Business
AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results
Revenue grows 31% in 2022 SANTA BARBARA, Calif., Jan. 26, 2023 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading
About this update from Appfolio, Inc.
[{"type":"text","content":"Revenue grows 31% in 2022 SANTA BARBARA, Calif., Jan. 26, 2023 (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 fourth quarter and fiscal year ended December 31, 2022. \"AppFolio continued to show resilience in the changing real estate industry with 2022 revenue growth of 31%. Not only did we successfully grow our payments business, we added new larger customers, current customers expanded their adoption of our value added services and we increased penetration of AppFolio Property Manager Plus,” said Jason Randall, President and CEO, AppFolio. “In 2023 we will continue to focus on expanding our innovative products and services and trusted customer partnerships. Our strong team and culture will continue to focus on driving efficiencies and operational excellence as we introduce new ways to help our customers manage and scale their increasingly complex businesses.\" Financial Highlights Revenue: Total revenue was $124.1 million in the fourth quarter of 2022, a 30% increase from $95.6 million in the fourth quarter of 2021. Total revenue for 2022 grew 31% to $471.9 million from $359.4 million for 2021.Units Served: Total units on the AppFolio Property Manager platform increased to approximately 7.3 million in the fourth quarter of 2022 from approximately 6.3 million at the end of the fourth quarter of 2021.Loss from Operations: GAAP loss from operations in the fourth quarter of 2022 was $20.0 million, or 16.1% of revenue, compared to $7.3 million, or 7.7% of revenue, in the same quarter of 2021. Non-GAAP loss from operations in the fourth quarter of 2022 was $3.4 million, or 2.7% of revenue, compared to Non-GAAP loss from operations of $0.4 million, or 0.4% of revenue, in the fourth quarter of 2021.Cash: Cash, cash equivalents, and investment securities were $185.2 million as of December 31, 2022, compared to $183.5 million as of December 31, 2021. Non-GAAP free cash flow was $1.3 million, or 1.0% of revenue, in the fourth quarter of 2022, compared to $(2.0) million, or (2.1)% of revenue, in the same quarter of 2021. Total non-GAAP free cash flow for 2022 was $4.1 million, or 0.9% of revenue compared to $12.8 million, or 3.6% of revenue in 2021. Financial OutlookBas...