EX-99.1 3 appfq32024exhibit991.htm EX-99.1 Document



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appfolio公司宣佈2024年第三季度財務業績
第三季度營業收入增長24%
公司宣佈收購LiveEasy作爲其擴展住戶願景的一部分


2024年10月24日加利福尼亞聖巴巴拉--appfolio公司(NASDAQ: APPF)（"AppFolio"或"公司"）, 一家引領房地產業未來的科技領導者, 今天宣佈截至2024年9月30日的第三季度財務業績。

「我們的業績反映了對客戶的持續關注和我們策略的有效執行，」 appfolio的總裁兼首席執行官Shane Trigg說道。「通過我們的下一代租戶應用FolioSpace™，我們正在重新定義物業經理和居民之間的聯繫方式，並展示了我們致力於投資於建立房地產業務平台的創新。」

2024年第三季度財務亮點
•營業收入同比增長24%，達到20600萬美元。
•管理的總單位數較去年增長9%，達到850萬。
•根據美國通用會計準則，營業收入爲4300萬美元，佔營業收入的20.7%，與2023年第三季度的營業虧損相比($0萬)。
•非通用會計淨營業收入爲5900萬美元，佔營業收入的28.7%，相比之下，2023年第三季度的營業收入爲2700萬美元，佔營業收入的16.1%。
•經營活動現金流爲5800萬美元，佔營業收入的28.1%，相比之下2023年第3季度的經營活動現金流爲3700萬美元，佔營業收入的22.2%。
•非GAAP自由現金流爲5600萬美元，或營業收入的27.1%，相較於3400萬美元，或營業收入的20.3%，在2023年第三季度。

業務亮點
•appfolio收購了LiveEasy，一個爲居民提供搬家和家居服務的禮賓平台，在入住過程中提供服務。這些服務將整合到FolioSpace中，這是AppFolio的下一代居民應用程序。

高管管理交接
•Fay Sien Goon，該公司的致富金融(臨時代碼)官，將於2024年10月25日離開appfolio。公司已開始尋找Goon女士的繼任者，並將考慮內部和外部候選人。在任命Goon女士的繼任者之前，appfolio已任命Tim Eaton爲公司的臨時致富金融(臨時代碼)官，任期自2024年10月25日起生效。Eaton先生自2022年以來擔任公司首席執行官的助理，自2020年起還擔任公司的其他多項領導職務。




財務展望
根據截至2024年10月24日的信息，appfolio對2024財年的展望如下:
•全年營業收入預計在78600萬美元至79000萬美元的區間內。
•預計全年非通用會計淨營業利潤率佔營業收入的百分比將在24.5%至25.5%的區間內。
•全年自由現金流利潤率（非 GAAP）預計爲營業收入的22% 到 24%區間內。
•預計全年稀釋加權平均流通股約爲3700萬股。

電話會議信息
如先前宣佈的那樣，公司將於2024年10月24日下午2:00太平洋時間（PT），下午5:00東部時間（ET）舉行電話會議，討論公司的 第三 2024年第一季度財務業績。您可以在以下鏈接上觀看電話會議的直播：https://edge.media-server.com/mmc/p/56effhwx。 要通過電話接入會議，請轉至以下鏈接： https://register.vevent.com/register/BI0592d6d11ce14a179afe199e2d07039c, 然後您將獲得撥入詳情。網頁直播的重播也將在appfolio的投資者關係網站上有限時間內提供，鏈接爲：https://ir.appfolioinc.com/news-events/events。

公司還通過其投資者關係網站https://ir.appfolioinc.com/發佈有關財務業績和其他事項的公告，包括SEC備案文件、投資者活動和新聞發佈，作爲披露重要非公開信息和遵守appfolio根據FD法規的披露義務的一種方式。

關於AppFolio
appfolio是引領房地產行業未來發展的科技領袖。我們創新的平台和可信賴的合作伙伴關係，使我們的客戶能夠連接社區，提高運營效率，並發展他們的業務。有關appfolio的更多信息，請訪問ir.appfolioinc.com。

投資者關係聯繫方式：
Lori Barker
ir@appfolio.com

使用非 GAAP 財務指標
在本新聞稿末尾，將AppFolio根據GAAP確定的當前和歷史非GAAP財務指標與財務結果進行對賬。有關這些非GAAP財務指標的描述，包括管理層使用每個指標的原因，請參閱表格中名爲「關於使用非GAAP財務指標的聲明」的部分。

此刻，AppFolio無法對非GAAP營業利潤率和非GAAP自由現金流利潤率提供前瞻性GAAP等效引導措施，因爲影響這些指標的某些項目是不確定的，超出我們的控制範圍，或者無法合理預測，例如涉及股權報酬費用的費用。 對這些被排除項目的影響可能很顯著。

前瞻性聲明
本新聞稿包含根據1933年修訂版證券法第27A條和1934年修訂版證券交易法第21E條的「前瞻性聲明」，這些聲明受到相當大的風險和不確定性的影響。前瞻性聲明包括本新聞稿中不屬於歷史事實陳述的所有聲明，並可通過詞語「預計」等詞語來識別。



「相信」，「可能」，「估計」，「預計」，「有意」，「可能」，「計劃」，「潛在」，「未來」，「預測」，「項目」，「目標」，「尋求」，「考慮」，「應該」，「將」，「會」或類似表達方式以及這些表達方式的否定。具體來說，在本新聞稿中包含的前瞻性聲明涉及未來的營運結果和財務狀況，包括公司2024財年財務展望，預期的未來支出和投資，公司的業務機會，公司戰略行動和舉措的影響，FolioSpace居民應用程序的潛在好處和影響，以及LiveEasy的收購及其對公司計劃，目標，期望和能力的影響。

前瞻性聲明代表appfolio目前基於當前信息可得的信念和期望，並僅在發表聲明的日期有效。前瞻性聲明可能受到衆多已知和未知風險、不確定因素和其他因素的影響，這可能導致公司的實際結果、表現或業績與前瞻性聲明中暗示的任何未來結果、表現或業績存在實質差異。可能導致公司的實際結果、表現或業績與這些前瞻性聲明中所暗示或暗示的實質差異的風險、不確定因素和其他因素包括公司成功推出FolioSpace住戶應用程序並整合LiveEasy業務的能力，公司按照FolioSpace住戶應用程序和LiveEasy業務方面的計劃、目標和期望進行實施的能力，FolioSpace住戶應用程序和/或Live Easy收購公告對公司業務運營、運營結果或股價的負面影響，以及與收購相關的未知負債，以及在公司的年度報告10-k表格可查明的由收購帶來的那些風險、不確定因素和其他因素，年報最後文件10-k表格或季度報告10-Q表格中「管理討論與財務狀況及運營結果分析」部分，以及公司向證券交易委員會的其他文件中所描述的那些風險、不確定因素和其他因素。您應該理解在閱讀本新聞發佈時，公司的實際未來結果可能會與這些前瞻性聲明中所表達或暗示的結果存在實質差異。

公司不承擔更新本新聞稿中所作的任何前瞻性聲明以反映本新聞稿日期之後的事件或情況的義務，也不承擔因法律要求以外的新信息或意外事件的發生而更新的責任。




簡明合併資產負債表
(未經審計)
（以千爲單位）
 2020年9月30日
2024		12月31日
2023
資產
流動資產
現金及現金等價物$62,417 $49,509 
投資證券 - 流動資產268,951 162,196 
2,687,823 25,581 20,709 
預付費用和其他流動資產38,194 39,943 
總流動資產395,143 272,357 
資產和設備，淨值25,478 28,362 
經營租賃權使用資產17,744 19,285 
資本化軟件開發成本，淨值16,330 21,562 
商譽56,060 56,060 
其他長期資產12,542 11,263 
總資產$523,297 $408,889 
負債和股東權益
流動負債
應付賬款$509 $1,141 
應計員工費用33,625 35,567 
應計費用14,899 21,723 
其他流動負債14,664 11,335 
流動負債合計63,697 69,766 
經營租賃負債38,402 41,114 
其他負債8,371 697 
負債合計110,470 111,577 
股東權益412,827 297,312 
負債和股東權益總額$523,297 $408,889 




簡明合併利潤表
(未經審計)
(in thousands, except per share amounts)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Revenue(1)
$205,733 $165,440 $590,538 $448,615 
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)(2)
71,631 62,739 205,878 176,801 
Sales and marketing(2)
25,406 29,701 77,161 86,101 
Research and product development(2)
40,662 41,592 118,079 116,517 
General and administrative(2)
21,139 23,907 62,525 74,417 
Depreciation and amortization4,327 7,568 14,209 22,055 
Total costs and operating expenses163,165 165,507 477,852 475,891 
Income (loss) from operations42,568 (67)112,686 (27,276)
Other income (loss), net— (249)— (283)
Interest income, net4,014 1,788 10,482 4,627 
Income (loss) before provision for income taxes46,582 1,472 123,168 (22,932)
Provision for (benefit from) income taxes13,576 (24,973)21,834 4,634 
Net income (loss)$33,006 $26,445 $101,334 $(27,566)
Net income (loss) per common share:
Basic$0.91 $0.74 $2.80 $(0.78)
Diluted$0.90 $0.72 $2.76 $(0.78)
Weighted average common shares outstanding
Basic36,306 35,691 36,211 35,567 
Diluted36,756 36,482 36,752 35,567 
(1) The following table presents our revenue categories:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Core solutions$46,030 $39,756 $132,974 $115,440 
Value Added Services157,726 123,188 451,677 326,108 
Other1,977 2,496 5,887 7,067 
Total revenue$205,733 $165,440 $590,538 $448,615 

(2) Includes stock-based compensation expense as follows:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)$1,126 $1,149 $3,261 $2,905 
Sales and marketing2,071 2,041 5,284 4,902 
Research and product development7,471 6,064 19,625 15,851 
General and administrative5,367 6,003 16,133 16,274 
Total stock-based compensation expense$16,035 $15,257 $44,303 $39,932 




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Cash from operating activities
Net income (loss)$33,006 $26,445 $101,334 $(27,566)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization3,912 6,980 12,804 20,115 
Amortization of operating lease right-of-use assets488 509 1,541 1,618 
Gain on lease modification— — — (4,281)
Stock-based compensation, including as amortized16,449 15,845 45,707 41,872 
Other(2,141)(806)(6,146)(1,514)
Changes in operating assets and liabilities:
Accounts receivable110 (327)(4,872)(3,857)
Prepaid expenses and other assets(4,046)1,354 1,111 (712)
Accounts payable(728)(496)(291)(1,485)
Operating lease liabilities(1,778)1,558 (3,196)(3,080)
Accrued expenses and other liabilities12,498 (14,305)3,601 7,990 
Net cash provided by operating activities57,770 36,757 151,593 29,100 
Cash from investing activities
Purchases of available-for-sale investments(113,780)(35,322)(265,319)(108,919)
Proceeds from sales of available-for-sale investments— — — 1,013 
Proceeds from maturities of available-for-sale investments69,300 44,635 163,755 94,252 
Purchases of property and equipment(363)(3,761)(1,821)(5,932)
Capitalization of software development costs(1,583)(1,243)(4,112)(3,394)
Proceeds from sale of equity-method investment— — — 629 
Net cash (used in) provided by investing activities
(46,426)4,309 (107,497)(22,351)
Cash from financing activities
Proceeds from stock option exercises15 683 3,913 2,185 
Tax withholding for net share settlement(8,581)(6,510)(35,101)(19,766)
Net cash used in financing activities(8,566)(5,827)(31,188)(17,581)
Net increase (decrease) in cash, cash equivalents and restricted cash2,778 35,239 12,908 (10,832)
Cash, cash equivalents and restricted cash
Beginning of period59,889 24,948 49,759 71,019 
End of period$62,667 $60,187 62,667 60,187 




RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(UNAUDITED)
(in thousands, except per share data)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Costs and operating expenses:
GAAP cost of revenue (exclusive of depreciation and amortization)$71,631 $62,739 $205,878 $176,801 
Stock-based compensation expense(1,126)(1,149)(3,261)(2,905)
Workforce reduction costs— (2,135)— (2,135)
Non-GAAP cost of revenue (exclusive of depreciation and amortization)$70,505 $59,455 $202,617 $171,761 
GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue35 %38 %35 %39 %
Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue34 %36 %34 %38 %
GAAP sales and marketing$25,406 $29,701 $77,161 $86,101 
Stock-based compensation expense(2,071)(2,041)(5,284)(4,902)
Workforce reduction costs— (3,401)— (3,401)
Non-GAAP sales and marketing$23,335 $24,259 $71,877 $77,798 
GAAP sales and marketing as a percentage of revenue12 %18 %13 %19 %
Non-GAAP sales and marketing as a percentage of revenue11 %15 %12 %17 %
GAAP research and product development$40,662 $41,592 $118,079 $116,517 
Stock-based compensation expense(7,471)(6,064)(19,625)(15,851)
Workforce reduction costs— (2,635)— (2,635)
Non-GAAP research and product development$33,191 $32,893 $98,454 $98,031 
GAAP research and product development as a percentage of revenue20 %25 %20 %26 %
Non-GAAP research and product development as a percentage of revenue16 %20 %17 %22 %
GAAP general and administrative$21,139 $23,907 $62,525 $74,417 
Stock-based compensation expense(5,367)(6,003)(16,133)(16,274)
Gain on lease modification— — — 4,281 
CEO separation costs, net— — — (11,520)
Workforce reduction costs— (2,106)— (2,106)
Non-GAAP general and administrative$15,772 $15,798 $46,392 $48,798 
GAAP general and administrative as a percentage of revenue10 %14 %11 %17 %
Non-GAAP general and administrative as a percentage of revenue8 %10 %8 %11 %
GAAP depreciation and amortization$4,327 $7,568 $14,209 $22,055 
Amortization of stock-based compensation capitalized in software development costs(414)(589)(1,404)(1,940)
Amortization of purchased intangibles(118)(617)(355)(1,857)
Non-GAAP depreciation and amortization$3,795 $6,362 $12,450 $18,258 
GAAP depreciation and amortization as a percentage of revenue2 %5 %2 %5 %
Non-GAAP depreciation and amortization as a percentage of revenue2 %4 %2 %4 %



Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Income (loss) from operations:
GAAP income (loss) from operations$42,568 $(67)$112,686 $(27,276)
Stock-based compensation expense16,035 15,257 44,303 39,932 
Amortization of stock-based compensation capitalized in software development costs414 589 1,404 1,940 
Amortization of purchased intangibles118 617 355 1,857 
Gain on lease modification— — — (4,281)
CEO separation costs, net— — — 11,520 
Workforce reduction costs— 10,278 — 10,278 
Non-GAAP income from operations$59,135 $26,674 $158,748 $33,970 
Operating margin:
GAAP operating margin20.7 %— %19.1 %(6.1)%
Stock-based compensation expense as a percentage of revenue7.7 9.2 7.5 8.9 
Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue0.2 0.4 0.2 0.4 
Amortization of purchased intangibles as a percentage of revenue0.1 0.4 0.1 0.4 
Gain on lease modification as a percentage of revenue— — — (1.0)
CEO separation costs, net as a percentage of revenue— — — 2.6 
Workforce reduction costs as a percentage of revenue— 6.1 — 2.4 
Non-GAAP operating margin28.7 %16.1 %26.9 %7.6 %
Net income (loss):
GAAP net income (loss)$33,006 $26,445 $101,334 $(27,566)
Stock-based compensation expense16,035 15,257 44,303 39,932 
Amortization of stock-based compensation capitalized in software development costs414 589 1,404 1,940 
Amortization of purchased intangibles118 617 355 1,857 
Gain on lease modification— — — (4,281)
CEO separation costs, net— — — 11,520 
Workforce reduction costs— 10,278 — 10,278 
Income tax effect of adjustments(2,211)(31,642)(20,474)(3,859)
Non-GAAP net income$47,362 $21,544 $126,922 $29,821 
Net income (loss) per share, basic:
GAAP net income (loss) per share, basic $0.91 $0.74 $2.80 $(0.78)
Non-GAAP adjustments to net income (loss)0.39 (0.14)0.71 1.62 
Non-GAAP net income per share, basic $1.30 $0.60 $3.51 $0.84 
Net income (loss) income per share, diluted:
GAAP net income (loss) per share, diluted$0.90 $0.72 $2.76 $(0.78)
Non-GAAP adjustments to net income (loss)0.39 (0.13)0.69 1.60 
Non-GAAP net income per share, diluted$1.29 $0.59 $3.45 $0.82 
Weighted-average shares used in GAAP per share calculation
Basic36,306 35,691 36,211 35,567 
Diluted36,756 36,482 36,752 35,567 
Weighted-average shares used in non-GAAP per share calculation
Basic36,306 35,691 36,211 35,567 
Diluted36,756 36,482 36,752 36,345 




Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Free cash flow:
GAAP net cash provided by operating activities$57,770 $36,757 $151,593 $29,100 
Purchases of property and equipment(363)(3,761)(1,821)(5,932)
Capitalized software development costs(1,583)(1,243)(4,112)(3,394)
CEO separation costs payment— — — 14,926 
Partial lease termination payment— — — 2,851 
Severance payments for workforce reduction— 1,801 566 1,801 
Non-GAAP free cash flow$55,824 $33,554 $146,226 $39,352 
Free cash flow margin:
GAAP net cash provided by operating activities as a percentage of revenue28.1 %22.2 %25.7 %6.5 %
Purchases of property and equipment as a percentage of revenue(0.2)(2.3)(0.3)(1.3)
Capitalized software development costs as a percentage of revenue(0.8)(0.8)(0.7)(0.8)
CEO separation costs payment as a percentage of revenue— — — 3.4 
Partial lease termination payment as a percentage of revenue— — — 0.6 
Severance payments for workforce reduction as a percentage of revenue— 1.2 0.1 0.4 
Non-GAAP free cash flow margin27.1 %20.3 %24.8 %8.8 %





























Statement Regarding the Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

•Non-GAAP presentation of income (loss) from operations, costs and operating expenses, operating margin, net income (loss), and net income (loss) per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, CEO separation costs, net, gain on lease modification, workforce reduction costs, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income (loss) from operations as a percentage of revenue.

•Non-GAAP free cash flow. Non-GAAP free cash flow is defined as net cash from operating activities, less purchases of property and equipment, capitalization of software development costs, payments for separation costs and lease termination payments and severance payments for workforce reduction. We use free cash flow to evaluate our generation of cash from operations that is available for purposes other than capital expenditures and capitalized software development costs. Additionally, we believe that information regarding free cash flow provides investors with a perspective on the cash available to fund ongoing operations. We review cash flows generated from operations after taking into consideration capital expenditures and the capitalization of software development costs due to the fact that these expenditures are considered to be a necessary component of ongoing operations. Free cash flow margin is calculated as free cash flow as a percentage of revenue.

We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these adjustments also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

•Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses, which include costs related to our workforce reduction, vary for reasons that are generally unrelated to financial and operational performance in any particular period.

•Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.

•CEO separation costs, net. We incurred one-time separation costs associated with our former Chief Executive Officer's Transition and Separation Agreement, dated March 1, 2023. We have excluded these costs, as we do not consider such amounts to be part of the ongoing operation of our business.

•Gain on lease modification. In January 2023 and June 2023, we amended our San Diego lease. We have excluded any gain related to the remeasurement of the lease liability, as we do not consider such amounts to be part of the ongoing operation of our business.




•Workforce reduction costs. We incurred one-time severance and related personnel costs associated with our workforce reduction in the third quarter of 2023. We have excluded these costs, along with the subsequent cash payments, as we do not consider such amounts to be part of the ongoing operation of our business.

•Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 25%, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.











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