v3.25.4

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 106,967	$ 42,504
Investment securities—current	144,256	235,745
Accounts receivable, net	36,873	24,346
Prepaid expenses and other current assets	65,218	32,807
Total current assets	353,314	335,402
Property and equipment, net	23,228	24,483
Operating lease right-of-use assets	15,924	17,472
Capitalized software development costs, net	11,324	15,429
Goodwill	96,410	96,410
Intangible assets, net	38,826	49,057
Deferred income taxes	58,823	76,910
Long-term investments	77,033	2,033
Other long-term assets	14,085	9,482
Total assets	688,967	626,678
Current liabilities
Accounts payable	4,123	2,378
Accrued employee expenses	59,774	30,157
Accrued expenses	20,829	14,658
Other current liabilities	22,121	16,087
Total current liabilities	106,847	63,280
Operating lease liabilities	33,287	37,476
Other liabilities	6,254	6,632
Total liabilities	146,388	107,388
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Additional paid-in capital	284,054	254,821
Accumulated other comprehensive (loss) Income	30	173
Treasury stock, at cost, 1,108 and 418753 shares of Class A common stock as of December 31, 2025 and December 31, 2024, respectively	(172,480)	(25,756)
Retained earnings	430,971	290,048
Total stockholders’ equity	542,579	519,290
Total liabilities and stockholders’ equity	688,967	626,678
Class A common stock
Stockholders’ equity:
Common stock	3	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 2

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

APPFOLIO INC 10-K