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Item 5. Market for Registrant’s Common Equity

2022-02-28 compared with 2021-03-01 · 1 added, 66 removed, 15 unchanged (82% of the section changed)

1 unchanged sentence

Market for our Common Stock

Our Class A common stock began trading publicly on the NASDAQ Global Market under the symbol "APPF" on June 26, 2015.

Prior to that date, there was no public trading market for our Class A common stock.

Our Class A common is listed on the NASDAQ Global Market under the symbol "APPF".

Our Class B common stock is not listed or traded on any stock exchange.

5 unchanged sentences

We do not anticipate declaring or paying any cash dividends to holders of our capital stock in the foreseeable future and intend to retain all future earnings for use in the growth of our business.

Consequently, investors may need to rely on sales of our Class A common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment.

Investors should not purchase our Class A common stock with the expectation of receiving cash dividends.

Stock Performance Graph

4 unchanged sentences

Unregistered Sales of Equity Securities and Purchases of Equity Securities

SELECTED FINANCIAL DATA

The following tables present our historical selected consolidated financial data for the periods indicated.

We have derived the selected Consolidated Statements of Operations data for the fiscal years ended December 31, 2020, 2019 and 2018 and the selected Consolidated Balance Sheet data at December 31, 2020 and 2019 from our audited Consolidated Financial Statements included elsewhere in this Annual Report.

We have derived the selected Consolidated Statements of Operations data for the fiscal years ended December 31, 2017 and 2016 and the selected Consolidated Balance Sheet data at December 31, 2018, 2017 and 2016 from our audited Consolidated Financial Statements, which are not included in this Annual Report.

Our historical results are not necessarily indicative of the results we expect in the future.

The following historical selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, the section of this Annual Report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report.

Year Ended December 31,

(in thousands, except per share data)

Consolidated Statements of Operations Data:

Revenue $ 310,056 $ 256,012 $ 190,071 $ 143,803 $ 105,586

Costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization) (4)

119,029 101,642 73,549 55,283 44,630

Sales and marketing (4)

58,445 51,528 33,288 28,709 28,827

Research and product development (4)

48,529 39,508 24,111 16,578 12,638

General and administrative (4)

47,480 34,478 24,891 21,199 17,979

Depreciation and amortization 26,790 22,395 14,576 12,699 9,935

Total costs and operating expenses 300,273 249,551 170,415 134,468 114,009

Income (loss) from operations 9,783 6,461 19,656 9,335 (8,423)

Other income (expense), net 188,897 16 (56) (96) (37)

Interest (expense) income, net (1,849) (1,654) 787 535 246

Income (loss) before provision for income taxes 196,831 4,823 20,387 9,774 (8,214)

Provision for (benefit from) income taxes 38,428 (31,459) 420 58 67

Net income (loss) $ 158,403 $ 36,282 $ 19,967 $ 9,716 $ (8,281)

Net income (loss) per common share:

Basic $ 4.62 $ 1.07 $ 0.59 $ 0.29 $ (0.25)

Diluted $ 4.44 $ 1.02 $ 0.56 $ 0.28 $ (0.25)

Weighted average common shares outstanding:

Basic 34,264 34,016 34,128 33,849 33,561

Diluted 35,713 35,567 35,562 35,151 33,561

(1) MyCase was divested on September 30, 2020.

The results of MyCase have been included in our results of operations through the date of divestiture.

Refer to Note 3, Divestitures and Business Combinations of our Consolidated Financial Statements included elsewhere in this Annual Report for additional information regarding this transaction.

(2) We acquired Dynasty on January 7, 2019.

The results of Dynasty have been included in our results of operations from the date of acquisition.

Refer to Note 3, Divestitures and Business Combinations of our Consolidated Financial Statements included elsewhere in this Annual Report for additional information regarding this transaction.

(3) We acquired WegoWise on August 31, 2018.

The results of WegoWise have been included in our results of operations from the date of acquisition.

(4) The following table presents stock-based compensation expense included in each respective expense category:

Year Ended December 31,

2020 2019 2018 2017 2016

(in thousands)

Stock-based compensation expense included in costs and operating expenses:

Cost of revenue (exclusive of depreciation and amortization) $ 1,506 $ 1,466 $ 1,103 $ 725 $ 471

Sales and marketing 1,415 1,271 1,034 723 442

Research and product development 1,818 1,411 1,079 657 382

General and administrative 4,286 3,161 3,121 3,991 3,006

Total stock-based compensation expense $ 9,025 $ 7,309 $ 6,337 $ 6,096 $ 4,301

At December 31,

2020 2019 2018 2017 2016

(in thousands)

Consolidated Balance Sheet Data:

Cash and cash equivalents and investment securities $ 175,289 $ 50,778 $ 101,963 $ 68,310 $ 52,860

Capitalized software development costs, net 35,459 30,023 20,485 17,609 15,539

Total assets 389,480 260,102 175,741 110,248 92,583

Deferred revenue 2,262 4,586 3,414 7,080 7,638

Operating lease liabilities 41,991 36,138 — — —

Current and long-term debt, net — 48,583 49,815 — —

Total stockholders’ equity 285,920 131,950 91,846 85,079 69,682

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity