Recent APPF transcripts
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Lori Barker | Investor Relations |
Jason Randall | President, CEO & Director |
Fay Sien Goon | CFO & Principal Accounting Officer |
Good evening. Thank you for attending today's AppFolio Inc.'s First Quarter 2022 Financial Results Conference Call. My name is Erin, and I will be your moderator for today's call. I would now like to pass the conference over to our host, Lori Barker, Investor Relations. Thank you, Lori.
proceed. may You
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future and Before or a we statements in would and risks results to as future conference law. like other made everyone Act conditions statements such of projections market filings. remind statement they call In harbor to events, or to any or such uncertainties. expectations, listed XXXX, Securities in the reason, this within materially actual for characterizations assumes safe no future policy. AppFolio refers are get started, Private subject during forward-looking I of Reform the AppFolio's to except enhancements contain SEC update of that meaning financial and forward-looking webcast Litigation AppFolio's Comments forward-looking any is required including perfections, including could statements, those expressed statement. those product our by development from differ obligation future forward-looking of
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among required procurement forward repairs home working is need Allied their the do unit discussing teams inventory easily curated customers' at partner additional is linking This see can delayed The items integration Our looking integrations maintenance with NAA maintenance on low, get experiences, simplifies in for that runs terms. process by retailer. not due we missing more restock when capability details team they and improvement the to stock directly and can valuable hard Then elevated are what provide materials. and designed ensures tasks, June. and to service Apartment with Conference solutions to delivering
addition area. workflows. In our by streamline and revenue has processes adding increasing the automate expanding successful base, to our particularly strategy customer unit services enhance, electronic on to which and critical are customer per business efforts payment and services, also value-added our This retention we in growing and to focus designed been increase
within Electronic was fastest scale. of in the And of business average Our at significant services. services Services most revenue any our Payment last it provides quarter, piece of growing this the bi-added
We Management including capabilities providers including debit recently and for managers funds Manager. like options, online allow to property owner approximately periodic rental application ACH. AppFolio and security credit of Customers and Michigan of cards, cash Customers based property to our payables use. own fees, electronic and applicants, through via residence from payments mobile streamline transactions management payment with payments their owners electronic Valley application Our managed company. rent various the and AppFolio various Property can deposits, Serge, chose funds portal, can payments to Stacy monthly in cash service because our She by receivables Mountain differentiators. house our cards, owners, and or users, the rental also property secure online electronically heard send from X,XXX units collect clearing Property automated payments
processing; our facilitate the benefit build solutions believe for breadth net ways same our the business part by our services of easier the payment our of our for momentum process the to team different We improve our there to room working on in First, continued integrations in and to all to and growth our for is constituents are users. is offerings says that second, She this payment platform. expanding various for willingness on to main "AppFolio's money and our with residents." work
to key aspect continue a total which also services improving and organization, proposition. We on of focus evolving our our is value
a example, time The of quarter, and designed customers to onboarding. to X go ease tool new is without in This properties the engaging convenience their multifamily our and simplify area from other give that self-service for new at easier and units up our support. on only Not adding side customers adding simplified own scale our AppFolio of for added make a us quarter tool property with this in busy growth and key worth few are our I'll wrap does on with helps onboarding highlights mentioning. another a focus. also we
and This as mission estate. existing leaders innovations no potential of the X and Summit trusted a registrations, First, ongoing charge customers, to virtual and latest almost of at technologies to wave total had forefront AppFolio's available in both service. long-term customers, trends, the bringing real be the partner representing the with was conference to to hosted AppFolio units. We of technology, excellent nearly and space tenants together we prospective store customer creating million education current April, X,XXX an spec to part
for number a heard culture that -- announce to time essential company's AppFolio and best XXXX. selected we large you've AppFolio. how new about company success. quarter our talk first the their we me of and working at our of they were is on are to friend. recognized their I'm Companies recognition endorse know company type to was that that teams one talent AppFolio's to employees as likely outlook a the pleased us future regard, success, based recommend are meaningful In company to This how attract comparably is about after employees feel with As of the employee hope to employers confident quarter, that to for to the and
pleased and we flexible very March, our that turn to competency. and best AppFolio us and doing our The of a and example this launched some It believe expectations be capabilities, a retention two is will our more how work years connected an this milestone. about AppFolio. and lessons important and in important Together recruiting. about to think element just environment have have about for core with team together In we our where Finally, are one last culture strategy. embrace is teams work personal plan into important We I'm growing cultural results. redefined with their million $XXX summary, taught AppFolio's
in to the over go-to-market first products more on foundations our success, our for financial strategy. turn We call Fay results. AppFolio's will our strategic employees to a customers, and and invest I innovative services, our now quarter detail Sien revenue-generating the of continue will
you, Jason. Thank
payment last revenue strong as business, year-over-year XX% first revenue with $XXX continued few At consistent we rate in what quarters electronic We grew million surpassing seen have are the $XXX.X with we value-added million, pleased the growth highlighted. such services This increase our our and growth the Jason just with milestone. in usage-based services is quarter. in
growth. is and million managed units in property first management increasing customers representing represents to annual management, The unit XX,XXX on management of year increase a management of XX,XXX customers property to million a of end property our early units year-over-year. we key number we performance contributed part under business an steadily largest management and the unique are management manage on count our our metric platform associations X.XX Residential derived Cost be million from larger property solid management have of earlier. we XX% average from the that property XX% drives units customers X.XX customers compared demonstrating units At and the continues is revenue, our revenue nicely to the Additionally, how our quarter, to companies. which property units we community property QX, management units also serve. subscriptions management in counts This of to property year. was increase from number solutions a this $XX based sales our success
drive to that support is higher that the rates important with to to Plus. revenue note of grew unit continue Property as AppFolio also adoption larger serve, addition we units portfolios we customers Manager core In number it of
on regards to of million. year-over-year to business traction. take years. relative growth increased due is especially services, value-add The electronic services Tenants prior increase in This the property of management strong these units sales, in transacted more year-over-year expansion utilization continue we and Additionally, of our marketing revenue the under our our experienced With online focus rise demonstrating services. advantage offerings adoption property and services to is value-added QX, managers to management. and our innovation XX% $XX.X payment as is being and to
I expenses, reconciliations point press we that have to would GAAP our addressing added to non-GAAP like release. Before in out
to operating XX%, automation is in non-GAAP amortization to my efficiencies decrease This with last more and exclusive of operating and our was forward, refer Going and depreciation commentary primarily revenue. support expense of organization. In modest our of will revenue expenses. costs cost customer use cost QX, due of all XX% year's operational of and compared QX a
expenses. operating to now Turning
QX growth primarily Our year-over-year to related XX% increase for of headcount in expenses is additional operating to X,XXX.
QX slightly segment our due expanding revenue, as product to this expenses. XXXX year increased expenses also to to the due QX the continuing QX of and a advertising quarter and from percent percentage XX% from as in marketing decreased strengthen Meanwhile, XXXX, grew expenses primarily a XX% promotions-related a As modest necessary a personnel-related costs revenue last XX% and and of expenses growth in sales in XX% from primarily support in in to revenue XX% same continue increase our to to for of year, to to XX% last security. our customer we G&A capabilities product as year larger scale. percentage year R&D this
X% from or compared Our negative last in non-GAAP operations negative X% compared cash negative the the million X% loss of quarter $X.X in in of $X.X quarter million in was quarter to negative negative to or year. first first revenue QX flow Free same the was X% XXXX. negative
$XXX.X cash sheet. We with year. million to investment quarter the the in equivalents million balance in to same securities compared last quarter Turning ended first cash, $XXX.X the and
to million. rate The of million revenue our $XXX XX%. projected growth year to We guidance full range of represents midpoint a the range year XXXX increasing are full $XXX
tenant quarter. in In applications second increased seasonality, terms typical the of
property demand Our seen seasonally mitigation third insurance-related tenant expansion decline leasing a in reductions in with in greening experienced activities. the we new quarter have for higher revenue managers historically to risk due the resulting services. lower tenants quarter fourth Also, then in sequential
revenues, of and exclusive call, As the we amortization. expect of last to we cost our mentioned continue in depreciation
newly non-GAAP a percentage you we revenue partially revenues presented now for QX, regard efficiencies. slightly in service XXXX baseline. expense Also to faster growing total For providers. corresponding increase to than a forecast changing use modeling, services product increase of QX expenditures and our to by the as as revenues, with Value-added can offset mix, are to third-party due
a count cost expected increasing percentage trucking moderate more are The rates. our in and this inflation of compared last year be increase While year-over-year head will to to little or above at year. talent continue retaining
in to line As a our for remain expenses percentage revenue, broadly of now full expected are year operating total with QX. the
non-GAAP evaluate expected efficiencies our and time be full growth are we Weighted expenditures, margins expected the it but operating in to XXXX. approximately of of average will see outstanding continue more shares Full the for to million to scale material line year the to We reduce first to XX year. quarter shares with are trends. take changes increased be before
year are quarter focus for Thank served our business. our Units and We revenue. to more in continue scale as on more and of excited our million all be our is and $XXX expand you first investment are revenue pillars and to customers achieving strategy, today. of land of growth about increasing joining growing full valuable XXXX nicely, our are our we pleased than journey make a our revenues guidance. products our year to in us even continued we
conference Thank the you your concludes call. for participation. That
You may your lines. now disconnect
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