Before diving into its Q2 report, we wanted to provide some background on the company, especially since most people are probably not overly familiar with it. APPF develops cloud software specifically tailored to the property management and legal industries -- particularly in the small and medium sized business realm.
One of its core products is called AppFolio Property Manager, which enables businesses to easily track and post tenant vacancies, manage the entire leasing process online, perform and centralize accounting and marketing, while also providing an optimized rent comparison. As many are aware, the rental market has been quite healthy for the past several years, which is clearly providing a tailwind for this product. Its other core product is Mycase, its legal software. It enables lawyers to track billable hours, bill, and collect payments, provide clients with on-demand access to information and communications, and allow for accounting, marketing and reporting.
As noted above, APPF has consistently delivered strong quarterly results, highlighted by double-digit revenue growth and improving bottom line performance. Broadly speaking, its results have been driven by the aforementioned strength in the rental market. Property managers have been able to steadily increase rents, which in turn, has led to more income available to invest in products like Property Manager. Also, new product launches and enhanced products, like its Value+ Services such as electronic payment and resident screening, have provided a boost.
Additionally, as the company grows, it has had more success winning larger deals with larger SMB clients. At the same time, APPF is gaining significant operating leverage due to more moderate increases in head count and improved pricing from third party service providers.
Now, taking a closer look at its Q2 results, EPS came in at $0.08, comfortably beating the $0.03 consensus, with revenue growing 37% year/year to $35.9 million, also ahead of the $33.8 million expectation. The growth was driven by a 17% increase in property manager customers, as property manager units under management also increased by 22% to 2.9 million units.
Its Value+ services revenue came in at $20.5 million, spiking by 43% year/year. This was mainly attributable to increased usage of its electronics payments platform and screening services by a larger property manager customer base.
And finally, the company generated $8.1 million in cash from operating activities, ending the quarter with nearly $58 million in cash. So, across the board, APPF turned in an impressive performance for Q2.