 SANTA BARBARA, Calif., Aug. 03, 2020 GLOBE NEWSWIRE -- AppFolio, Inc. NASDAQ: APPF AppFolio or the Company, a leading provider of cloud-based business software solutions, services, and data analytics to the real estate and legal markets, today announced its financial results for the second quarter ended June 30, 2020. AppFolios operating results for the second quarter of 2020 are summarized in the tables accompanying this press release. The Company nevertheless urges investors to read its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission the SEC on March 2, 2020, as well as its more detailed second quarter 2020 results that will be included in the Companys Quarterly Report on Form 10-Q, which will be filed with the SEC today. These periodic report filings, together with other documents the Company files with the SEC from time to time, will be accessible on AppFolios website, The limited information that follows in this press release is not adequate for making an informed investment judgment.Financial OutlookWhile we are encouraged by the results of our second quarter we are unable to predict, with any reasonable degree of certainty, the full extent of the potential impact of the COVID-19 pandemic on our business and financial results. As a result, we are not providing updated full year revenue guidance for fiscal year 2020.Diluted weighted average shares are expected to be approximately 36 million for the full year.Conference Call InformationAs previously announced, the Company will host a conference call today, August 3, 2020, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time, to discuss its financial results. Investors are invited to submit questions to management via the Investor QA form located on the Investor Overview section of AppFolios website.To listen to the live call, participants may register in advance at After registering, a confirmation will be sent through email, including dial-in details and unique conference call codes for entry. A replay of the conference call will be available at 800 585-8367 or 416 621-4642 for international callers. Please use conference ID: 3697242. A live and recorded webcast of the conference call will be available at AppFolio, Inc. AppFolio offers industry-specific, cloud-based business software solutions, services, and data analytics to the real estate and legal markets. Today our products include real estate software AppFolio Property Manager, AppFolio Property Manager PLUS and AppFolio Investment Management and legal practice management software MyCase. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at Relations Contact: Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as anticipates, believes, seeks, estimates, expects, intends, may, plans, potential, predicts, projects, should, could, will, would, or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Companys business opportunities, the impact of the Companys strategic actions and initiatives, the impact of the COVID-19 pandemic on the Companys business, and the timing of providing updated financial guidance.Forward-looking statements represent AppFolios current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Companys actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Companys actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled Risk Factors in AppFolios Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which will be filed with the SEC today, as well as in the Companys other filings with the SEC. You should read this press release with the understanding that the Companys actual future results may be materially different from the results expressed or implied by these forward looking statements.Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED in thousands, except par values June 30, 2020 December 31, 2019 Assets Current assets Cash and cash equivalents 53,315 15,813 Investment securitiescurrent 20,930 22,876 Accounts receivable, net 12,663 7,562 Prepaid expenses and other current assets 15,836 15,540 Total current assets 102,744 61,791 Investment securitiesnoncurrent 5,933 12,089 Property and equipment, net 26,323 14,744 Operating lease right-of-use assets 25,732 27,803 Capitalized software, net 35,218 30,023 Goodwill 58,425 58,425 Intangible assets, net 18,911 21,377 Deferred taxes 40,711 27,574 Other long-term assets 6,354 6,276 Total assets 320,351 260,102 Liabilities and Stockholders Equity Current liabilities Accounts payable 3,402 1,927 Accrued employee expenses 18,570 17,758 Accrued expenses 13,316 10,833 Deferred revenue 5,098 4,600 Other current liabilities 5,088 11,139 Term loan, netcurrent portion 1,833 1,208 Total current liabilities 47,307 47,465 Operating lease liabilities 33,394 33,312 Revolving facility 49,000 Term loan, net 46,146 47,375 Total liabilities 175,847 128,152 Stockholders equity: Preferred stock, 0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of June 30, 2020 and December 31, 2019 Class A common stock, 0.0001 par value, 250,000 shares authorized as of June 30, 2020 and December 31, 2019; 17,371 and 16,923 shares issued as of June 30, 2020 and December 31, 2019, respectively; 16,952 and 16,552 shares outstanding as of June 30, 2020 and December 31, 2019, respectively 2 2 Class B common stock, 0.0001 par value, 50,000 shares authorized as of June 30, 2020 and December 31, 2019; 17,339 and 17,594 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively 2 2 Additional paid-in capital 156,919 161,509 Accumulated other comprehensive income 131 33 Treasury stock, at cost, 419 and 371 shares of Class A common stock as of June 30, 2020 and December 31, 2019, respectively 25,756 21,562 Retained earnings accumulated deficit 13,206 8,034 Total stockholders equity 144,504 131,950 Total liabilities and stockholders equity 320,351 260,102 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED in thousands, except per share amounts Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue81,043 63,624 153,538 120,715 Costs and operating expenses: Cost of revenue exclusive of depreciation and amortization27,411 25,128 56,372 49,309 Sales and marketing13,717 13,232 28,223 24,451 Research and product development12,128 9,339 23,340 17,820 General and administrative14,785 8,214 23,357 16,406 Depreciation and amortization6,657 5,415 13,071 10,491 Total costs and operating expenses74,698 61,328 144,363 118,477 Income from operations6,345 2,296 9,175 2,238 Other income expense, net10 56 12 57 Interest expense, net562 427 1,056 924 Income before benefit from income taxes5,773 1,813 8,131 1,257 Benefit from income taxes13,484 21,338 13,109 25,619 Net income19,257 23,151 21,240 26,876 Net income per common share: Basic0.56 0.68 0.62 0.79 Diluted0.54 0.65 0.60 0. 