This podcast episode presents a detailed analysis of AppFolio, a high-growth property management software company, as the hosts' top stock pick for Q1 2025. The discussion covers AppFolio's business model, its customer base (property managers, owners, investors, vendors, and residents), its use of AI to improve efficiency, and the competitive landscape. The hosts also analyze AppFolio's financial performance, highlighting its impressive revenue growth and relatively low share dilution. Finally, they discuss valuation, suggesting adjustments to traditional metrics to account for AppFolio's significant reinvestment in R&D. Listeners gain insights into a specific high-growth tech company and learn about valuation adjustments for similar businesses.
