APPF — what changed in the latest 10-Q
A section-by-section comparison of APPF's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-23 vs the prior 10-Q · 2026-04-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −10 | ~21 | 32 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −6 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-23
Property management units under management. We believe that our ability to increase our number of property management units under management is an indicator of our market penetration, growth, and potential future business opportunities. We define property management units under management as active …
General and administrative expense increased for the three and six months ended June 30, 2026, compared to the same periods in the prior year. The increase for the three and six months ended June 30, 2026, was primarily due to a $2.4 million and $3.7 million increase in software and professional fee…
For the three and six months ended June 30, 2026, we recorded income tax expense of $12.9 million and $23.5 million, representing an effective tax rate of 23.7% and 21.9%, respectively. Our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and…
The increase in our effective tax rate for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily driven by higher pre-tax income and a decrease in excess tax benefits from stock-based compensation.
Our principal sources of liquidity continue to be cash, cash equivalents, and investment securities, as well as cash flows generated from our operations. As of June 30, 2026, we had $221.7 million in cash, cash equivalents, and investment securities. We have financed our operations primarily through…
Text removed vs the prior filing · source: 10-Q · 2026-04-23
•Non-GAAP operating income was $71.5 million, or 27.3% of revenue, compared to non-GAAP operating income of $53.0 million, or 24.3% of revenue in Q1 2025.
•Net cash provided by operating activities was $34.3 million, or 13.1% of revenue, compared to $38.5 million, or 17.7% of revenue in Q1 2025.
•Repurchased 703 thousand shares of the Company's Class A common stock for $125 million.
Property management units under management. We believe that our ability to increase our number of property management units under management is an indicator of our market penetration, growth, and potential future business opportunities. We define property management units under management as active …
General and administrative expense stayed relatively flat for the three months ended March 31, 2026, compared to the same period in the prior year.
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-23
(c) During the three months ended June 30, 2026, no director or officer adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each such term is defined in Item 408(a) of Regulation S-K.
Text removed vs the prior filing · source: 10-Q · 2026-04-23
(c) On March 12, 2026, Janet Kerr, a member of our Board, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 3,500 shares of our Class A common stock between June 30, 2026 and December 31, 2026. This trading arrangement was entered into during an open insider trading window an…
On March 13, 2026, Don Rigler, our Vice President of Accounting (Principle Accounting Officer), adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 1,650 shares of our Class A common stock between June 12, 2026 and November 13, 2028. This trading arrangement was entered into du…
On March 6, 2026, Evan Pickering, our General Counsel and Corporate Secretary, terminated a Rule 10b5-1 trading arrangement that he had adopted on May 15, 2025, prior to his appointment as an officer (as defined in Rule 16a-1(f) under the Exchange Act). This trading arrangement provided for the sale…
2025 and February 10, 2026 of certain RSUs and PSUs held by Mr. Pickering. The actual number of shares of Class A common stock sold depended on the vesting of the RSUs and PSUs and the number of shares withheld to satisfy tax withholding obligations. This trading arrangement was entered into during …
On March 13, 2026, Mr. Pickering adopted a new Rule 10b5-1 trading arrangement providing for the sale between June 12, 2026 and June 30, 2028 of (i) up to 1,554 shares of our Class A common stock and (ii) an indeterminate number of shares of our Class A common stock received by Mr. Pickering in conn…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice