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AppFolio, Inc. (NASDAQ:APPF) Q1 2024 Earnings Call Transcript

Insider Monkey Transcripts
·3-min read

AppFolio, Inc. (NASDAQ:APPF) Q1 2024 Earnings Call Transcript April 25, 2024

AppFolio, Inc. beats earnings expectations. Reported EPS is $1.06, expectations were $0.89. APPF isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon. Thank you for standing by and welcome to the AppFolio's First Quarter 2024 Financial Results Conference Call. Please be advised that today's conference is being recorded and a replay will be available on AppFolio's Investor Relations website. I would now like to hand the conference over to Lori Barker, Investor Relations.

Lori Barker: Thank you. Good afternoon everyone. I'm Lori Barker, Investor Relations for AppFolio and I'd like to thank you for joining us today as we report AppFolio's First Quarter 2024 Financial Results. With me on the call today are Shane Trigg, AppFolio's President and CEO; and Fay Sien Goon, AppFolio's Chief Financial Officer. This call is being simultaneously webcast on the Investor Relations section of our website at appfolioinc.com. Before we get started, I would like to remind everyone of AppFolio's safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

A close-up shot of a user-friendly and customizable interface of the company's software, designed to suit different workflows.
A close-up shot of a user-friendly and customizable interface of the company's software, designed to suit different workflows.

Any statement that refers to expectations, projections or other characterizations of future events including financial projections, future market conditions or future product enhancements or development is a forward-looking statement. AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason including those listed in our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements except as required by law. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the year ended December 31 2023 which was filed with the SEC on February 1 2024. In addition, this call includes non-GAAP financial measures.

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Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our third quarter earnings release posted on the Investor Relations section of our website. With that, I will now turn the call over to Shane Trigg. Shane, please go ahead.

Shane Trigg: Thanks, Lori, and welcome to everyone joining us for AppFolio's First Quarter 2024 Financial Results. I am pleased to report that revenue was up 38% year-over-year to $187 million in the first quarter. Increases in units and customers, along with upgrades and further adoption of value-added services drove revenue growth. At the same time, we improved our margins, driving non-GAAP operating margin to 26% and non-GAAP free cash flow margin to 22%. AppFolio's first quarter results underscore our ongoing commitment to industry-leading innovation and exceptional service that drives the adoption of our products and services. To that end, I want to highlight progress across the five components of our strategy. The first being, how we differentiate to win.

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To continue reading the Q&A session, please click here.