#1Welcome AppFolio 2023 Investor Meeting appfolio#2Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Powering the Future of the Real Estate Industry: AppFolio Vision & Strategy Differentiating to win: AppFolio Solutions 20 Min Break AppFolio "Day in the Life" Demo Elevating our Customers: Panel Discussion Scaling the Business: Financial Overview Q&A Shane Trigg President & CEO Will Moxley Sr. Vice President, Product Lisa Horner Sr. Vice President, Marketing Fay Sien Goon CFO Agenda appfolio#3Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Safe Harbor Statement and Other Information This presentation contains forward-looking statements within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements made in this presentation are based primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, and prospects. In some cases, you can identify forward-looking statements by the use of words such as "may," "will," "should," "might," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Examples of forward-looking statements include, among others, statements made regarding future research and product development plans, future market conditions and size, growth in the size of our business and number of customers, strategic plans and objectives, business forecasts and plans, our future or assumed financial condition, results of operations and liquidity, trends affecting our business and industry, the competitive environment, responding to customer needs, and capital resource allocation plans. Further information on the above and other risks that could cause our actual results to differ materially from our current expectations and projections can be found in our Annual Report on Form 10-K filed for the year ended December 31, 2022 and in our other Securities and Exchange Commission ("SEC") filings, including our most recent Quarterly Report on Form 10-Q, which are available on our website at https://ir.appfolioinc.com/ or the SEC's website at www.sec.gov. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this presentation. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter. The information in this presentation on new products, features, or functionality is intended solely to outline our general product direction. It is not a commitment to deliver any product, feature, or functionality; and our product direction may change at any time without notice. As such, the information may not be incorporated into any contract and purchases should not be contingent upon it. Numbers in this presentation may be rounded for presentation purposes. appfolio#4Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 10 Statement Regarding Use of Non-GAAP Financial Measures This presentation includes information about non-GAAP operating margin and free cash flow (collectively the "non-GAAP financial measures"). Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. We use non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these adjustments also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods. Non-GAAP operating margin is defined as income (loss) from operations, less stock-based compensation, amortization of stock-based compensation capitalized in software development, and other non-recurring items. Free cash flow is defined as net cash from operating activities, less purchases of property and equipment, capitalization of software development costs, payments for separation costs, lease termination payments and severance payments for workforce reduction. We use free cash flow to evaluate our generation of cash from operations that is available for purposes other than capital expenditures and capitalized software development costs. Additionally, we believe that information regarding free cash flow provides investors with a perspective on the cash available to fund ongoing operations, because we review cash flows generated from operations after taking into consideration capital expenditures and the capitalization of software development costs due to the fact that these expenditures are considered to be a necessary component of ongoing operations. appfolio#5Shane Trigg President & CEO Powering the Future of the Real Estate Industry AppFolio Vision & Strategy appfolio#6Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Consistent Revenue Growth $231 2019 $285 2020 * Represents Real Estate revenue only ** $610M is the full-year midpoint guidance provided on October 26, 2023 $359 2021 +29% YOY Revenue Growth $472 2022 $610 2023** appfolio#7Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 00 Our Go-to-Market Approach 01 Land New customers through product innovation, Al differentiation, new property types, & a simple buying process 02 Expand Our existing customer footprint through unit expansion 03 Grow ARPU through upgrades, value-added services, & value capture 04 Extend With AppFolio Stack™ app and solution partners, customization, & data insights 05 Retain Customers through product innovation, ease of use, differentiated service, & a great customer experience appfolio#8Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting AppFolio: Growth & Innovation 2006 AppFolio Opens Its Doors BELFALCO MAY 200 @ 2009 AppFolio Property Manager Launches Property Manager Payments Screening 2012 Insurance +16 $49.70 -0.26 $14.01 2.01 Oppfolio 2015 AppFolio Goes Public 500 APPF Employees First Al Service Launches 2018 AppFolio Property Manager Plus $100M annual revenue 0 Ә 5M units 2021 1000 Employees Investment Manager realm Launch of AppFolio Stack™ 2024 Leadership Team Evolves AppFolio Property Manager Max appfolio#9Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 9 Our Values Guide Our Business 01 Simpler is better Great, innovative products are key to a great business 03 Great people make a great company 04 Listening to customers is in our DNA 05 Small, focused teams keep us agile 06 We do the right thing; It's good for business 02 AFROTECH GIVE Diego Hait Fa Hai HE PI CRIT appfolio Aff Diego Habitat for Humanity am appfolio#10Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting A Becoming a Healthier Company Non-GAAP Op Margin Revenue $359 0% 2021 $472 2022 $610 2023** Q3 2023 RESULTS* Non-GAAP Operating Margin 16% Non-GAAP Free Cash Flow 20% * Non-GAAP operating margin and free cash flow are non-GAAP financial measures. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable. ** $610M is the full-year midpoint guidance provided on October 26, 2023. appfolio#1112 appfolio © 2023 AppFolio Investor Meeting "Simple, Clear, & Disciplined" One Leadership Team. Powering the Future of the Real Estate Industry One AppFolio. One Vertical.#12Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting M The AppFolio Leadership Team Shane Trigg President and Chief Executive Officer APPFOLIAN SINCE 2020 McLure Foote Senior Vice President, Sales APPFOLIAN SINCE 2021 Fay Sien Goon Chief Financial Officer APPFOLIAN SINCE 2021 Lisa Horner Senior Vice President, Marketing APPFOLIAN SINCE 2014 Matt Mazza Chief Legal Officer APPFOLIAN SINCE 2016 Will Moxley Senior Vice President, Product APPFOLIAN SINCE 2021 Elizabeth Barat Chief People Officer APPFOLIAN SINCE 2016 Chris Womack Senior Vice President, Payments, Screening & Insurance APPFOLIAN SINCE 2021 Matthew Baird Senior Vice President, Software Engineering APPFOLIAN SINCE 2022 Vince Coley Vice President, Client Services APPFOLIAN SINCE 2010 Apofeli Stock#13Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 2 Leadership Principles Happy, Growing Customers Industry Leading Innovation Exceptional Service Growth & Profitability People & Culture appfolio#14appfolio 55 © 2023 AppFolio Investor Meeting Powering the Future of the Real Estate Industry real estate industry. To power the future of the Vision#15Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Mission To build the platform where the real estate industry comes to do business. appfolio#16Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting The platform where real estate comes to do business а SCALABLE INFRASTRUCTURE appfolio stack APPFOLIO PLATFORM SYSTEM OF appfolio realm PAYMENTS & SERVICES APIs Intelligence Engagement Record Al Investor INDUSTRY SEGMENTS Resident Owner Property Manager Vendor Investment Management Investment Accounting Approvals Reporting Documents Single-Family Multifamily Affordable Asset Management Third-Party Administration Resident Payments Screening Insurance Student Commercial Associations Work Orders Approvals Payments Amenity Management Moving Services MARKET SEGMENTS & PRODUCTS#17Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 09 The platform where real estate comes to do business 1.9 Trillion investor assets under management (AUM) Ә APPFOLIO PLATFORM *AppFolio estimate as of 2022 INDUSTRY SEGMENTS Investor 51M* Residential Units 53% of them upmarket 85% of upmarket accounts have a mixed portfolio Owner Resident Vendor Property Manager 25 Million owners with rentals 624,000 home service providers 128 Million residents in rentals Sources: Census.gov, BLS.gov, McKinsey, AppFolio Analysis OPPORTUNITY#18Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Three-Year Strategy DIFFERENTIATE TO WIN Innovation Mixed Portfolios (es Growing Units, Revenue, & Margin DELIVER VALUE EFFICIENTLY Elevate the Customer Scale the Business GREAT PEOPLE & CULTURE appfolio#19Will Moxley Sr. Vice President, Product Differentiating to Win AppFolio Solutions appfolio#20Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 22 Product Vision Create a world where choosing, living in, investing in, owning, and managing communities feels magical and effortless, freeing people to thrive. appfolio#21Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 2 The LLM revolution is the next wave of change. AppFolio has prepared for years in anticipation of this moment. CUSTOMER VALUE 2000 SaaS Mobile 2010 2020 AI 2030 appfolio#22One Powerful Platform Investor Relations Capital Raise Waterfall Investors Calculation Distributions Investor Reporting Asset Management Accounting Market-leading Innovation Marketing Ə Single-Family Multifamily Affordable Housing Student Housing Community Associations Commercial Reporting appfolio stack appfolio realm Modern, Mobile Experiences Leasing Maintenance Seamless Integrations Work Orders Screening Trusted Partner Amenity Management Rent Residents Collection Move in Services#23Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Top 3 Challenge for Property Managers? 76% say Operational Efficiency AppFolio delivers Magical Productivity * 2023 APPFOLIO PROPERTY MANAGEMENT INDUSTRY PULSE appfolio#24Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 26 We are the top AI innovator in Real Estate Patent for Al Leasing Assistant, Lisa 85% of customers use AppFolio's Al tools 8 solutions currently available 5 years of meaningful investments Al ARTIFICIAL INTELLIGENCE EXCELLENCE AWARD 2022 FORTUNE BEST WORKPLACES IN TECHNOLOGY™ 2022 realm AL BREAKTHROUGH AWARDS realm.x property management industry's first-ever generative Al conversational interface appfolio#25Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 22 66 The productivity increase we'll see from generative Al will be huge. They'll give our teams time back to invest in building relationships." NMHC & NAA Sharon Wilson Geno President, NMHC Robert Pinnegar President & CEO, NAA appfolio#26→Bank Feed |||||||| Rockland Bluffs NA Bank Account Rock and Oper Bank Transactions F $1,900 Apollo Records Bank Feed AVAILABLE 2024 -$700 realm.x Ask. Tell. Teach. This bill from Eastside Electricity for $2,100.00 has been recorded. Smart Bill Entry The Mesa Advertised Rent: Suggested Price: Approve $1.250.00 $1,310.00 Reject Leasing Signals Al Leasing Assistant, Lisa appfolio appfolio realm Insurance requirement This lease requires the test to demonstrate proof of ability insurance for at $100.000 Tenant provided insurance Smart Scan: INVALID POLICY Liability to landlord insurance Smart Ensure Generate Description for Me Marketing Descriptions Smart Meitene Bennet Grand Woods Apartments ⒸBkryer Electrical B Save Green Smart Maintenance#27Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting Bringing AI innovation to all Customers Select item that best fits description Clog Faucet Le Sink Leak Damage#28Ask Tell Teach appfolio realm.x How many leases are up for renewal at this property? Draft a message welcoming new residents to the community Create an automation for ... *APPFOLIO IS CURRENTLY PILOTING REALM-X WITH SELECT CUSTOMERS AHEAD OF ITS BROADER AVAILABILITY NEXT YEAR.#29Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting B How much more likely are unsatisfied renters to be actively searching for a new home? 2x more likely* AppFolio delivers Effortless Experiences * 2023 APPFOLIO RENTER MOTIVATION REPORT appfolio#30Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 22 Differentiated Service Elevating & Scaling the Customer Experience Channel Choice Differentiated SLAs Customer Success Exceptional Value Onboarding Time to Value Efficiencies & Scale Self Service Technology & AI Solution Partners appfolio#31Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 3 A New Owner Experience CASA ||||||| Owner Dashboard May 2023 Total Income. $3,700 Action Required Lease for Unit A Approve Work Order Rent Collected Total Expense $447.40 25% Collected $570 Sign Lease View Work Order Your Disbursements. $6,450 Most Recent Packet Expenses Property 184 Livingston St, Unit A 2 Arrowhead St, Unit C 36 Chapele St, Unit D Description Broken dishwasher ACASA Your Contributions. $3,000 Replace screens Carpet cleaning Customize Download Cost $125 $52.40 $300 $447.40 Documents Burger and Associates LLC. CASA ||||||| Set up your Signature Create Signature Maintenance Estimate Approvals bute Work Order #156310-1 1309 Edmonton Ave, Roseville, CA 96661 Roof replacement Work Order #156309-1 Work Order #156308-1 Submit Signed Form Owners View Details T View Details View Details appfolio#32Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting New Payment Options for Residents & Vendors Flexible Rent Payment Frequency $1,000 Payments/month 2 3 4 2nd payment date (First payment on 1st) October Su M $500 1 7 8 14 21 2 9 $500 16 22 T W 28 29 2 3 3 10 17 Th 4 11 F Continue 5 12 E Sa 6 13 18 19 20 25 26 27 Residents e Work Orders Payment Preferences Instant Pay Enter debit card linked to bank for instant payment after client approval Card Number Month Name on Card Bill Address Submit CVV Vendors B appfolio#33Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting 55 Top 3 Challenge for Property Managers? 61% say Revenue & Profit Growth* AppFolio Supports Rapid Growth * 2023 AppFolio Property Management Industry Pulse appfolio#34Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting AppFolio Property Manager Plans Core An out of the box solution with one powerful platform to run any property management business. ✓ Property Accounting & Reports ✓End-to-End Marketing & Leasing ✓ Work Order Management ✓ Inspections & Unit Turns ✓ Mobility & Convenience ✓ Portals & Communication ✓ Standard Support $1.40 Per Unit/Per Month Plus A configurable solution for growing businesses with complex portfolios looking to standardize processes. ✓ Everything in Core, and: ✓ Affordable Housing Capabilities ✓ Advanced Leasing Metrics ✓ Purchase Orders & Inventory Tracking ✓ AppFolio StackTM Premium Integrations* ✓ Scale & Control ✓ Enhanced Support Also available as a value-added service $3.00 Per Unit/Per Month ✓ BUILT FOR YOUR PROPERTY TYPE | ✓ REMARKABLE SERVICE 1 ✓ EXCEPTIONAL EASE-OF-USE I GROUNDBREAKING INNOVATION appfolio#3535+ AppFolio Stack™ App Partners Maintenance PROPERTYMELD zInspector RentCheck™ Lula LOWE'S HAPPYSO Imezol breezeway Utility Management CONSERVICE Marketing & Leasing LeadSimple SHOWMOJO knock. ENGRAIN PetScreening CondoCerts opinion We Speak Resident respage Compliance :::Rent Dynamics 30 30 Lines SmartProperty The Living Reserve Study showdigs Birdeye NET VENDOR™ H HomeWise Compliance WE 360 Smart Properties ButterflyMX (1) Point Central AN ALARM.COM COMPANY Homebase LATCH Remote LOCK Collections HUNTER WARFIELD AXELA Package Management amazon#36Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting Affordable Housing Unlocking mixed portfolios through support for LIHTC & HUD properties. Program Overview Wallaby Apartments Property Overview Total Units Occupied 1 Set Asides HOME 80% LIHTC 60% Total Units Vacant 4 Total Units 1 Save Total Units 5 Select Units A-1 A-1, A-3 Units Unit A-1 A-2 A-3 A-4 Bedrooms 2 1 3 1 A-5 2 Sq. Ft 900 900 900 Set Asides HOME 80% TRACS Submission Azul Townhomes Certifications HAP Request Voucher submission month June 2023 Unit B-7 A-4 Tenant Johnathan Smith Colleen Jones Successful Submission to TRACS! Move in Certification & Move-in Certification & HUD SSO Login Effective Date Subsidy Requested $450 Submit $300 appfolio#37The Oaks Apartments Bulk Pricing Set Future Market Rate /1Bath 2Bed/2Bath 4Bed/2Bath A single, centralized Helping Customers Scale with Bulk Actions Set Effective Date Rooms 1bd/1 ba 2 bd/2ba 4 bd/2ba Current Market Rent $950 $1,950 $3,750 workflow to move out a large number of residents from your properties at the same time Advertised Rent $950 $1,950 $3,750 - - Future Market Rent Effective Date The Oaks Apartments Bulk Move Outs ✓ Set Dates Select Tenants O Tenant (4 selected) Jessica Monroe Mike Burros Move Easily update pricing across all units, unit types, and campaigns. ate Work Orders tial Inspection Painting Cleaning Create Work Orders for 4 ə The Oaks Apartments Actions Bulk Lease Renewals Renewal Package Settings Select Tenants O O Review and Finalize Tenant Fred Walker Lynn C. Cook Tom Jensen Renewal Options Unit/Bed Unit 67/2 bd Unit 14/1bd Unit 92/1bd Renewal Package Document View Details View Details Monthly Charges View Details Start Date 08/15/2024 08/15/2024 08/15/2024 Prepare, Review, and Send Deadline to Respond 09/30/2024 09/30/2024 09/30/2024 Prepare and send out lease renewals for a large number of residents from your properties at the same time.#38appfolio © 2023 AppFolio Investor Meeting 804 Powering the Future of the Real Estate Industry COMING IN 2024. HOUSING FUNCTIONALITY ADDITIONAL STUDENT Housing Student#39Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting F AppFolio Property Manager Plans Core An out of the box solution with one powerful platform to run any property management business. ✓ Property Accounting & Reports ✓End-to-End Marketing & Leasing ✓ Work Order Management ✓ Inspections & Unit Turns ✓ Mobility & Convenience ✓ Portals & Communication ✓ Standard Support $1.40 Per Unit/Per Month Plus A configurable solution for growing businesses with complex portfolios looking to standardize processes. ✓ Everything in Core, and: ✓ Affordable Housing Capabilities ✓ Advanced Leasing Metrics ✓ Purchase Orders & Inventory Tracking ✓ AppFolio StackTM Premium Integrations* Scale & Control ✓ ✓ Enhanced Support *Also available as a value-added service $3.00 Per Unit/Per Month Max** An enterprise solution for large operators that are focused on customization, data insights, and driving revenue. ✓ Everything in Plus, and: ✓ Leasing CRM* ✓ Leasing Signals* ✓ Custom Fields** ✓ Database API** ✓ Dedicated Customer Success Management * Also available as a value-added service. ** Available from January 2024 $5.00 Per Unit/Per Month ✓ BUILT FOR YOUR PROPERTY TYPE | ✓ REMARKABLE SERVICE 1 ✓ EXCEPTIONAL EASE-OF-USE I ✓ GROUNDBREAKING INNOVATION appfolio#40Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting Leasing CRM Track leads from first contact to move-in, creating an actionable funnel for leasing agents and powerful insights for managers. → Leasing Leasing CRM First Contacts 8 Interest Received Date Range Last 7 days Prospects Actionable Leads Name Stacie Lee John Reef Rene Meyers Bulk Actions Responds 5 Showings Search property or property group New Interest New Interest Last contacted 3 days ago 1 Applications Follow Up Reminders Follow ups Assigned to llene Munoz Latest interest 3 days ago Leases Customize Follow Ups 5 Second Follow Up First Follow Up Second Follow Up appfolio#41Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting Leasing Signals |||| Leasing Signals City Apartments Suggested Price Changes The Canyon The Mesa The Phoenix $1,250 $1350 $1,310 $1400 $1500 $1,575 Occupancy Goal Focus on meeting your occupancy goal: Not at all Pricing Strategy Not at all Standard Standard Price Breakdown Focus on pricing your units similar to comparable units in the market? Apply Settings 98 % Very much Very much Make thoughtful pricing decisions using your unique strategy and explainable pricing suggestions based on public data.#42Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting bb Database API* to Enable your build custom analytics, integrations, and data processes that are critical to operating and growing your business. * Available from January 2024 Database API Ə<--> $ appfolio#43Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 45 Custom Fields* AppFolio Property Manager Max Custom Fields Has CEA insurance? * Available from January 2024 Checkbox Checkbox Number Date Text Add a custom field Save A Tailor your AppFolio database to match your business's specific workflows. Easily capture, track, and report on the information you need, right at your fingertips. appfolio#44Accelerating the Pace of Innovation AppFolio Property Manager Plus Al Leasing Assistant, Lisa AppFolio Investment Management LIHTC Low Income Housing Tax Credit 2019 KEY: ✓ Virtual showings 3D virtual tours Income verification ✓ Intercompany transactions ✓ Leasing Metrics Dashboard Plus ✓ Mailing Service - CA CheckAlt CA 2020 A part of Realm AI I ✓ ✓ ✓ Rental history verification ✓ Smart Maintenance ✓ Unit turn board Procurement Loan tracking FolioGuardTM Smart Ensure Calendar CA Sost cent CA Multiple fund accounting - CA 2021 FolioGuard Security Deposit Alternative ✔ Mobile & offline inspections ✓ Report Builder Bank Feed PDF Leases Project budgeting Cost centers ✓ Security Deposit Return via eCheck Flexible screening ✔AppFolio StackTM - Plus ✓ Home Sale Docs integration - CA Bank transfers - CA Amenities CA ✔AppFolio AlphaTM - IM 2022 ✓ ✓ ✓ ✓ ✓ Comparative reporting in Report Builder ✓ ✓ AppFolio Realm ✓ Leasing Signals Leasing CRM AppFolio StackTM Solution Partners New AppFolio StackTM App Partners Owner Experience Global Search user experience Progressive maintenanc intake AppFolio Academy & Certifications AppFolio Sites w/ AudioEye Accessibility Auto-generated marketing descriptions SMS character increase & 2-way MMS Resident portal adoption enhancements Vendor Payment Preferences & Instant Pay Bulk actions move-outs, renewals, & pricing - Plus Affordable Housing Management - Plus Delinquencies - CA Homeow Bulk Violations via Email- CA YTD 2023 Plus AppFolio Property Manager Plus I IM AppFolio Investment Manager | CA Community Association#45Our customer innovation helps give people a place to call home HOME for RENT Tele Pros win Purposet www.DoGoodPM.com HOUSING#4620:00 Break Visit our AppFolio "Day in the Life" demo in Pacific Heights#47Lisa Horner SVP, Marketing Elevating Our Customer: Panel Discussion appfolio#48Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 5 Brian Bellew Vice President, Operations Max Atlas Real Estate Group Denver, CO 8,300 Units Customer Since 2015 Single-Family, Multifamily, Commercial Payments Screening FolioGuard Premium Leads Collections Smart Maintenance Stack Partners appfolio#49Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 6 JC Castillo President & CEO Velo Residential San Francisco, CA 2,700 Units Plus Customer Since 2012 Multifamily IM Payments → Screening FolioGuard Premium Leads Websites Collections Smart Maintenance Al Leasing Assistant, Lisa Leasing CRM Stack Partners appfolio#50Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting C Kristy Lamb Vice President Plus NP Dodge Management Omaha, NE 4,500 Units Customer Since 2019 Single-Family, Multifamily, Commercial Community Associations Payments ✓ Screening Affordable Housing Premium Leads Websites appfolio#51Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Jerry Tanaka Chief Operating Officer Plus Redwood Property Investors Oakland, CA 1,600 Units Customer Since 2020 Single-Family, Multifamily, Commercial Payments → Screening Collections Income Verification Websites Premium Leads Stack Partners appfolio#52AppFolio Customer Panel Tell us about your business and top priorities heading into 2024.#53AppFolio Customer Panel What are the biggest challenges you are looking to overcome in 2024, and how does AppFolio help?#54AppFolio Customer Panel Where do you see an opportunity for your business to expand, and how can AppFolio help?#55AppFolio Customer Panel What AppFolio Realm Al services are you already using, or looking to adopt, to better serve your customers? And what is the power of Al for your business over time?#56AppFolio Customer Panel Why do you continue to choose AppFolio as your long-term partner?#57AppFolio Customer Panel Q&A#58AppFolio Customer Panel Thank You, AppFolio Customers!#59Fay Sien Goon CFO Scaling the Business: Financial Overview appfolio#6062 appfolio Ⓒ2023 AppFolio Investor Meeting Growth Revenue Business Resilient Expansion Margin Powering the Future of the Real Estate Industry Focus Areas#6163 appfolio Ⓒ2023 AppFolio Investor Meeting Growth Revenue Powering the Future of the Real Estate Industry Focus Areas#62Consistently Growing Revenue 01 Land New customers through product innovation, Al differentiation, new property types, & a simple buying process 02 Expand Our existing customer footprint through unit expansion $359M 2021 03 Grow ARPU through upgrades, value-added services, & value capture CAGR 30% 2022 04 $610M* 2023* Extend With AppFolio Stack™ app and solution partners, customization, & data insights 05 * $610M is the full-year midpoint guidance provided on October 26, 2023 Retain Customers through product innovation, ease of use, differentiated service, & a great customer experience#63Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 55 Expanding Unit Growth Focused on Residential Units Community Association Units Residential SMB 50-499 Units Residential Mid-Market 500-1,499 Units Residential Corporate 1,500+ Units 6.4M Q4 2021 CAGR 14% Q4 2022 7.8M Q3 2023 appfolio#64Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting 66 Growing ARPU Faster Than Units * ARPU is $73 based on Q3-YTD annualized actual results. $58 2021 CAGR 16% 2022 $73* 2023 appfolio#65Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 67 Growing ARPU Through APM+ Upgrades Property Manager Plus Units Property Manager Core Units 6.4M Q4 2021 APM+ CAGR 58% Q4 2022 7.8M Q3 2023 appfolio#66WHOLE NUMBERS Long Runway for Future ARPU Growth 50% Growth from Prior Year LOWEST 100 CUSTOMERS ~$30 11% Growth from Prior Year ⠀ Q3-YTD ACTUAL ~$73 10% Growth from Prior Year HIGHEST 100 CUSTOMERS ~$120 Increased AppFolio Property Manager Plus adoption & Value Added Services usage * ARPU is ~$73 based on 03-YTD actual results.#67Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 69 Revenue from Our Industry Segments Investors, Owners, and Property Managers Vendors and Residents 2021 2022 Q3-YTD 2023 appfolio#68appfolio 70 Ⓒ2023 AppFolio Investor Meeting Expansion Margin Powering the Future of the Real Estate Industry Focus Areas#69Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting T./ Non-GAAP Operating Margin % 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% Expanding Future Profitability -2.5% 2021 2022 2023* Non-GAAP Free Cash Flow% 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% -2.5% 2021 2022 * 2023 represents the full-year midpoint guidance provided on October 26, 2023. Non-GAAP operating margin and free cash flow are non-GAAP financial measures. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable. 2023* appfolio#70Powering the Future of the Real Estate Industry Ⓒ2023 AppFolio Investor Meeting 72 Margin Expansion 01 02 03 Prioritize Profitable Growth Increase Pace of Innovation Focus on Operational Efficiency appfolio#71Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 73 Aligning Structure to Strategy Ending Headcount 1,500 1,600 2021 *149 IS THE TOTAL HEADCOUNT REDUCTION IN FORCE AS COMMUNICATED ON AUGUST 17, 2023. 1,785 2022 149* 1,534 Q3 2023 appfolio#72appfolio 74 Ⓒ2023 AppFolio Investor Meeting Growth Revenue Business Resilient Expansion Margin Powering the Future of the Real Estate Industry Focus Areas#73Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 75 Executing on Strategy of Profitable Growth Revenue Non-GAAP Op Margin $359M 2022 $610M 2023* 2021 * 2023 represents the full-year midpoint guidance provided on October 26, 2023. Non-GAAP operating margin and free cash flow are non-GAAP financial measures. Refer to the Appendix for an explanation of non-GAAP financial measures, and why we believe these measures can be useful, as well as a reconciliation of non-GAAP financial measures to the most comparable GAAP measures, where applicable. $1B appfolio#74Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 76 Framework for Long-Term Growth s Happy, Growing Customers Innovation & Service Acquire Customers Expand Future Profitability Operational Excellence appfolio#75Q&A#76Thank you! Recorded session to be shared via ir.appfolioinc.com appfolio#77appfolio R © 2023 AppFolio Investor Meeting Powering the Future of the Real Estate Industry Appendix#78Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Definitions of measures and metrics and why they matter METRIC NAME ARPU Customers Operating Margin Free Cash Flow Residential Units Community Associations Units Units DEFINITION Annualized average revenue per unit. Recurring revenue (Core revenue + Value added services revenue) divided by average ending active units on platform for the specified period. Customers which have an entitlement to an APM Core or Plus subscription at the end of the specified period. Operating margin is defined as income (loss) from operations, less stock-based compensation, amortization of stock-based compensation capitalized in software development, and other non-recurring items. Free cash flow is defined as net cash from operating activities, less purchases of property and equipment, capitalization of software development costs, and other non-recurring items. Includes single-family and multi-family rental units. Includes condominium owners' associations who manage common structures with multiple units, such as apartments and townhomes and homeowner associations who oversee single-family homes in planned developments, usually made up of individual lots and homes. Number of ending active units under management which have an entitlement to an APM Core or Plus subscription at the end of the specified period. WHY IT MATTERS Provides insight into how much revenue recognized, on average, from each unit in a given period. We believe that our ability to increase the number of property management customers under management is an indicator of our market penetration, the growth of our business, and our potential future business opportunities. Serves as a non-GAAP financial measure of profitability. Serves as a non-GAAP financial measure of profitability. Demonstrates our market for AppFolio Property Management Solution products. Demonstrates our market for AppFolio Property Management Solution products. We believe that our ability to increase the number of property management units under management is an indicator of our market penetration, the growth of our business, and our potential future business opportunities. appfolio#79Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 81 GAAP to Non-GAAP Reconciliation OPERATING MARGIN GAAP income (loss) from operations Stock-based compensation expense as a percentage of revenue Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue Legal costs and insurance recoveries as a percentage of revenue Impairment, net as a percentage of revenue Amortization of purchased intangibles as a percentage of revenue CEO separation costs payment as a percentage of revenue Gain on lease modification as a percentage of revenue Severance payments for workforce reduction as a percentage of revenue Non-GAAP operating margin 2021 (3.3%) 4.3% 0.5% 1.3% (0.5%) - % - % I % % 2.3% 2022 (15.3%) 8.7% 0.5% 0.9% 4.7% I I I % % % % (0.5%) 2023 (1.5%) 8.6% 0.4% - % (0.7%) 0.4% 1.9% (0.7%) 1.7% 10.8% appfolio#80Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting 82 GAAP to Non-GAAP Reconciliation FREE CASH FLOW MARGIN GAAP net cash provided by operating activities as a percentage of revenue Purchases of property and equipment as a percentage of revenue Capitalized software development costs as a percentage of revenue Non-recurring expenses paid related to the sale of MyCase as a percentage of revenue Legal costs and insurance recoveries as a percentage of revenue CEO separation costs payment as a percentage of revenue Partial lease termination payment as a percentage of revenue Severance payments for workforce reduction as a percentage of revenue Non-GAAP free cash flow margin 2021 9.8% (2.3%) (6.8%) 2.2% 0.7% - % - % % 3.6% 2022 5.4% (1.4%) (3.1%) I % - % % - % % 0.9% 2023 9.0% (1.7%) (0.7%) I % % 3.4% (0.6%) 1.6% 11.0% appfolio#81Powering the Future of the Real Estate Industry © 2023 AppFolio Investor Meeting Revenue by Industry ALL NUMBERS DISPLAYED IN MILLIONS INDUSTRY Real Estate Revenue+ Legal Revenue* Total Revenue 2019 $231 25 $256 2020 $285 25 $310 2021 $359 $359 2022 $472 $310 ^ $610M is the full-year midpoint guidance provided on October 26, 2023. + Includes revenue from AppFolio Property Management Solution and Investment Management Solution. * Includes revenue from MyCase Solution, which was divested on September 30, 2020. 2023^ $610 $610 appfolio