Business
AppFolio, Inc. Announces Second Quarter 2024 Financial Results
Q2 revenue grows 34% and profitability continues to expand SANTA BARBARA, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) (“AppFolio”
About this update from Appfolio, Inc.
[{"type":"text","content":"Q2 revenue grows 34% and profitability continues to expand\nSANTA BARBARA, Calif., July 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 second quarter ended June 30, 2024. “We’re proud of another quarter of strong performance,” said Shane Trigg, President and CEO, AppFolio. “Through adoption of AI, mixed portfolio offerings and more, our customers are transforming the performance of their businesses through our platform.” Financial Highlights for Second Quarter of 2024 Revenue grew 34% year-over-year to $197.4 million.Total units under management grew 9% year-over-year to 8.4 million.GAAP operating income was $36.0 million, or 18.3% of revenue, compared to an operating loss of ($0.7 million), or (0.5%) of revenue, in Q2 2023.Non-GAAP operating income was $51.4 million, or 26.0% of revenue, compared to an operating income of $9.4 million, or 6.4% of revenue, in Q2 2023.Net cash provided by operating activities was $50.9 million, or 25.8% of revenue, compared to ($9.2 million), or (6.3)% of revenue, in Q2 2023.Non-GAAP free cash flow was $49.4 million, or 25.0% of revenue, compared to $6.2 million, or 4.2% of revenue, in Q2 2023. Financial OutlookBased on information available as of July 25, 2024, AppFolio's outlook for fiscal year 2024 follows: Full year revenue is expected to be in the range of $772 million to $778 million.Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 23.5% to 24.5%.Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be in the range of 22% to 24%.Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year. Conference Call InformationAs previously announced, the Company will host a conference call today, July 25, 2024, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the company’s second quarter 2024 financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/96wjz8by/. To access the call by phone, please go to the following link: https://register.vevent.com/register/BIa42e2ceac22a4430895498871e862f79, and you will be provided with dial in details. A replay of the web...