AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - AppFolio reported strong financial performance for the fourth quarter and fiscal year 2024, highlighting significant growth in revenue and customer retention through innovative solutions [2][6][4]. Financial Highlights for Fourth Quarter of 2024 - Revenue increased by 19% year-over-year to $204 million [6]. - Total units under management rose by 6% year-over-year to 8.7 million [6]. - GAAP operating income was $23 million, representing 11.3% of revenue, down from 16.4% in Q4 2023 [6]. - Non-GAAP operating income was $41 million, or 20.2% of revenue, compared to $42 million, or 24.3% in Q4 2023 [6]. - Net cash provided by operating activities was $37 million, or 18.0% of revenue, slightly down from 18.1% in Q4 2023 [6]. - Non-GAAP free cash flow was $35 million, or 17.3% of revenue, compared to $34 million, or 19.9% in Q4 2023 [6]. Financial Highlights for Fiscal Year 2024 - Revenue grew by 28% year-over-year to $794 million [6]. - GAAP operating income was $136 million, or 17.1% of revenue, compared to $1 million, or 0.2% in fiscal year 2023 [6]. - Non-GAAP operating income was $200 million, or 25.2% of revenue, up from $76 million, or 12.2% in fiscal year 2023 [6]. - Net cash provided by operating activities was $188 million, or 23.7% of revenue, compared to $60 million, or 9.7% in fiscal year 2023 [6]. - Non-GAAP free cash flow was $182 million, or 22.9% of revenue, compared to $74 million, or 11.9% in fiscal year 2023 [6]. Financial Outlook - The company expects full year revenue for 2025 to be in the range of $920 million to $940 million [6]. - Full year non-GAAP operating margin is anticipated to be between 24.5% and 26.5% [6]. - Diluted weighted average shares outstanding are projected to be approximately 37 million for the full year [6].