Appfolio Q4 2023 Earnings Report
Key Takeaways
AppFolio's Q4 2023 saw a 39% year-over-year increase in revenue, reaching $171.8 million. The company's GAAP operating income was $28.2 million, a substantial improvement from the previous year's operating loss. Non-GAAP free cash flow also saw a significant increase, highlighting the company's focus on profitable growth and innovation.
Revenue increased by 39% year-over-year, reaching $171.8 million.
Total units under management grew 13% year-over-year to 8.2 million.
GAAP operating income was $28.2 million, or 16.4% of revenue, a significant turnaround from the previous year.
Non-GAAP free cash flow was $34.3 million, or 19.9% of revenue, compared to $1.3 million in Q4 2022.
Appfolio
Appfolio
Forward Guidance
AppFolio anticipates full year 2024 revenue between $755 million and $765 million, a non-GAAP operating margin of 21% to 23%, and a non-GAAP free cash flow margin of 17% to 19%.
Positive Outlook
- Full year revenue is expected to be $755 million to $765 million.
- Full year non-GAAP operating margin as a percentage of revenue is expected to be 21% to 23%.
- Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be 17% to 19%.
- Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year.