EX-99.1 3 appfq32024exhibit991.htm EX-99.1 Document



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appfolio公司宣布2024年第三季度财务业绩
第三季度营业收入增长24%
公司宣布收购LiveEasy作为其扩展住户愿景的一部分


2024年10月24日加利福尼亚圣巴巴拉--appfolio公司(NASDAQ: APPF)（"AppFolio"或"公司"）, 一家引领房地产业未来的科技领导者, 今天宣布截至2024年9月30日的第三季度财务业绩。

“我们的业绩反映了对客户的持续关注和我们策略的有效执行，” appfolio的总裁兼首席执行官Shane Trigg说道。“通过我们的下一代租户应用FolioSpace™，我们正在重新定义物业经理和居民之间的联系方式，并展示了我们致力于投资于建立房地产业务平台的创新。”

2024年第三季度财务亮点
•营业收入同比增长24%，达到20600万美元。
•管理的总单位数较去年增长9%，达到850万。
•根据美国通用会计准则，营业收入为4300万美元，占营业收入的20.7%，与2023年第三季度的营业亏损相比($0万)。
•非通用会计净营业收入为5900万美元，占营业收入的28.7%，相比之下，2023年第三季度的营业收入为2700万美元，占营业收入的16.1%。
•经营活动现金流为5800万美元，占营业收入的28.1%，相比之下2023年第3季度的经营活动现金流为3700万美元，占营业收入的22.2%。
•非GAAP自由现金流为5600万美元，或营业收入的27.1%，相较于3400万美元，或营业收入的20.3%，在2023年第三季度。

业务亮点
•appfolio收购了LiveEasy，一个为居民提供搬家和家居服务的礼宾平台，在入住过程中提供服务。这些服务将整合到FolioSpace中，这是AppFolio的下一代居民应用程序。

高管管理交接
•Fay Sien Goon，该公司的致富金融(临时代码)官，将于2024年10月25日离开appfolio。公司已开始寻找Goon女士的继任者，并将考虑内部和外部候选人。在任命Goon女士的继任者之前，appfolio已任命Tim Eaton为公司的临时致富金融(临时代码)官，任期自2024年10月25日起生效。Eaton先生自2022年以来担任公司首席执行官的助理，自2020年起还担任公司的其他多项领导职务。




财务展望
根据截至2024年10月24日的信息，appfolio对2024财年的展望如下:
•全年营业收入预计在78600万美元至79000万美元的区间内。
•预计全年非通用会计净营业利润率占营业收入的百分比将在24.5%至25.5%的区间内。
•全年自由现金流利润率（非 GAAP）预计为营业收入的22% 到 24%区间内。
•预计全年稀释加权平均流通股约为3700万股。

电话会议信息
如先前宣布的那样，公司将于2024年10月24日下午2:00太平洋时间（PT），下午5:00东部时间（ET）举行电话会议，讨论公司的 第三 2024年第一季度财务业绩。您可以在以下链接上观看电话会议的直播：https://edge.media-server.com/mmc/p/56effhwx。 要通过电话接入会议，请转至以下链接： https://register.vevent.com/register/BI0592d6d11ce14a179afe199e2d07039c, 然后您将获得拨入详情。网页直播的重播也将在appfolio的投资者关系网站上有限时间内提供，链接为：https://ir.appfolioinc.com/news-events/events。

公司还通过其投资者关系网站https://ir.appfolioinc.com/发布有关财务业绩和其他事项的公告，包括SEC备案文件、投资者活动和新闻发布，作为披露重要非公开信息和遵守appfolio根据FD法规的披露义务的一种方式。

关于AppFolio
appfolio是引领房地产行业未来发展的科技领袖。我们创新的平台和可信赖的合作伙伴关系，使我们的客户能够连接社区，提高运营效率，并发展他们的业务。有关appfolio的更多信息，请访问ir.appfolioinc.com。

投资者关系联系方式：
Lori Barker
ir@appfolio.com

使用非 GAAP 财务指标
在本新闻稿末尾，将AppFolio根据GAAP确定的当前和历史非GAAP财务指标与财务结果进行对账。有关这些非GAAP财务指标的描述，包括管理层使用每个指标的原因，请参阅表格中名为“关于使用非GAAP财务指标的声明”的部分。

此刻，AppFolio无法对非GAAP营业利润率和非GAAP自由现金流利润率提供前瞻性GAAP等效引导措施，因为影响这些指标的某些项目是不确定的，超出我们的控制范围，或者无法合理预测，例如涉及股权报酬费用的费用。 对这些被排除项目的影响可能很显著。

前瞻性声明
本新闻稿包含根据1933年修订版证券法第27A条和1934年修订版证券交易法第21E条的“前瞻性声明”，这些声明受到相当大的风险和不确定性的影响。前瞻性声明包括本新闻稿中不属于历史事实陈述的所有声明，并可通过词语“预计”等词语来识别。



“相信”，“可能”，“估计”，“预计”，“有意”，“可能”，“计划”，“潜在”，“未来”，“预测”，“项目”，“目标”，“寻求”，“考虑”，“应该”，“将”，“会”或类似表达方式以及这些表达方式的否定。具体来说，在本新闻稿中包含的前瞻性声明涉及未来的营运结果和财务状况，包括公司2024财年财务展望，预期的未来支出和投资，公司的业务机会，公司战略行动和举措的影响，FolioSpace居民应用程序的潜在好处和影响，以及LiveEasy的收购及其对公司计划，目标，期望和能力的影响。

前瞻性声明代表appfolio目前基于当前信息可得的信念和期望，并仅在发表声明的日期有效。前瞻性声明可能受到众多已知和未知风险、不确定因素和其他因素的影响，这可能导致公司的实际结果、表现或业绩与前瞻性声明中暗示的任何未来结果、表现或业绩存在实质差异。可能导致公司的实际结果、表现或业绩与这些前瞻性声明中所暗示或暗示的实质差异的风险、不确定因素和其他因素包括公司成功推出FolioSpace住户应用程序并整合LiveEasy业务的能力，公司按照FolioSpace住户应用程序和LiveEasy业务方面的计划、目标和期望进行实施的能力，FolioSpace住户应用程序和/或Live Easy收购公告对公司业务运营、运营结果或股价的负面影响，以及与收购相关的未知负债，以及在公司的年度报告10-k表格可查明的由收购带来的那些风险、不确定因素和其他因素，年报最后文件10-k表格或季度报告10-Q表格中“管理讨论与财务状况及运营结果分析”部分，以及公司向证券交易委员会的其他文件中所描述的那些风险、不确定因素和其他因素。您应该理解在阅读本新闻发布时，公司的实际未来结果可能会与这些前瞻性声明中所表达或暗示的结果存在实质差异。

公司不承担更新本新闻稿中所作的任何前瞻性声明以反映本新闻稿日期之后的事件或情况的义务，也不承担因法律要求以外的新信息或意外事件的发生而更新的责任。




简明合并资产负债表
(未经审计)
（以千为单位）
 2020年9月30日
2024		12月31日
2023
资产
流动资产
现金及现金等价物$62,417 $49,509 
投资证券 - 流动资产268,951 162,196 
2,687,823 25,581 20,709 
预付费用和其他流动资产38,194 39,943 
总流动资产395,143 272,357 
资产和设备，净值25,478 28,362 
经营租赁权使用资产17,744 19,285 
资本化软件开发成本，净值16,330 21,562 
商誉56,060 56,060 
其他长期资产12,542 11,263 
总资产$523,297 $408,889 
负债和股东权益
流动负债
应付账款$509 $1,141 
应计员工费用33,625 35,567 
应计费用14,899 21,723 
其他流动负债14,664 11,335 
流动负债合计63,697 69,766 
经营租赁负债38,402 41,114 
其他负债8,371 697 
负债合计110,470 111,577 
股东权益412,827 297,312 
负债和股东权益总额$523,297 $408,889 




简明合并利润表
(未经审计)
(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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