Appfolio Q1 2024 Earnings Report
Key Takeaways
AppFolio reported a strong first quarter in 2024, with revenue growing by 38% year-over-year to $187.4 million. The company's GAAP operating income was $34.1 million, a significant improvement from the operating loss in Q1 2023.
Revenue grew 38% year-over-year reaching $187.4 million.
Total units under management increased by 11% year-over-year, totaling 8.3 million.
GAAP operating income was $34.1 million, representing 18.2% of revenue.
Non-GAAP free cash flow was $41.0 million, which is 21.9% of revenue.
Appfolio
Appfolio
Forward Guidance
AppFolio anticipates full year 2024 revenue between $766 million and $774 million. Non-GAAP operating margin is expected to be 23% to 24%, and non-GAAP free cash flow margin is projected to be 21% to 23%. Diluted weighted average shares outstanding are expected to be approximately 37 million.
Positive Outlook
- Full year revenue is expected to be $766 million to $774 million.
- Non-GAAP operating margin is expected to be 23% to 24%.
- Non-GAAP free cash flow margin is expected to be 21% to 23%.
- Diluted weighted average shares outstanding are expected to be approximately 37 million.
- Company is committed to delivering industry-leading innovation.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from expectations.
- Uncertainty in predicting stock-based compensation expense.
- Amortization of purchased intangibles.
- Impact of potential tax law changes.