournisseurs de services cloud: 22,1 millions de dollars
• Licence de logiciel: 12,5 millions de dollars
• Maintenance des infrastructures technologiques: 7,7 millions de dollars

Investissements de vente et de marketing

En 2023, AppFolio a alloué 89,4 millions de dollars aux efforts de vente et de marketing, représentant 29,7% des revenus totaux.

Dépenses de vente et de marketing	Montant	Pourcentage de revenus
Ventes totales et marketing	89,4 millions de dollars	29.7%

Soutien client et opérations de formation

Le support client et les frais de formation pour Appfolio en 2023 ont totalisé 35,6 millions de dollars.

• Salaires du personnel du support client: 24,2 millions de dollars
• Dépenses du programme de formation: 6,8 millions de dollars
• Infrastructure de soutien: 4,6 millions de dollars

Compensation des employés et acquisition de talents

Les dépenses totales liées aux employés pour Appfolio en 2023 ont atteint 212,5 millions de dollars.

Catégorie de dépenses	Montant
Salaires de base	156,7 millions de dollars
Compensation en stock	33,4 millions de dollars
Recrutement et acquisition de talents	22,4 millions de dollars

AppFolio, Inc. (APPF) - Modèle d'entreprise: Strots de revenus

Licence de logiciel basé sur l'abonnement

AppFolio génère des revenus grâce à des abonnements logiciels basés sur le cloud sur deux segments principaux:

Segment	Revenus d'abonnement annuel (2023)
Logiciel de gestion immobilière	246,8 millions de dollars
Logiciel juridique	72,4 millions de dollars

Modèles de tarification à plusieurs niveaux

AppFolio propose plusieurs niveaux d'abonnement avec différents prix:

• Tier de base: 99 $ - 299 $ par mois
• Tier professionnel: 299 $ - 599 $ par mois
• Tier d'entreprise: prix personnalisé à partir de 799 $ par mois

Fonctionnalité et vendure de service supplémentaires

Service supplémentaire	Revenus mensuels moyens
Traitement des paiements	18,5 millions de dollars
Services de marketing	12,3 millions de dollars
Services de dépistage	7,6 millions de dollars

Frais de mise en œuvre et d'intégration

Revenus de mise en œuvre totale en 2023: 8,2 millions de dollars

• Les frais de configuration uniques varient de 500 $ à 2 500 $
• Implémentations des entreprises personnalisées: 5 000 $ - 15 000 $

Revenus de transaction de traitement des paiements

Répartition des revenus basée sur les transactions:

Type de transaction	Revenus annuels	Pourcentage de frais de transaction
Paiements de gestion immobilière	62,7 millions de dollars	2.5% - 3.5%
Transactions de gestion des cas juridiques	24,3 millions de dollars	1.8% - 2.9%

AppFolio, Inc. (APPF) - Canvas Business Model: Value Propositions

You're looking at the core value AppFolio, Inc. (APPF) delivers to property managers, which is clearly reflected in their financial results as of late 2025. The platform is designed to be the central operating system for real estate businesses.

All-in-One Platform: Consolidating Property Management Functions

AppFolio, Inc. provides a single, cloud-based platform that consolidates essential functions. This integration is key to their revenue structure; in the third quarter of 2025, total revenue hit $249 million. This revenue is split between core software access and the services layered on top.

The core platform handles the day-to-day necessities. You get property accounting, leasing tools, and work order management all in one place. Core solutions revenue for Q3 2025 was $54 million, showing a 17% year-over-year increase, which tells you customers are sticking with the foundation while adopting more premium features.

• Property accounting and financial reports are integrated.
• End-to-end marketing and leasing tools are included.
• Work order management and inspections are streamlined.
• Online portals for owners and residents facilitate communication.

Operational Efficiency: AI-powered Automation of Routine Tasks for Staff

The value proposition here is moving staff away from manual entry to strategic work. AppFolio, Inc. has heavily invested in its AI-native architecture, the Realm-X Performers suite. It's not just a buzzword; adoption is high, with 96% of customers having used one or more of their AI-powered solutions as of Q2 2025. This translates directly into time savings for your team.

Management has quantified this efficiency gain: customers are seeing vacancies filled more than 5 days faster, renewal rates increasing by 20%, and staff saving an average of 10 hours per week on completing routine tasks. That's real operational leverage you're paying for. If onboarding takes 14+ days, churn risk rises. This automation directly addresses that.

Revenue Generation: Enabling New Income Streams via Value Added Services

This is where AppFolio, Inc. really shows its financial strategy. Value Added Services (VAS) are a massive component of their top line. In Q3 2025, revenue from VAS reached $192 million, growing 22% year-over-year. This segment is significantly larger than the core software revenue of $54 million for the same period. These services allow you to monetize resident interactions and ancillary needs.

You can select specific services to add to your offering, meaning you only pay for what you deploy, but the value proposition is the ability to create new, recurring income streams for your business. The company is guiding for full-year 2025 revenue between $945 million and $950 million, largely fueled by this VAS adoption and premium tier upgrades.

Scalability: Tiered Offerings (Core, Plus, Max) for Businesses of All Sizes

You don't have to buy an enterprise solution if you only manage 100 units, and that's a core part of the value. AppFolio, Inc. structures its offerings to scale with you, moving from essential tools to enterprise-grade customization. The tiers are designed to capture value as your portfolio grows in complexity and size.

Here's a quick look at the residential pricing structure as of early 2025, which dictates how you access features:

Tier	Per Unit Per Month (Approximate)	Key Feature Differentiator	Minimum Monthly Spend (Approximate)
Core	$1.49	Out-of-the-box essential platform	$298
Plus	$3.20 to $3.50	Advanced Data Analysis, Custom Fields, API (read only)	$960
Max	$5.00	Leasing CRM, Dedicated Customer Success Management	$7,500

More customers choosing the Plus and Max premium tiers is a stated driver for the 21% year-over-year revenue growth seen in Q3 2025.

Enhanced Resident Experience: Integrated Services Like Credit Building and Smart Leasing

The value proposition extends beyond the property manager to the resident, which in turn benefits the manager through retention. AppFolio, Inc. has launched features like the Resident Onboarding Lift, powered by a Second Nature partnership, which offers a customizable Resident Benefits Package. This package includes services like credit building and pest control, paid for by the resident as part of their lease.

The market demand supports this focus: data shows renters satisfied with their property manager are 73% more likely to plan to renew their lease. Furthermore, in leasing, their integration with Zillow helps capture leads, noting that 44% of all AppFolio guest cards come from Zillow. This helps you turn prospects into signed leases faster. Finance: draft 13-week cash view by Friday.

AppFolio, Inc. (APPF) - Canvas Business Model: Customer Relationships

You're managing a portfolio of 21,759 customers as of the third quarter of 2025, overseeing 9.1 million units under management, so the relationship structure has to scale from one-on-one attention to broad digital reach. AppFolio, Inc. structures its customer relationships across distinct tiers to match client complexity and spend.

Dedicated Account Management

For your largest clients, the relationship shifts to a high-touch partnership model, primarily targeting the AppFolio Property Manager Max tier. This enterprise solution is designed for large operators focused on customization and data insights, and it explicitly grants access to a dedicated account manager who understands unique business goals and provides proactive support. This dedicated management is a key differentiator for the Max segment, which also benefits from a personalized onboarding support team to guide them through milestones.

Self-Service Software

The primary interaction for the vast majority of the customer base is through the cloud platform and mobile applications, emphasizing self-service efficiency. This digital-first approach is supported by the fact that 44% of all AppFolio guest cards originate from Zillow, now streamlined via an integrated, mobile-friendly application feature. For immediate troubleshooting, customers rely on the Help Center, which offers 24/7 availability with an extensive library of how-to articles and in-depth product video training courses. Honestly, if you need an answer outside of business hours, this is your first stop.

Community Building

AppFolio, Inc. fosters community and deep engagement through its annual flagship event. At FUTURE: The Real Estate Conference by AppFolio in the fall of 2025, over 2,000 real estate professionals gathered for three days of education and networking. The event featured nearly 60 sessions led by 125 industry speakers, focusing on topics like generative and agentic AI to help attendees move beyond day-to-day tasks and create lasting value. This event is a cornerstone for building strong relationships that fuel customer success.

Tiered Support

Support levels are directly mapped to the subscription tier, ensuring that the level of assistance scales with the customer's investment in the platform. For instance, customers on the Plus plan receive Enhanced account support, while the entry-level Core plan provides Standard customer support. The Max tier, as noted, receives the highest level of personalized attention.

Here's a quick look at how the support structure aligns with the subscription tiers as of late 2025:

Subscription Tier	Support Level Mentioned	Key Differentiating Feature Mentioned
Core	Standard customer support	Access to portals, mobile apps, and communication channels
Plus	Enhanced account support	Access to advanced leasing metrics and corporate accounting
Max	Dedicated Customer Success Management	Access to a dedicated account manager for proactive support

Also, all customers can access a triad of support channels including email, phone, and live chat, with the goal of resolving most issues with a single interaction. Finance: draft 13-week cash view by Friday.

AppFolio, Inc. (APPF) - Canvas Business Model: Channels

You're looking at how AppFolio, Inc. gets its software into the hands of property managers and how that's translating to the numbers we see in late 2025. The channels are clearly focused on upselling existing customers and efficiently acquiring new ones, which is reflected in their growth figures.

Direct Sales Team: Targeting large property management firms for Plus/Max tiers

The direct sales effort is heavily geared toward moving customers up the value chain, specifically into the Plus and Max premium tiers. This strategy is clearly working, as the growth in Core Solutions revenue is being driven by this very movement. For instance, in the third quarter of 2025, Core Solutions revenue hit $54 million, a 17% year-over-year increase, which management explicitly tied to more customers choosing those premium tiers. This focus on expansion within the existing base is crucial for driving the overall business.

The scale of the customer base being targeted by this team is substantial:

• At the end of the third quarter of 2025, AppFolio, Inc. managed approximately 9.1 million units.
• This was spread across 21,759 customers as of September 30, 2025.
• The growth in units under management was 7% year-over-year for Q3 2025.

If onboarding takes 14+ days, churn risk rises, but the numbers suggest the sales capacity investment is paying off.

Online Platform: Direct access to the cloud software via web and mobile

The fundamental channel is the cloud software itself, accessible through the web and mobile interfaces. This self-service or low-touch component supports the entire customer base, from smaller operations to those on the premium tiers. The platform's success is evidenced by the sheer volume of activity it supports. The company's full-year revenue guidance for 2025 is set between $945 million to $950 million, showing the scale of transactions flowing through this digital access point.

The platform is also the engine for their Value Added Services, which saw significant traction:

• Value Added Services revenue grew 22% year-over-year in Q3 2025, reaching $192 million.
• This growth is fueled by greater use of risk mitigation services, screening, and online payments.

AppFolio Stack™ Marketplace: Distributing partner services and integrations

The AppFolio Stack™ Marketplace acts as a curated extension of the core platform, allowing partners to seamlessly plug in their services. This channel enhances the value proposition without AppFolio, Inc. having to build every single feature internally. A concrete example of this channel in action is the partnership with Procore, which allows customers running vertically integrated businesses to sync project financials automatically.

The Marketplace is a key part of the ecosystem, bringing in new capabilities. For example, new App Partners in Spring 2025 included providers for websites, utility management, procurement, and evictions. This integration strategy helps solidify the platform as the central operating system for ambitious property management businesses.

Digital Marketing: Inbound marketing, demos, and educational content

Digital marketing efforts are clearly driving new customer acquisition and product education, which feeds directly into the sales pipeline and adoption rates. The focus on innovation is a major marketing theme, as evidenced by the high adoption of their AI tools. For instance, 89% of new customers adopted the generative AI-powered capabilities of the Realm-X Suite in the first quarter of 2025.

This digital push is supported by a growing team, indicating investment in market reach:

Metric	Q3 2025 Value	Year-over-Year Change
Total Employees	1,703	10% increase
Q3 2025 Revenue	$249 million	21% growth
Full Year 2025 Revenue Guidance Midpoint	$947.5 million	19% growth rate

Furthermore, the success of the platform is visible in customer usage; 96% of customers used one or more of the AI-powered solutions as of the second quarter of 2025. This high engagement suggests marketing and educational content are effectively driving feature adoption.

Finance: draft 13-week cash view by Friday.

AppFolio, Inc. (APPF) - Canvas Business Model: Customer Segments

You're looking at the core groups AppFolio, Inc. serves with its property management software, which is clearly segmented by the type of real estate they manage. While the exact split of the total customer base across these four buckets isn't public, the financial results clearly show growth is being driven by unit count and adoption of premium tiers, which directly relates to the scale of these customer types.

The overall scale of the customer base as of the third quarter of 2025 shows AppFolio, Inc. was managing approximately 9.1 million units from 21,759 customers. This represented a 7 percent increase in ending units and a 7 percent increase in customers year-over-year as of Q3 2025. Furthermore, a staggering 96 percent of customers had used one or more of the company's AI-powered solutions by Q2 2025, suggesting high platform engagement across all segments.

Here's a look at the scale and revenue contribution based on the latest reported figures from Q3 2025:

Metric	Q3 2025 Value	YoY Growth/Change
Total Revenue	$249 million	21 percent
Core Solutions Revenue	$54 million	17 percent
Value-Added Services Revenue	$192 million	22 percent
Total Units Under Management	9.1 million	Implied ~7 percent increase

Residential Property Managers: This segment, covering multifamily, single-family, and student housing, forms the bread and butter of the unit count. The growth in total units under management directly reflects success here. The Core Solutions revenue of $54 million in Q3 2025 is heavily tied to the base subscription for these units.

Commercial Property Managers: These businesses manage commercial real estate portfolios. While not broken out separately, their unit count contributes to the overall 9.1 million units managed. Their adoption of Value Added Services, which grew to $192 million in Q3 2025, is key to that segment's 22 percent year-over-year growth.

Community Associations: Homeowners Associations (HOA) and Condominium Associations (COA) are served by the platform. The overall customer count growth, up 7 percent year-over-year to 21,759 customers in Q3 2025, includes expansion within this segment.

Large Operators: These enterprise customers are migrating to the higher-tier offerings, specifically AppFolio Property Manager Plus and Max. This migration is explicitly cited as a driver for revenue acceleration. You see this in the Core Solutions growth, which was fueled by customers choosing these premium tiers. Companies like Atlas Real Estate Group, Nomad, Riedman, and WPD have selected the Max plan, which offers enterprise-level control via features like a Database API and Leasing CRM.

The focus on upselling to these larger tiers is clear:

• Growth in Core Solutions revenue was driven by customers choosing the Plus and Max premium tiers.
• The full-year 2025 revenue guidance was raised to $945 million to $950 million, fueled by Plus and Max tier adoption.
• The Max plan targets large operators with complex, diversified property portfolios.
• Operational efficiency is a major challenge, with 76 percent of property managers citing it as the most important issue in 2024, driving the need for these sophisticated tiers.

Finance: draft 13-week cash view by Friday.

AppFolio, Inc. (APPF) - Canvas Business Model: Cost Structure

You're looking at the expenses that power AppFolio, Inc.'s platform, which is heavily weighted toward personnel and technology infrastructure to support its AI-native approach.

Cost of Revenue includes the direct costs tied to delivering the software and value-added services. For the second quarter of 2025, GAAP cost of revenue, exclusive of depreciation and amortization, was $83,827 (in thousands). This metric was flat year-over-year at 35% of revenue in Q2 2025. By the third quarter of 2025, Cost of Revenue grew to 36% as a percentage of revenue. This Q3 increase was attributed to several factors, including increased adoption of credit cards, additional data center spend, and additional expense from the bonus plan over attainment.

Research & Product Development (R&D) investment is clearly a priority, supporting the AI-driven platform, Realm-X. In Q2 2025, R&D was part of the combined Sales and Marketing, R&D, and General & Administrative expense, which totaled 38% of revenue. By Q3 2025, R&D and G&A expenses grew by +170bps as a percentage of revenue, driven by increased spending on data centers and the annual corporate bonus plan.

Sales and Marketing (S&M) costs reflect the investment needed to win new business and drive upgrades to premium tiers like Plus and Max. In Q2 2025, S&M was included in the 38% of revenue for the combined operating expenses. For the third quarter of 2025, S&M spend specifically increased to 14% of revenue, up from 12% in Q3 2024. This higher spend is associated with growth in sales capacity.

Personnel Costs are a major component, supporting the growing workforce and strategic initiatives. As of the second quarter of 2025, AppFolio, Inc. reported a workforce of 1,685 employees. This represented an 11% increase from Q2 2024. The company projected its 2025 ending headcount would grow as it continued to invest in high-priority initiatives.

Payment Processing Fees are embedded within the Cost of Revenue structure, particularly tied to the growth in Value Added Services. The increase in Cost of Revenue in Q3 2025 was specifically linked to increased online payment activity, especially through credit and debit card rent payments.

Here's a look at the key expense percentages relative to revenue for recent quarters:

Expense Category	Q2 2025 (% of Revenue)	Q3 2025 (% of Revenue)
Cost of Revenue (GAAP excl. D&A)	35%	36%
Sales and Marketing (S&M)	Part of 38% total	14%
R&D and G&A (Combined)	Part of 38% total	Increased by +170bps vs prior year

You can see the trade-off: profitability is being managed as they lean into growth investments, with S&M rising as a percentage of revenue.

• Total employees (Q2 2025): 1,685
• Total units under management (Q2 2025): 8.9 million
• AppFolio Stack marketplace partners (Q3 2025): 80
• Customers using one or more AI-powered solutions (Q2 2025): 96%

Finance: review the Q3 2025 data center spend increase against the 2025 full-year guidance for operating margin by next Tuesday.

AppFolio, Inc. (APPF) - Canvas Business Model: Revenue Streams

You're looking at how AppFolio, Inc. (APPF) actually makes its money, which is key for understanding its valuation trajectory. The revenue model is clearly shifting toward higher-margin, transaction-based services, even as the core subscription remains the foundation. Honestly, the growth in value-added services is what's really moving the needle now.

The full-year 2025 guidance sets the stage, projecting total revenue to land between $945 million and $950 million. This projection follows a strong third quarter, where total revenue hit $249 million, a 21% jump year-over-year.

Here is the quick math on how the Q3 2025 revenue was split between the two primary sources. Notice how the transaction-based fees now dwarf the base subscription fees.

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Growth (Q3 2025)
Value Added Services (Transaction Fees)	$192 million	22%
Core Solutions (Subscription Fees)	$54 million	17%
Total Q3 2025 Revenue	$249 million	21%

Value Added Services are transaction-based fees derived from payments, tenant screening, and risk mitigation services. For the third quarter of 2025, this segment generated $192 million. This stream grew 22% year-over-year, showing strong adoption of those ancillary products.

Core Solutions revenue, which represents the subscription fees for the base software platform, came in at $54 million for Q3 2025. This segment saw a 17% increase year-over-year, supported by the 7% growth in total units under management, which reached approximately 9.1 million units across 21,759 customers.

Premium Tier Upgrades are a significant driver within the Core Solutions growth, even if they aren't broken out separately in the top-line numbers. These higher monthly fees for Plus and Max plans are explicitly mentioned as fueling the growth in the core segment. If onboarding takes 14+ days, churn risk rises, so getting customers onto these higher tiers quickly is defintely important.

The mix of revenue streams is evolving, as shown by the growth drivers:

• Value Added Services: Transaction-based fees from payments, tenant screening, and risk mitigation, totaling $192 million in Q3 2025.
• Core Solutions: Subscription fees for the base software platform, generating $54 million in Q3 2025.
• Premium Tier Upgrades: Higher monthly fees for Plus and Max plans, contributing to the 17% growth in Core Solutions revenue.
• Full-Year 2025 Revenue: Projected to be between $945 million and $950 million.

Finance: draft 13-week cash view by Friday.