AppFolio(US:APPF)2025-04-24 20:08Financial Performance - Revenue for the three months ended March 31, 2025, was $217,702,000, representing an increase of 16.1% compared to $187,430,000 for the same period in 2024[15] - Net income for the quarter was $31,383,000, a decrease of 18.9% from $38,663,000 in the prior year[16] - Basic net income per share was $0.86, down from $1.07 in the prior year, reflecting a decrease of 19.6%[15] - The company reported a comprehensive income of $31,176,000 for the quarter, down from $38,449,000 in the previous year, a decline of 18.9%[16] - Net income for the three months ended March 31, 2025, was $31,383,000, a decrease of 18.5% compared to $38,663,000 for the same period in 2024[20] Assets and Liabilities - Total assets decreased to $564,733,000 as of March 31, 2025, down from $626,678,000 at the end of 2024, reflecting a decline of 9.9%[12] - Total liabilities decreased to $102,614,000 from $107,388,000, a reduction of 4.3%[12] - The total stockholders' equity decreased to $462,119,000 from $519,290,000, a decrease of 11.0%[12] Cash Flow - Cash and cash equivalents increased to $56,933,000 from $42,504,000, marking a growth of 34.0%[12] - Net cash provided by operating activities was $38,465,000, down from $42,954,000 year-over-year, reflecting a decline of 10.5%[20] - Total cash, cash equivalents, and restricted cash at the end of the period was $57,183,000, compared to $59,464,000 at the end of the previous year, representing a decrease of 3.8%[20] - The company had net cash provided by investing activities of $80,794,000, a significant increase from a net cash used of $(23,037,000) in the prior year[20] Operating Expenses - Operating expenses for the quarter totaled $183,919,000, up 19.9% from $153,340,000 in the same quarter of 2024[15] - Stock-based compensation expense increased to $16,371,000 from $13,474,000, an increase of 21.3% year-over-year[15] - Total accrued employee expenses decreased to $21.8 million as of March 31, 2025, down from $30.2 million at December 31, 2024, representing a decline of 27.8%[35] Revenue Segmentation - Core solutions revenue reached $49.5 million, up from $42.9 million, reflecting a growth of 15.0% year-over-year[51] - Value Added Services revenue increased to $164.7 million, compared to $142.3 million, marking a growth of 15.7%[51] Shareholder Actions - The company repurchased 445,311 shares of Class A common stock at an average price of $215.05 per share for a total of $95.8 million during the three months ended March 31, 2025[43] - The company authorized a new $300.0 million share repurchase program on April 23, 2025, replacing the previous program[44] Strategic Initiatives - The company entered into a strategic partnership with Second Nature Brands, Inc., and purchased a minority equity interest for $75.0 million on April 11, 2025[53][54] Taxation - The effective tax rate for the three months ended March 31, 2025, was 14.7%, lower than the U.S. federal statutory rate of 21%[48]