Business
AppFolio, Inc. Announces First Quarter 2022 Financial Results
Surpasses $100 million in quarterly revenue Key milestone reflects continued customer adoption of Appfolio products and services across a growing unit base
About this update from Appfolio, Inc.
[{"type":"text","content":"Surpasses $100 million in quarterly revenue Key milestone reflects continued customer adoption of Appfolio products and services across a growing unit base SANTA BARBARA, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) (\"AppFolio\" or the \"Company\"), a leading provider of cloud business management solutions for the real estate industry, today announced its financial results for the first quarter ended March 31, 2022. “This quarter’s results, marked by AppFolio's first $100 million quarter and an increase in our number of units served to 6.57 million, reflect the relevance of our strategy and the customer focused innovation of our team,\" said Jason Randall, President and CEO, AppFolio. “We will continue to execute our multi-year investment strategy to modernize the real estate industry by building powerful, easy-to-use solutions that grow our customer base and by expanding value-added services that increase revenue per unit served.” Financial Highlights Revenue: Total first quarter of 2022 revenue was $105.3 million, a 33% increase from $78.9 million in the first quarter of 2021.Units Served: Total units on the AppFolio Property Manager platform increased to 6.57 million in the first quarter of 2022 from 5.62 million at the end of the first quarter of 2021.Loss from Operations: GAAP loss from operations in the first quarter of 2022 was $14.7 million, or 14% of revenue, compared to $5.7 million, or 7% of revenue, in the same quarter of 2021. Non-GAAP loss from operations in the first quarter of 2022 was $5.6 million, or 5% of revenue, compared to Non-GAAP loss from operations of $1.3 million, or 2% of revenue, in the first quarter of 2021.Cash: Cash, cash equivalents and investment securities were $173.8 million as of March 31, 2022. Free cash flow was $(7.6) million, or (7)% of revenue, in the first quarter of 2022, compared to $(4.8) million, or (6)% of revenue, in the same quarter of 2021. Financial OutlookBased on information available as of May 9, 2022, AppFolio's outlook for fiscal year 2022 follows: Full year revenue is expected to be in the range of $452 million to $460 million.Full year non-GAAP operating margin as a percentage of revenue is expected to be in-line with the first quarter of 2022.Weighted average shares outstanding are expected to be approximately 35 million for the full year. Con...