Business
AppFolio, Inc. Announces Second Quarter Financial Results
Revenue grows 25% SANTA BARBARA, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a cloud-based
About this update from Appfolio, Inc.
[{"type":"text","content":"Revenue grows 25%\nSANTA BARBARA, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) (\"AppFolio\" or the \"Company\"), a cloud-based technology platform built for the real estate industry, today announced its financial results for the second quarter ended June 30, 2023. \"AppFolio's second quarter results reflect a relentless focus on our customer-centric strategy, and increased operational efficiency,\" said Shane Trigg, President and CEO, AppFolio. \"Aligning the value we provide with the value we receive is what unlocks our industry-leading innovation. From AI-powered solutions including AppFolio Realm to our entry into the affordable housing segment, addition of new AppFolio Stack partners, and expansion of our payments platform, we’re focused on delivering increasingly more value to our customers and their communities.\" Financial Highlights Revenue: Total revenue was $147.1 million in the second quarter of 2023, a 25% increase from $117.4 million in the second quarter of 2022.Units Served: Total units on the AppFolio Property Manager platform increased to approximately 7.7 million in the second quarter of 2023 from approximately 6.8 million at the end of the second quarter of 2022.Income (Loss) from Operations: GAAP loss from operations in the second quarter of 2023 was ($0.7 million), or (0.5%) of revenue, compared to ($29.9 million), or (25.5%) of revenue, in the same quarter of 2022. Non-GAAP income from operations in the second quarter of 2023 was $9.4 million, or 6.4% of revenue, compared to Non-GAAP income from operations of $1.2 million, or 1.0% of revenue, in the second quarter of 2022.Cash: Cash, cash equivalents, and investment securities were $164.0 million as of June 30, 2023. Non-GAAP free cash flow was $6.2 million, or 4.2% of revenue, in the second quarter of 2023, compared to $(1.5) million, or (1.2)% of revenue, in the same quarter of 2022. Financial OutlookBased on information available as of July 27, 2023, AppFolio's outlook for fiscal year 2023 follows: Full year revenue is expected to be in the range of $592 million to $598 million.Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 5.5% to 6.5%.Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be in the range of 6% to 7%.Weighted average shares outstand...