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AppFolio(APPF) - 2024 Q4 - Annual Results
APPFAppFolio(APPF)2025-01-30 21:05

Revenue and Growth - Revenue grew 19% year-over-year to 204millioninQ42024[5]−TotalrevenueforthetwelvemonthsendedDecember31,2024,was204 million in Q4 2024[5] - Total revenue for the twelve months ended December 31, 2024, was 282.067 million, up from 238.076millionin2023,indicatingayear−over−yeargrowthof18.5238.076 million in 2023, indicating a year-over-year growth of 18.5%[20] - Full year revenue is expected to be in the range of 920 million to 940millionforfiscalyear2025[9]IncomeandProfitability−NetincomeforQ42024was940 million for fiscal year 2025[9] Income and Profitability - Net income for Q4 2024 was 102.7 million, compared to 30.3millioninQ42023[16]−Thecompanyreportedadilutednetincomepershareof30.3 million in Q4 2023[16] - The company reported a diluted net income per share of 2.79 for Q4 2024, compared to 0.83forQ42023[16]−NetincomeforQ42024was0.83 for Q4 2023[16] - Net income for Q4 2024 was 102.734 million, a significant increase from 30.268millioninQ42023,representingagrowthof23930.268 million in Q4 2023, representing a growth of 239%[18] - GAAP operating income was 23 million, or 11.3% of revenue, compared to 28million,or16.428 million, or 16.4% of revenue in Q4 2023[5] - Non-GAAP operating income was 41 million, or 20.2% of revenue, compared to 42million,or24.342 million, or 24.3% of revenue in Q4 2023[5] Cash Flow and Financial Position - Net cash provided by operating activities was 188 million, or 23.7% of revenue, compared to 60million,or9.760 million, or 9.7% of revenue in fiscal year 2023[5] - Non-GAAP free cash flow was 182 million, or 22.9% of revenue, compared to 74million,or11.974 million, or 11.9% of revenue in fiscal year 2023[5] - Operating cash flow for Q4 2024 was 36.566 million, compared to 31.183millioninQ42023,reflectinganincreaseof1731.183 million in Q4 2023, reflecting an increase of 17%[18] - Free cash flow for Q4 2024 was 35,313 million, slightly up from 34,267millioninQ42023,withafreecashflowmarginof17.334,267 million in Q4 2023, with a free cash flow margin of 17.3% compared to 19.9%[22] Expenses and Costs - GAAP cost of revenue for Q4 2024 was 76.189 million, which is 37% of revenue, compared to 36% in Q4 2023[20] - Non-GAAP cost of revenue for Q4 2024 was 74.928million,also3774.928 million, also 37% of revenue, compared to 35% in Q4 2023[20] - Research and product development expenses for Q4 2024 were 42.296 million, representing 21% of revenue, compared to 20% in Q4 2023[20] - Stock-based compensation expense for Q4 2024 was 16.374million,upfrom16.374 million, up from 12.980 million in Q4 2023[18] - The amortization of purchased intangibles for Q4 2024 was 1,744million,comparedto1,744 million, compared to 619 million in Q4 2023, reflecting an increase in intangible asset amortization[21] Shareholder Information - The company reported a weighted-average diluted share count of 36,783 million for Q4 2024, compared to 36,596 million in Q4 2023[21] Other Financial Metrics - Full year non-GAAP operating margin is expected to be in the range of 24.5% to 26.5%[9] - The GAAP operating margin for Q4 2024 was 11.3%, down from 16.4% in Q4 2023, while Non-GAAP operating margin decreased to 20.2% from 24.3%[21] - The income tax effect of adjustments for Q4 2024 was (86,898)million,comparedto(86,898) million, compared to (11,556) million in Q4 2023[21] Business Activities - The company completed a business acquisition with a cash payment of 77.421millionduringtheyear[18]−ThecompanyincurredCEOseparationcostsof77.421 million during the year[18] - The company incurred CEO separation costs of 11,520 million and workforce reduction costs of $10,278 million during the twelve months ended December 31, 2023[21]