AppFolio Inc (APPF) Reports 32% Revenue Growth in Q3 2023
AppFolio Inc (NASDAQ:APPF) reported a 32% increase in total revenue, reaching $165.4 million in Q3 2023.
The company served approximately 7.8 million units on the AppFolio Property Manager platform in Q3 2023, up from 7.1 million in Q3 2022.
Non-GAAP income from operations in Q3 2023 was $26.7 million, a significant increase from $4.7 million in Q3 2022.
Non-GAAP free cash flow was $33.6 million in Q3 2023, compared to $11.9 million in the same quarter of 2022.
AppFolio Inc (NASDAQ:APPF), a leading cloud-based technology platform for the real estate industry, announced its financial results for the third quarter ended September 30, 2023, on October 26, 2023. The company reported a 32% increase in total revenue, reaching $165.4 million in Q3 2023, up from $125.1 million in Q3 2022.
Financial Highlights
AppFolio's financial performance in Q3 2023 showed significant growth and profitability. The total units served on the AppFolio Property Manager platform increased to approximately 7.8 million in Q3 2023, up from approximately 7.1 million at the end of Q3 2022.
GAAP loss from operations in Q3 2023 was ($0.1 million), or (0%) of revenue, compared to a loss from operations of ($7.8 million), or (6.3%) of revenue, in the same quarter of 2022. Non-GAAP income from operations in Q3 2023 was $26.7 million, or 16.1% of revenue, compared to $4.7 million, or 3.7% of revenue, in Q3 2022.
Non-GAAP free cash flow was $33.6 million, or 20.3% of revenue, in Q3 2023, compared to $11.9 million, or 9.5% of revenue, in the same quarter of 2022.
Financial Outlook
AppFolio's outlook for fiscal year 2023 includes expected full-year revenue in the range of $608 million to $612 million. The full-year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 10.5% to 11.0%. Full-year non-GAAP free cash flow margin as a percentage of revenue is expected to be in the range of 10.5% to 11.5%.
Company's Performance
AppFolio's third quarter profitable revenue growth reflects the company's commitment to delivering industry-leading innovation while maintaining disciplined execution. The company's focus on creating exceptional value that powers the future of the real estate industry has set its customers apart from the rest.
Financial Tables
The financial tables provided in the earnings report include detailed information about the company's income statement, balance sheet, and cash flow statement. These tables provide a comprehensive view of the company's financial performance and position as of Q3 2023.
AppFolio's balance sheet shows total assets of $378.6 million as of September 30, 2023, with current assets of $239.9 million. The company's total liabilities and stockholders' equity also stood at $378.6 million.
The income statement shows a net income of $26.4 million for the three months ended September 30, 2023, compared to a net loss of $4.2 million for the same period in 2022. The cash flow statement shows net cash provided by operating activities of $36.8 million for the three months ended September 30, 2023.
Explore the complete 8-K earnings release (here) from AppFolio Inc for further details.
This article first appeared on GuruFocus.
