• AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results

    المصدر: Nasdaq GlobeNewswire / 28 فبراير 2022 15:10:00   America/Chicago

    SANTA BARBARA, Calif., Feb. 28, 2022 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading provider of cloud business management solutions for the real estate industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.

    “I’m pleased to announce that in the fourth quarter we expanded our number of units served to 6.35 million and revenue from continuing operations grew 32%, capping off a year of 26% growth. This shows that we are driving success with our ongoing multi-year investments,” said Jason Randall, President and CEO, AppFolio. “In 2022, our talented team continues to focus on igniting revenue growth by continuing to make it increasingly easy for our customers to manage their communities in our ever-changing world.”

    The Company urges investors to read its Annual Report on Form 10-K for the year ended December 31, 2021, which will also be filed with the Securities and Exchange Commission (the "SEC") today, February 28, 2022, and will be available on AppFolio's website, http://ir.appfolioinc.com.

    Financial Outlook

    Based on information available as of February 28, 2022, AppFolio's outlook for fiscal year 2022 follows:

    • Full year revenue is expected to be in the range of $447 million to $457 million.
    • Diluted weighted average shares are expected to be approximately 36.5 million for the full year.

    Conference Call Information
    As previously announced, the Company will host a conference call today, February 28, 2022, at 1:30 p.m. Pacific Time (PT), 4:30 p.m. Eastern Time (ET), to discuss the company’s fourth quarter and year ended 2021 financial results. Participants who wish to dial into the conference call, please dial +1 844-200-6205 (in the U.S.) or +1 929-526-1599 (international) and use passcode 419445.

    Following the conference call, a replay of the call will be available until Thursday, March 3, 2022 by dialing +1 866-813-9403 (in the U.S.) or +1 929-458-6194 (international) and using passcode 090322.

    To access the webcast during the live call, participants may access https://events.q4inc.com/attendee/414042236. 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, Inc. (NASDAQ: APPF) is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. Today, our solutions are AppFolio Property Manager and AppFolio Investment Management, which are supplemented with Value Added Services that enhance, automate and streamline business-critical processes and workflows. For more information about AppFolio, visit www.appfolioinc.com.

    Investor Relations Contact:
    Lori Barker
    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 business opportunities, the impact of the Company's strategic actions and initiatives, and the timing of providing updated financial guidance.

    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 Annual Report on Form 10-K for the year ended December 31, 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)

      December 31,
    2021    		 December 31,
    2020
    Assets    
    Current assets    
    Cash and cash equivalents $        57,847         $        140,263        
    Investment securities—current          64,600                  28,256        
    Accounts receivable, net          12,595                  10,057        
    Prepaid expenses and other current assets          23,553                  20,777        
      Total current assets          158,595                  199,353        
    Investment securities—noncurrent          61,076                  6,770        
    Property and equipment, net          30,479                  26,439        
    Operating lease right-of-use assets          41,710                  30,561        
    Capitalized software development costs, net          41,212                  35,459        
    Goodwill          56,147                  56,147        
    Intangible assets, net          11,711                  16,357        
    Deferred income taxes—noncurrent          —                  12,181        
    Other long-term assets          7,087                  6,213        
      Total assets $        408,017         $        389,480        
    Liabilities and Stockholders’ Equity     
    Current liabilities    
    Accounts payable $        1,704         $        1,040        
    Accrued employee expenses—current          30,065                  18,888        
    Accrued expenses          13,284                  14,069        
    Deferred revenue          2,512                  2,262        
    Income tax payable          136                  9,095        
    Other current liabilities          4,941                  4,451        
     Total current liabilities          52,642                  49,805        
    Accrued employee expenses—noncurrent          583                  —        
    Operating lease liabilities          55,733                  40,146        
    Deferred income taxes—noncurrent          1,678                  13,609        
    Stockholders’ equity          297,381                  285,920        
     Total liabilities and stockholders’ equity $        408,017         $        389,480        


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

     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021   2020   2021  2020 (1)
    Revenue$        95,600  $        72,432  $        359,370  $        310,056 
    Costs and operating expenses:       
    Cost of revenue (exclusive of depreciation and amortization)         39,097           29,905           143,944           119,029 
    Sales and marketing         19,945           15,328           73,200           58,445 
    Research and product development         19,591           11,735           65,980           48,529 
    General and administrative         16,308           11,177           57,279           47,480 
    Depreciation and amortization         8,001           7,039           30,845           26,790 
        Total costs and operating expenses         102,942           75,184           371,248           300,273 
    (Loss) income from operations         (7,342)          (2,752)          (11,878)          9,783 
    Other income, net         12,406           1,138           13,111           188,897 
    Interest income (expense), net         328           60           501           (1,849)
    Income (loss) before provision for (benefit from) income taxes         5,392           (1,554)          1,734           196,831 
    Provision for (benefit from) income taxes         6,723           (1,041)          706           38,428 
    Net (loss) income$        (1,331) $        (513) $        1,028  $        158,403 
            
    Net (loss) income per common share:       
    Basic$        (0.04) $        (0.01) $        0.03  $        4.62 
    Diluted$        (0.04) $        (0.01) $        0.03  $        4.44 
    Weighted average common shares outstanding:       
    Basic         34,738           34,332           34,578           34,264 
    Diluted         34,738           34,332           35,701           35,713 

    (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.


    Stock-Based Compensation Expense
    (in thousands)

     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021  2020  2021 2020 (1)
    Costs and operating expenses:       
    Cost of revenue (exclusive of depreciation and amortization)$        515 $        408 $        2,024 $        1,506
    Sales and marketing         742          346          2,329          1,415
    Research and product development         1,935          470          5,457          1,818
    General and administrative         2,096          993          5,531          4,286
    Total stock-based compensation expense$        5,288 $        2,217 $        15,341 $        9,025

    (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
    (in thousands)
     Three Months Ended
    December 31,    		 Twelve Months Ended
    December 31,
      2021   2020   2021  2020 (1)
    Cash from operating activities       
    Net (loss) income$        (1,331) $        (513) $        1,028  $        158,403 
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:       
    Depreciation and amortization         7,488           6,670           29,032           25,507 
    Amortization of operating lease right-of-use assets         887           728           3,199           3,701 
    Deferred income taxes         6,644           6,124           250           29,002 
    Stock-based compensation, including as amortized         5,801           2,586           17,154           10,308 
    Gain on sale of business         —           (22)          (380)          (187,658)
    Gain on sale of equity-method investment and recovery of note receivable         (12,767)          —           (12,767)          — 
    Other         160           (45)          249           125 
    Changes in operating assets and liabilities:       
    Accounts receivable         (753)          (553)          (2,103)          (2,782)
    Prepaid expenses and other current assets         1,390           (5,035)          (2,168)          (5,894)
    Other assets         (78)          (199)          (1,259)          (519)
    Accounts payable         (887)          (1,598)          497           (903)
    Accrued employee expenses—current         4,929           880           11,264           2,799 
    Accrued expenses         (347)          947           (1,773)          6,878 
    Deferred revenue         116           (285)          (186)          530 
    Income tax payable         (50)          (4,475)          (8,959)          9,095 
    Accrued employee expenses—noncurrent         (1,476)          —           583           — 
    Operating lease liabilities         (727)          571           1,268           (564)
    Other liabilities         (67)          (2,698)          462           271 
      Net cash provided by operating activities         8,932           3,083           35,391           48,299 
    Cash from investing activities       
    Purchases of available-for-sale investments         (74,174)          (13,998)          (241,215)          (43,877)
    Proceeds from sales of available-for-sale investments         —           2,769           43,198           16,711 
    Proceeds from maturities of available-for-sale investments         33,600           14,030           107,354           27,330 
    Purchases of property, equipment and intangible assets         (2,937)          (2,487)          (8,103)          (19,038)
    Capitalization of software development costs         (6,104)          (6,345)          (24,615)          (26,042)
    Proceeds from sale of business, net of cash divested         402           —           402           191,427 
    Proceeds from sale of equity-method investment and recovery of note receivable         12,520           —           12,520           — 
      Net cash (used in) provided by investing activities         (36,693)          (6,031)          (110,459)          146,511 
    Cash from financing activities       
    Proceeds from stock option exercises         1,823           420           2,614           822 
    Tax withholding for net share settlement         (659)          (1,237)          (9,962)          (12,196)
    Payment of contingent consideration         —           —           —           (5,977)
    Proceeds from issuance of debt         —           —           —           50,752 
    Principal payments on debt         —           —           —           (99,565)
    Purchase of treasury stock         —           —           —           (4,194)
     Net cash provided by (used in) financing activities         1,164           (817)          (7,348)          (70,358)
     Net (decrease) increase in cash and cash equivalents and restricted cash         (26,597)          (3,765)          (82,416)          124,452 
    Cash, cash equivalents and restricted cash       
    Beginning of period         84,880           144,464           140,699           16,247 
    End of period$        58,283  $        140,699  $        58,283  $        140,699 

    (1) MyCase was divested on September 30, 2020. The results of MyCase have been included in our results of operations through the date of divestiture.


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