• AppFolio, Inc. Announces Third Quarter 2021 Financial Results

    ソース: Nasdaq GlobeNewswire / 08 11 2021 16:10:00   America/New_York

    SANTA BARBARA, Calif., Nov. 08, 2021 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading provider of cloud-based business software solutions, services, and data analytics to the real estate industry, today announced its financial results for the third quarter ended September 30, 2021.

    AppFolio's operating results for the third quarter of 2021 are summarized in the tables accompanying this press release. The Company nevertheless urges investors to read its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the "SEC") on March 1, 2021, as well as its more detailed third quarter 2021 results that will be included in the Company's Quarterly Report on Form 10-Q, which will be filed with the SEC today. These periodic report filings, together with other documents the Company files with the SEC from time to time, will be accessible on AppFolio's website, http://ir.appfolioinc.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

    Financial Outlook

    Based on information available as of November 8, 2021, AppFolio's outlook for fiscal year 2021 follows:

    • Full year revenue is expected to be in the range of $355 million to $357 million.
    • Diluted weighted average shares are expected to be approximately 36 million for the full year.

    Conference Call Information
    As previously announced, the Company will host a conference call today, November 8, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time, to discuss its financial results. Participants who wish to dial into the conference call, please register in advance at https://www.incommglobalevents.com/registration/q4inc/9012/appfolio-inc-announces-third-quarter-2021-financial-results. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Registration will be open through the start of the live call.

    Following the conference call, a replay will be available at 866.813.9403 (domestic) or 929.458.6194 (international). The passcode is 367726. To access the webcast during the live call, participants may access https://events.q4inc.com/attendee/783445260 and use passcode 367726. An archived webcast of this conference call will also be available on AppFolio’s Investor Relations website at http://ir.appfolioinc.com.

    About AppFolio, Inc.
    AppFolio provides innovative software, services and data analytics to the real estate industry. Our cloud-based business management solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. Today our core solutions include AppFolio Property Manager, AppFolio Property Manager PLUS, and AppFolio Investment Management. In addition, the Company offers a variety of Value+ services that are designed to enhance, automate and streamline essential processes and workflows for our customers. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at www.appfolioinc.com.

    Investor Relations Contact: ir@appfolio.com 

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts," “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Company's future or assumed revenues and weighted-average outstanding shares, as well as its future growth and success.

    Forward-looking statements represent AppFolio's current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company's actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in AppFolio's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, which will be filed with the SEC today, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward looking statements.

    Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.



    CONDENSED CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (in thousands, except par values)

     September 30,
    2021    		 December 31,
    2020
    Assets   
    Current assets   
    Cash and cash equivalents$84,444  $140,263 
    Investment securities—current76,034  28,256 
    Accounts receivable, net12,184  10,057 
    Prepaid expenses and other current assets24,714  20,777 
         Total current assets197,376  199,353 
    Investment securities—noncurrent9,287  6,770 
    Property and equipment, net28,177  26,439 
    Operating lease right-of-use assets42,597  30,561 
    Capitalized software development costs, net40,711  35,459 
    Goodwill56,147  56,147 
    Intangible assets, net12,864  16,357 
    Deferred income taxes—noncurrent12,834  12,181 
    Other long-term assets7,394  6,213 
         Total assets$407,387  $389,480 
    Liabilities and Stockholders’ Equity    
    Current liabilities   
    Accounts payable$2,493  $1,040 
    Accrued employee expenses—current25,785  18,888 
    Accrued expenses13,090  14,069 
    Deferred revenue2,738  2,262 
    Income tax payable186  9,095 
    Other current liabilities4,910  4,451 
         Total current liabilities49,202  49,805 
    Accrued employee expenses—noncurrent2,059  — 
    Operating lease liabilities56,559  40,146 
    Deferred income taxes—noncurrent7,868  13,609 
         Total liabilities115,688  103,560 
    Stockholders’ equity:   
    Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of September 30, 2021 and December 31, 2020—  — 
    Class A common stock, $0.0001 par value, 250,000 shares authorized as of September 30, 2021 and December 31, 2020; 19,610 and 19,148 shares issued as of September 30, 2021 and December 31, 2020, respectively; 19,191 and 18,729 shares outstanding as of September 30, 2020 and December 31, 2020, respectively2  2 
    Class B common stock, $0.0001 par value, 50,000 shares authorized as of September 30, 2021 and December 31, 2020; 15,453 and 15,659 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively2  2 
    Additional paid-in capital164,740  161,247 
    Accumulated other comprehensive (loss) income(17) 56 
    Treasury stock, at cost, 419 shares of Class A common stock as of September 30, 2021 and December 31, 2020(25,756) (25,756)
    Retained earnings152,728  150,369 
         Total stockholders’ equity291,699  285,920 
         Total liabilities and stockholders’ equity$407,387  $389,480 



    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
    (in thousands, except per share amounts)

     Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
            
    Revenue$95,809  $84,086  $263,770  $237,624 
    Costs and operating expenses:       
    Cost of revenue (exclusive of depreciation and amortization)38,730  32,752  104,847  89,124 
    Sales and marketing19,362  14,894  53,255  43,117 
    Research and product development16,500  13,454  46,389  36,794 
    General and administrative13,404  12,946  40,971  36,303 
    Depreciation and amortization7,826  6,680  22,844  19,751 
         Total costs and operating expenses95,822  80,726  268,306  225,089 
    (Loss) income from operations(13) 3,360  (4,536) 12,535 
    Other (loss) income, net(353) 187,747  705  187,759 
    Interest income (expense), net65  (853) 173  (1,909)
    (Loss) income before (benefit from) provision for income taxes(301) 190,254  (3,658) 198,385 
    (Benefit from) provision for income taxes(160) 52,578  (6,017) 39,469 
    Net (loss) income$(141) $137,676  $2,359  $158,916 
            
    Net (loss) income per common share:       
    Basic$—  $4.01  $0.07  $4.64 
    Diluted$—  $3.86  $0.07  $4.46 
    Weighted average common shares outstanding:       
    Basic34,614  34,296  34,525  34,241 
    Diluted34,614  35,665  35,695  35,662 



    Stock-Based Compensation Expense
    (in thousands)

     Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
     2021 2020 2021 2020
    Costs and operating expenses:       
    Cost of revenue (exclusive of depreciation and amortization)$575  $452  $1,509  $1,098 
    Sales and marketing738  367  1,587  1,069 
    Research and product development1,451  474  3,522  1,348 
    General and administrative1,299  1,803  3,435  3,293 
    Total stock-based compensation expense$4,063  $3,096  $10,053  $6,808 



    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

    (in thousands)
     
     Three Months Ended
    September 30,    		 Nine Months Ended
    September 30,
     2021 2020 2021 2020
    Cash from operating activities       
    Net income$(141) $137,676  $2,359  $158,916 
    Adjustments to reconcile net income to net cash provided by operating activities:       
    Depreciation and amortization7,826  6,680  22,844  19,751 
    Amortization of operating lease right-of-use assets913  902  2,312  2,973 
    Deferred income taxes(308) 36,015  (6,394) 22,878 
    Stock-based compensation4,063  3,096  10,053  6,808 
    Gain on sale of business(21) (187,636) (380) (187,636)
    Other309  200  89  170 
    Changes in operating assets and liabilities:       
    Accounts receivable2,657  2,907  (1,350) (2,229)
    Prepaid expenses and other current assets(1,387) (567) (3,558) (859)
    Other assets(199) (213) (1,181) (320)
    Accounts payable83  502  1,384  695 
    Accrued employee expenses—current(1,303) 1,202  6,335  1,919 
    Accrued expenses1,621  1,397  (1,426) 5,931 
    Deferred revenue(335) 283  (302) 815 
    Income tax payable120  —  (8,909) — 
    Accrued employee expenses—noncurrent1,091  —  2,059  — 
    Operating lease liabilities310  (1,043) 1,995  (1,135)
    Other liabilities499  16,439  529  16,539 
         Net cash provided by operating activities15,798  17,840  26,459  45,216 
    Cash from investing activities       
    Purchases of available-for-sale investments(18,748) (16,490) (167,041) (29,879)
    Proceeds from sales of available-for-sale investments1,000  —  43,198  13,942 
    Proceeds from maturities of available-for-sale investments47,004  5,550  73,754  13,300 
    Purchases of property, equipment and intangible assets(2,362) (2,245) (5,166) (16,551)
    Capitalization of software development costs(6,600) (6,988) (18,511) (19,697)
    Proceeds from sale of business, net of cash divested—  191,427  —  191,427 
         Net cash provided by (used in) investing activities20,294  171,254  (73,766) 152,542 
    Cash from financing activities       
    Proceeds from stock option exercises145  73  791  402 
    Tax withholding for net share settlement(403) (1,269) (9,303) (10,959)
    Payment of contingent consideration—  —  —  (5,977)
    Proceeds from issuance of debt—  562  —  50,752 
    Principal payments on debt—  (97,747) —  (99,565)
    Purchase of treasury stock—  —  —  (4,194)
         Net cash used in financing activities(258) (98,381) (8,512) (69,541)
         Net increase (decrease) in cash and cash equivalents and restricted cash35,834  90,713  (55,819) 128,217 
    Cash, cash equivalents and restricted cash       
    Beginning of period49,046  53,751  140,699  16,247 
    End of period$84,880  $144,464  $84,880  $144,464 



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