AppFolio Inc-A 2025年度报告

For the fiscal year ended December 31, 2025 TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission File Number 001-37468 AppFolio, Inc.(Exact name of registrant as specified in its charter) Delaware26-0359894(State of incorporation or organization)(I.R.S. Employer Identification No.) 70 Castilian DriveSanta Barbara, California93117(Address of principal executive offices)(Zip Code) (805) 364-6093 Registrant’s telephone number, including area code Securities registered pursuant to Section12(b)of the Exchange Act: Title of each classTrading Symbol(s)Name of exchange on which registeredClass A common stock, par value $0.0001 per shareAPPFThe NASDAQ Stock Market LLC Securities registered pursuant to Section12(g)of the Exchange Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of theregistrant’s common stock on June 30, 2025 (the last business day of the registrant’s mostly recently completed second fiscal quarter), as reported onthe NASDAQ Global Market on such date, was approximately $8.256billion. At January29, 2026, the number of shares of the registrant’s Class A common stock outstanding was 24,334,816 and the number of shares of theregistrant’s Class B common stock outstanding was 11,655,112. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed with theSecurities and Exchange Commission (the “SEC”) pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by thisAnnual Report on Form10-K (this “Annual Report”), are incorporated by reference in PartIII, Items 10-14 of this Annual Report. Except for theportions of the Proxy Statement specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed aspart hereof. TABLE OF CONTENTS Part IItem 1.Business1Item 1A.Risk Factors8Item 1B.Unresolved Staff Comments22Item 1C.Cybersecurity22Item 2.Properties23Item 3.Legal Proceedings23Item 4.Mine Safety Disclosures24Part IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities24Item 6.[RESERVED]25Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operation25Item 7A.Quantitative and Qualitative Disclosures About Market Risk35Item 8.Financial Statements and Supplementary Data36Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure64Item 9A.Controls and Procedures65Item 9B.Other Inf