Appfolio Q3 2023 Earnings Report
Key Takeaways
AppFolio reported a 32% increase in revenue for Q3 2023, reaching $165.4 million, compared to $125.1 million in Q3 2022. The company's GAAP loss from operations improved to ($0.1 million), and non-GAAP income from operations was $26.7 million. Non-GAAP free cash flow was $33.6 million.
Total revenue was $165.4 million, a 32% increase compared to Q3 2022.
Total units on the AppFolio Property Manager platform increased to approximately 7.8 million.
GAAP loss from operations improved to ($0.1 million) compared to ($7.8 million) in the same quarter of 2022.
Non-GAAP free cash flow was $33.6 million, compared to $11.9 million in the same quarter of 2022.
Appfolio
Appfolio
Forward Guidance
AppFolio's outlook for fiscal year 2023 includes revenue between $608 million and $612 million, a non-GAAP operating margin between 10.5% and 11.0%, a non-GAAP free cash flow margin between 10.5% and 11.5%, and approximately 36 million weighted average shares outstanding.
Positive Outlook
- Full year revenue is expected to be in the range of $608 million to $612 million.
- Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 10.5% to 11.0%.
- Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be in the range of 10.5% to 11.5%.
- Weighted average shares outstanding are expected to be approximately 36 million for the full year.