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AppFolio, Inc. (APPF) is a leading provider of cloud-based business management solutions tailored for the real estate industry. The company specializes in helping property managers streamline operations, enhance financial performance, and improve customer experiences through automation and AI-powered tools. AppFolio's offerings include subscription-based software and usage-based services that support critical real estate lifecycle transactions such as tenant screening, payment processing, and insurance-related risk mitigation.
- Value Added Services - Provides usage-based services such as payment processing, tenant screening, and insurance-related risk mitigation, supporting critical real estate lifecycle transactions.
- Core Solutions - Offers subscription-based software for property management and legal customers, enabling them to manage operations and workflows efficiently.
- Other Revenue - Includes revenue from legacy products and miscellaneous sources, contributing minimally to the overall business.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Shane Trigg Executive | President and Chief Executive Officer | Member of Forbes Business Council; Limited Partner at Stage 2 Capital | Shane Trigg joined AppFolio in April 2020 as GM, Real Estate, and became CEO in March 2023. He has extensive experience in software and real estate technology, with prior roles at Salesforce and MRI Software. | View Report → |
Tim Eaton Executive | Interim Chief Financial Officer | None | Tim Eaton joined AppFolio in 2020 and became Interim CFO in October 2024. He has prior experience at Visa, Google, and Goldman Sachs and holds an MBA from Wharton. He is also a CFA charterholder. | |
Agnes Bundy Scanlan Board | Director | President of The Cambridge Group LLC; Board member at Truist Financial, R1 RCM, and iCapital | Agnes Bundy Scanlan joined AppFolio's Board in 2020. She has a strong background in strategy and risk management and serves on multiple public and private boards. | |
Alex Wolf Board | Director | Partner at Partners Fund Capital; Board member of several private companies | Alex Wolf joined AppFolio's Board in January 2022. He has expertise in technology investing and finance, with an MBA from Stanford. | |
Andreas von Blottnitz Board | Chairman of the Board | Board member of several private companies | Andreas von Blottnitz has been on AppFolio's Board since 2007. He has extensive experience in technology and investing, serving as a director and officer for multiple companies. | |
Janet Kerr Board | Director | Vice Chancellor at Pepperdine University; Board member at La-Z-Boy and Tilly’s | Janet Kerr has been on AppFolio's Board since 2015. She is a corporate governance expert and has served on multiple public company boards. She is also a professor emeritus at Pepperdine University. | |
Olivia Nottebohm Board | Director | Board member at Lightmatter, Inc. | Olivia Nottebohm joined AppFolio's Board in 2023. She has held leadership roles at Notion Labs, Dropbox, and Google Cloud, and has a strong SaaS and consulting background. | |
Timothy Bliss Board | Director | Partner at Partners Fund Capital; Partner at Investment Group of Santa Barbara | Timothy Bliss has been on AppFolio's Board since 2008. He has over 40 years of experience in investing and building technology companies. | |
Winifred Webb Board | Director, Chairperson of the Audit Committee | Board member at ABM Industries, Wynn Resorts, and American Homes 4 Rent | Winifred Webb joined AppFolio's Board in 2019. She has extensive experience in finance, governance, and real estate, with prior roles at Disney and Ticketmaster. |
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Can you elaborate on the sustainability of your revenue growth, given that part of the increase in value-added services revenue was due to the cessation of eCheck fee waivers in August 2023 ?
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Your non-GAAP operating margin expanded significantly from 16.1% last year to 28.7% this quarter. What are the key drivers behind this expansion, and do you expect these margin levels to be sustainable moving forward?
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You mentioned reduced transaction fees associated with certain card-based payments. How do these reduced fees impact your revenue and profitability, and what is the expected trend for these fees in the coming quarters?
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With the acquisition of LiveEasy for $80 million in cash , can you provide more detail on how this acquisition will contribute to your revenue and profitability, and what integration challenges you might anticipate?
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Could you discuss the impact of the departure of your CFO, Fay Goon , on the company's strategic direction and financial management, and how you plan to ensure continuity during this transition period?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Move EZ, Inc., d/b/a LiveEasy | 2024 | AppFolio, Inc. acquired LiveEasy via a merger on October 22, 2024, using its wholly owned subsidiary, paying approximately $80 million in cash plus RSUs valued at about $6 million, which will vest over four years. The acquisition brought a concierge platform that connects renters and homeowners with various service providers, with additional provisions including representations and warranties insurance and holdbacks/reserves to secure post-closing adjustments. |
Recent developments and announcements about APPF.
Earnings
New Earnings (Q4 2024)
·Jan 30, 2025, 11:57 PMView full earnings summary →APPF’s full-year revenue soared 28% to $794M, with non-GAAP operating margin jumping from 12.2% to 25%. However, Q4 margin slid to 20.2%. 2025 guidance at 17% suggests slower growth, but strong AI adoption (1M+ actions) points to long-term upside.