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AppFolio Inc. (APPF-1.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $794.2 million, a 28% increase from $620.4 million in the previous year. This growth was primarily driven by increased usage of electronic payment, tenant screening, and risk mitigation services.
Cost of revenue (exclusive of depreciation and amortization) increased by 18% to $282.1 million, primarily due to higher expenditures to third-party service providers related to Value Added Services.
Sales and marketing expenses rose by 3% to $110.6 million, while research and product development expenses increased by 6% to $160.4 million. General and administrative expenses decreased by 8% to $86.0 million.
The company reported a net income of $204.1 million, compared to $2.7 million in the previous year. The increase in net income was significantly impacted by the release of a valuation allowance against deferred tax assets.
The company completed the acquisition of Move EZ, Inc. for $78.5 million in October 2024, adding $39.0 million in customer relationships and $9.8 million in developed technology to its assets.
AppFolio's cash and cash equivalents, along with investment securities, totaled $278.2 million as of December 31, 2024. The company believes this will be sufficient to meet its working capital and capital expenditure requirements for at least the next twelve months.
AppFolio's key business metric, property management units under management, increased by 6% to 8.7 million units as of December 31, 2024.
The company does not anticipate paying any cash dividends to common stockholders in the foreseeable future.
AppFolio's Board of Directors has authorized a $100.0 million share repurchase program, with $4.2 million of Class A common stock repurchased to date.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AppFolio Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.