AppFolio(APPF) - 2018 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - For fiscal year 2018, total revenue reached $190.1 million, a 32% increase year-over-year, with GAAP net income of $20 million or $0.56 per diluted share compared to $9.7 million and $0.28 per diluted share in fiscal 2017 [5][14] - In Q4 2018, total revenue was $50.4 million, representing a 33% increase year-over-year, with GAAP net income of $2.6 million or $0.07 per diluted share [8][14] - The company ended the fiscal year with approximately $102 million in cash and cash equivalents, and $48.6 million of long-term debt [11] Business Line Data and Key Metrics Changes - Core Solutions revenue in Q4 was $19.4 million, a 26% increase year-over-year, driven by a 20% increase in property manager units under management and an 11% increase in the number of property manager customers [8] - Value+ services revenue in Q4 was $28.8 million, a 38% increase year-over-year, with growth primarily from increased usage of electronic payments, screening, and insurance services [9] Market Data and Key Metrics Changes - The company had approximately 13,050 real estate property manager customers managing 3.91 million units, up from 11,700 customers and 3.25 million units a year ago [6] - In the legal vertical, customer count increased 10% year-over-year to approximately 10,300, with annual dollar-based net expansion of 116% for property manager customers and 113% for law firm customers [7] Company Strategy and Development Direction - The company aims to invest in growth opportunities, including expanded product offerings and new Value+ services, particularly in utility management and artificial intelligence [15][20] - The acquisition of WegoWise and Dynasty Marketplace is intended to enhance the company's capabilities in utility analytics and AI solutions for the real estate market [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver great software and services, emphasizing a commitment to customer experience and technological innovation [16][23] - For 2019, the company expects full-year revenue in the range of $250 million to $255 million, representing a year-over-year growth of 33% at the midpoint [14] Other Important Information - The company authorized a $100 million share repurchase program, allowing for repurchases at prices below intrinsic value [13] - The company received several awards for its corporate culture, including recognition from Fortune for being a great workplace for women and diversity [22] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating the end of the Q&A session [24]