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Subject:  AppFolio (APPF) Date:  12/8/2017  1:53 PM
Author:  pickemblind Number:  34730 of 63036

This is my first post to this board. Heard about it long ago but never really visited. About 3 months ago I started reading and it really is one of the best kept boards around here. I have kind of ran my own portfolio for years being fairly concentrated, with a mixture of value and growth. I have done pretty well but recently have been trying to move in the same direction as a lot of you have on this board.

I borrowed a couple of companies from you guys to invest in and would like to try and return the favor. Maybe you will like them and maybe not, but I will post them as I see something that looks like it may fit and you can kick the tires and maybe someday I will find something we all like.

I got this from Caps when I saw someone green thumb this company and it seemed interesting. I do not own any shares at this time.

AppFolio (APPF)

Market Cap 1.4 Billion
Share Price $41.35
P/E 248

Founded In 2006 in which the cofounders have around an 18% stake in the company. This is a Software as a Service company serving the property management business. This segment is about 90% of the revenues. The other 10% is from another SAAS serving small law firms.

Property Management – They post and track tenant vacancies, handle the leasing process electronically, administer maintenance and repairs, and handle accounting and reporting to property owners.

Law Firms — They provide time tracking, billing, calendaring, client communication and coordinating with other lawyers and legal documentation.

They are growing revenue around 35%. They have just recently begun to turn a profit so the high PE.

They ended the 3rd quarter with 11,250 property management customers, and 9,200 legal customers. Both of these have been growing.

At the end of the 3rd quarter they had 63.6 million in cash and no debt.

Just wondering what you guys think about the company.

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