APPFOLIO INCAPPF

APPFOLIO INC Revenue Disclosure

10-KFiled Feb 5, 20262 min read
Revenue and Deferred Costs
The following table presents our revenue categories (in thousands):
 Year Ended December 31,
 202520242023
Subscription Services$211,457 $180,605 $156,692 
Value Added Services721,549 605,011 454,098 
Other17,816 8,586 9,655 
Total revenue$950,822 $794,202 $620,445 
Our revenue is generated primarily from United States customers.
Deferred Costs
Deferred costs were $22.8 million and $16.8 million as of December 31, 2025 and 2024, respectively, of which $11.2 million and $9.9 million, respectively, are included in Prepaid expenses and other current assets and $11.6 million and $6.9 million, respectively, are included in Other long-term assets in the accompanying Consolidated Balance Sheets. Amortization expense for deferred costs was $11.1 million, $10.0 million, and $9.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025 and 2024, no impairments were identified in relation to the costs capitalized for the periods presented.
Remaining Performance Obligations
Transaction price allocated to remaining performance obligations (“RPO”) represents contracted revenue that has not been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. RPO does not include revenue related to performance obligations that are part of a contract whose original expected duration is one year or less or related to usage-based Value Added Services that are billed in arrears.
As of December 31, 2025, the total non-cancelable RPO under our contracts with customers was $93.9 million, and we expect to recognize revenue on approximately 38.4% of these RPO over the following 12 months, with the balance to be recognized thereafter. This RPO balance grew significantly during 2025 as we began selling more multi-year revenue contracts.
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Historical Timeline

Fiscal YearFiled
2025Feb 5, 2026Showing above
2024Feb 6, 2025
2018Feb 28, 2019
2017Feb 26, 2018
2016Feb 27, 2017
2015Feb 29, 2016

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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