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What is the revenue and EPS growth rate for Appfolio year over year?

What were the key takeaways from Appfolio's earnings call?

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- **Record Growth**: Q4 2025 revenue up 22% YoY to $248 million, with full-year revenue surpassing $951 million (+20% YoY).
- **AI-Driven Differentiation**: 98% of customers use AI features, with Realm-X Performers achieving 96% customer satisfaction in performance improvements.
- **2026 Outlook**: Targeting $1.1 billion - $1.12 billion in revenue, fueled by premium tier adoption (25%+), and a 25.5% - 27.5% non-GAAP operating margin.

**【CEO Summary Section】**
- **Q4 2025 Financial Highlights**: Revenue of $248 million (+22% YoY), non-GAAP operating margin of 24.9%, and 9.4 million units on platform (+8% YoY). Full-year revenue reached $951 million (+20% YoY).
- **Strategic Pillars**: 
  1. **Differentiate to Win**: Agentic AI tools like Realm-X Performers drive adoption (e.g., 98% of customers use AI features).
  2. **Deliver Performance Efficiently**: 25%+ adoption of premium tiers (Plus/Max), 500,000+ new units added in H2 2025, and 96% of new customers report improved business performance.
  3. **Great People & Culture**: 20th anniversary celebration with focus on customer-centric innovation.
- **Market Positioning**: Named G2 Grid leader and Forbes' most successful mid-cap company, with 77% property managers expecting unit growth in 2026.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Subscription services: $56 million (+17% YoY), driven by premium tier adoption.
  - Value-added services: $185 million (+20% YoY), including FolioGuard, FolioScreen, and Resident Onboarding Lift.
- **Cost Efficiency**: 
  - Cost of revenue: 36% of total revenue (flat YoY), supported by AI scalability.
  - Operating expenses: 38% of revenue (down from 41% YoY), reflecting operational discipline.
- **2026 Guidance**: 
  - Revenue: $1.1 billion - $1.12 billion (+17% YoY midpoint).
  - Non-GAAP operating margin: 25.5% - 27.5%.
  - Key Drivers: AI adoption, resident services expansion, and unit growth.

AppFolio, Inc.(APPF)-20260130-2025 Q4 Earnings call transcript

- **Revenue Growth**: $249M (+21% YoY), 9.1M units, 21,759 customers.
- **AI Impact**: RealmX Performers reduce vacancy days 5+, boost NOI 3%.
- **Margin Dynamics**: 23.5% operating margin (29% ex $13M bonus), 36% CoR from credit cards.
- **2025 Guidance**: $945-950M (+19%), 23.5-24.5% margin, 36M shares.
- **Strategic Wins**: Vendor of the Year, 17%+ premium tier adoption.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $249 million, up 21% YoY, driven by new business wins and unit growth to 9.1 million units (7% YoY increase). 
- **Strategic Pillars**:
  - **Differentiate to Win**: RealmX Performers AI tools reduce vacancy days by 5+, boost renewal rates 20%, and increase NOI 3%.
  - **Deliver Performance Efficiently**: System of record with granular permissions; system of growth via Folio Space resident experience.
  - **Great People & Culture**: Named to Fortune's Future 50 and Best Workplaces in Tech; won Vendor of the Year by Real Property Management.
- **Customer Expansion**: 21,759 customers (7% YoY), with 17%+ of revenue from Plus/Max tiers.

**【CFO Financial Commentary】**
- **Core Solutions Growth**: $54M (+17% YoY), Value-Added Services $192M (+22% YoY) from credit card adoption and AI spend.
- **Operating Margin**: 23.5% (vs 28.7% YoY) due to $13M annual bonus accrual, offset by 29% adjusted margin excluding bonuses.
- **Cost Structure**: 36% CoR (vs 34% YoY) from credit cards, data centers, and 39% OpEx (+4% YoY). 
- **2025 Guidance**: $945-950M revenue (+19%), 23.5-24.5% operating margin, 36M diluted shares (vs 37M YoY). 
- **2026 Outlook**: Higher CoR from product mix, sales growth, and AI spend.

Appfolio Inc (APPF) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 revenue up 19% YoY to $236M, driven by 19% growth in both core solutions and value-added services.
- **AI Dominance**: 96% customer AI adoption; Realm-X Flows achieve 56% faster collections. Northpoint Asset Management switched platforms due to Realm-X capabilities.
- **Partnership Expansion**: 80 partners in AppFolio Stack, 77% Plus/Max adoption. $75M investment in Second Nature to enhance resident experience.
- **Financial Strength**: 26.2% non-GAAP margin; $300M share buyback program underway. Full-year revenue guidance raised to $935-945M.
- **Operational Focus**: Slower headcount growth relative to revenue; Future Conference to highlight new innovations.

**【Management Opening Remarks】**
- Lori Barker introduced the call, emphasizing forward-looking statements and non-GAAP financial measures. She highlighted the availability of reconciliations on the company's website.

**【CEO Commentary】**
- **Revenue Growth**: Q2 revenue of $236 million, up 19% YoY. Core solutions revenue ($52.5 million) and value-added services ($180 million) both grew 19% YoY, driven by premium tier adoption and unit growth.
- **AI Adoption**: 96% of customers used AI solutions in 2025. Realm-X Performers (e.g., Leasing, Maintenance) and Flows achieved 56% faster collection times. Northpoint Asset Management cited Realm-X as a key factor in switching platforms.
- **Partnerships**: AppFolio Stack expanded to 80 partners, with 77% Plus/Max adoption. New fintech integrations (Flex, Obligo) enhance resident experience. Second Nature partnership ($75M equity) aims to improve resident engagement.
- **Financial Performance**: Non-GAAP operating margin of 26.2% (flat YoY). Flat cost of revenue as a percentage of revenue. $128M cash and securities; $300M share buyback program (244K shares repurchased Q2).
- **Guidance Update**: Full-year revenue guidance raised to $935-945M (18% growth midpoint). Operating margin target 24.5%-26.5%. Headcount growth expected to slow relative to revenue.
- **Strategic Initiatives**: Annual Future Conference in October to showcase new products. Emphasis on operational efficiency and customer retention.


AppFolio, Inc. (APPF) Q2 2025 Earnings Call Transcript

- **16% Revenue Growth**: Q1 2025 revenue of $218M driven by 6% unit growth to 8.8M and 6% customer increase. 
- **AI Adoption Surge**: 89% of new customers use Realm-X, cutting 9.7 hours/week and boosting lead-to-show conversion by 13%. 
- **$300M Buyback Authorized**: Post-completing $100M buyback, Board approves new $300M program. 
- **Strategic Ecosystem Expansion**: $75M investment in Second Nature to bundle resident services (Internet, credit building) via FolioSpace. 
- **2025 Outlook**: $920-940M revenue (+17% YoY) with 24.5-26.5% margin guidance.

**【CEO Financial Highlights】**
- Q1 2025 revenue: $218 million (+16% YoY), driven by 6% growth in units under management (8.8 million units) and 6% increase in customers (21,105 customers). 
- Core solutions revenue: $49.5 million (+15% YoY) from Plus/Max plan upgrades and new customer wins. 
- Value-added services revenue: $165 million (+16% YoY) from higher payments, screening, and risk mitigation usage. 
- Non-GAAP operating margin: 24.3% (vs. 25.7% YoY). 
- Net cash from operations: $38.7 million (17.7% of revenue). 
- Cash balance: $211 million, with $96 million spent on share buybacks (completing $100M program) and $300M new buyback authorized. 

**【Strategic Initiatives】**
1. **Resident Experience Expansion**: 
   - Partnership with Second Nature to offer bundled services (Internet, pest control, credit building) via FolioSpace. 
   - Zillow integration for faster home discovery and simplified rental applications. 
   - LiveEasy acquisition to streamline move-in experience. 
2. **AI-Driven Efficiency**: 
   - 89% of new customers adopt Realm-X AI tools, saving 9.7 hours/week and achieving 13% higher lead-to-show conversion. 
   - Property managers report 8% lease renewal rate improvement using Realm-X. 
3. **Organizational Strength**: 
   - 8th certification as a "Great Place to Work". 
   - Leadership updates: Matt Mazza (Chief Trust Officer), Lisa Horner (CMO), Matthew Baird (CTO). 

**【2025 Guidance】**
- Revenue: $920-940 million (+17% YoY midpoint). 
- Non-GAAP margin: 24.5-26.5%. 
- Shares outstanding: ~37 million. 
- Headcount growth rate < revenue growth rate. 
- $75M investment in Second Nature for strategic resident ecosystem expansion.

AppFolio (APPF)-24 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 revenue up 19% YoY to $204 million, with full-year growth of 28% to $794 million. Core solutions expanded 15% YoY, driven by premium plan adoption.
- **Profitability Leap**: Non-GAAP operating margin doubled to 25% in 2024, with free cash flow margin jumping to 23% from 12% in 2023.
- **AI & Acquisition Impact**: Realm-X AI tools completed 1M+ actions post-launch, while LiveEasy acquisition enhances resident onboarding and operational efficiency.
- **Customer Growth**: Won largest customer in company history (9,800+ units) and added 5% new customers in 2024, emphasizing residential portfolios.
- **2025 Outlook**: Targets 17% YoY revenue growth with margin expansion, fueled by AI innovation and operational excellence.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue reached $204 million (19% YoY), with full-year revenue of $794 million (28% YoY). Core solutions grew 15% YoY, driven by larger customer wins and premium plan adoption. Value-added services revenue increased 33% YoY due to eCheck fee changes and service adoption.
- **Operational Efficiency**: Full-year non-GAAP operating margin expanded to 25% from 12.2% in 2023. Free cash flow margin rose to 23% in 2024 from 12% in 2023.
- **Strategic Acquisitions**: Acquired LiveEasy for $79 million to enhance resident onboarding, with integration progressing well. 2024 also saw the largest customer wins in company history, including Breeden Company (9,800+ units).
- **AI Innovation**: Realm-X AI tools completed over 1 million actions post-launch, with Flows adoption surpassing legacy workflows in 3 months. Smart Maintenance features (scheduling, billing, Lula vendor integration) reduced operational stress for customers.
- **Customer Satisfaction**: 361% YoY increase in instant support resolutions and 92% service satisfaction score. Recognized as a top software provider on G2.
- **2025 Outlook**: Guidance of $920-$940 million in revenue (17% YoY growth), with non-GAAP operating margin of 24.5%-26.5%. Focus on AI, resident experience, and operational efficiency.

**【Financial Highlights】**
- **Cost Structure**: Q4 cost of revenue as a percentage of revenue was 37%, up from 35% YoY due to credit card adoption. Full-year cost of revenue declined 200+ basis points.
- **Expense Management**: Full-year operating expenses as a percentage of revenue dropped to 38% from 46% in 2023. Free cash flow margin expanded to 23% in 2024.
- **Balance Sheet**: Cash and investments grew to $278 million from $212 million in 2023, despite LiveEasy acquisition. Headcount increased 9% YoY to 1,634 employees, with focus on innovation and strategic initiatives.

**【Strategic Pillars】**
1. **Differentiate to Win**: AI-powered tools (Realm-X, Smart Maintenance) drive customer efficiency and satisfaction. LiveEasy integration enhances resident experience.
2. **Deliver Value Efficiently**: Premium plan adoption (1 in 5 units on Plus/Max) and operational excellence (92% service satisfaction) differentiate AppFolio in the market.
3. **Great People & Culture**: Recognized as a Forbes Best Company and Most Trusted Company in 2025, reflecting employee and customer trust.


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