Business
AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results
Q4 revenue grows 39%; profitability continues to expand SANTA BARBARA, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or
About this update from Appfolio, Inc.
[{"type":"text","content":"Q4 revenue grows 39%; profitability continues to expand\nSANTA BARBARA, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) (\"AppFolio\" or the \"Company\"), a technology leader powering the future of the real estate industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. \"I am pleased to announce a successful fourth quarter that caps off a year in which AppFolio increased the pace of innovation while prioritizing profitable growth,\" said Shane Trigg, President and CEO, AppFolio. \"Through our disciplined investments, relentless focus on our customers, passion to deliver industry-leading innovation, and great people and culture, we are truly building the platform where the real estate industry comes to do business.\" Financial Highlights for Fourth Quarter of 2023 Revenue grew 39% year-over-year to $171.8 million.Total units under management grew 13% year-over-year to 8.2 million.GAAP operating income was $28.2 million, or 16.4% of revenue, compared to an operating loss of ($20.0 million), or (16.1%) of revenue, in Q4 2022.Non-GAAP operating income was $41.8 million, or 24.3% of revenue, compared to an operating loss of ($3.4 million), or (2.7%) of revenue, in Q4 2022.Non-GAAP free cash flow was $34.3 million, or 19.9% of revenue, compared to $1.3 million, or 1.0% of revenue, in Q4 2022. Financial Highlights for Fiscal Year 2023 Revenue grew 31% year-over-year to $620.4 million.GAAP operating income was $1.0 million, or 0.2% of revenue, compared to an operating loss of ($72.4 million), or (15.3%) of revenue, in fiscal year 2022.Non-GAAP operating income was $75.8 million, or 12.2% of revenue, compared to an operating loss of ($2.7 million), or (0.6%) of revenue, in fiscal year 2022.Non-GAAP free cash flow was $73.6 million, or 11.9% of revenue, compared to $4.1 million, or 0.9% of revenue in fiscal year 2022. Financial OutlookBased on information available as of January 25, 2024, AppFolio's outlook for fiscal year 2024 follows: Full year revenue is expected to be $755 million to $765 million.Full year non-GAAP operating margin as a percentage of revenue is expected to be 21% to 23%.Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be 17% to 19%.Diluted weighted average shares outstanding are expected to be approximatel...