• AppFolio average gross margin for 2023 was 60.3%, a 1.19% increase from 2022.
• AppFolio average gross margin for 2022 was 59.59%, a 1.5% increase from 2021.
• AppFolio average gross margin for 2021 was 60.5%, a 2.58% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.