Total Revenue (Q3 2023)

+32% " "

Driven by increased usage of payments, screening, and risk mitigation services, alongside a 10% growth in property management units. Value Added Services grew by 39% due to higher adoption of online rent payments (including more card-based transactions). " "

Total Revenue (Q3 2024)

+24% to $206M " "

Boosted by 28% growth in Value Added Services (fueled by online payments and reintroducing eCheck fees) and a 16% increase in Core Solutions. Seasonality also played a role, with screening and risk mitigation usage peaking during leasing season. " " These trends indicate continued demand for integrated property management solutions in a competitive market.

Core Solutions (Q3 2023)

+17% to $39.8M " "

Propelled by new customer additions and a 10% rise in total units under management. Growing adoption of AppFolio Property Manager Plus further supported revenue. " " The gains reflect strong subscription-based growth in an expanding customer base.

Core Solutions (Q3 2024)

+16% to $46.0M " "

Benefited from a 9% increase in units under management and a 5% increase in total customers. Continued migration to premium tiers such as AppFolio Property Manager Plus and Max highlights ongoing demand for elevated workflows and advanced features. " "

Value Added Services (Q3 2023)

+39% to $123.2M " "

Primarily linked to increased online rent payments, especially via debit/credit cards after waiving eCheck fees, and seasonal growth in screening/risk mitigation. These trends underscore strong user engagement amid an expanding unit base. " "

Value Added Services (Q3 2024)

+28% "

Fueled by higher usage of the online payments platform and the end of waived eCheck fees in August 2023, offset partially by changes in certain card fees. Seasonal demand for screening services continued to support growth. " Looking ahead, expanded digital payment adoption may further amplify Value Added Services revenue.

Non-GAAP Operating Margin

FY 2024

24.5% to 25.5% "

no current guidance

no current guidance

Free Cash Flow Margin

FY 2024

22% to 24% "

no current guidance

no current guidance

Revenue

FY 2024

$786 million to $790 million (27% yoy) "

no current guidance

no current guidance

Diluted Weighted Average Shares

FY 2024

37 million "

no current guidance

no current guidance

Annual Revenue

FY 2025

no prior guidance

$920 million to $940 million (17% yoy) "

no prior guidance

Non-GAAP Operating Margin

FY 2025

no prior guidance

24.5% to 26.5% "

no prior guidance

Diluted Weighted Average Shares

FY 2025

no prior guidance

37 million "

no prior guidance

Revenue Seasonality

FY 2025

no prior guidance

Expected to be mostly consistent with 2024 "

no prior guidance

Cost of Revenue

FY 2025

no prior guidance

Expected to remain relatively flat as a percentage of revenue "

no prior guidance

Headcount Growth

FY 2025

no prior guidance

Projected to grow at a rate less than revenue growth "

no prior guidance

Revenue Growth and Financial Performance

Consistently highlighted in Q1, Q2, and Q3 with robust year‐over‐year increases, significant revenue improvements and margin expansions ( " " , " " , " " " ).

Q4 reported 19% YoY revenue growth with strong full‑year performance (e.g. free cash flow margin up to 23% and non‑GAAP operating margin improvements) ( " " " ).

Consistent positive narrative with sustained growth; Q4 focus on full‑year guidance reinforces long‑term momentum despite minor quarterly volatility.

Margin Trends and Operational Efficiency

Across Q1–Q3, multiple calls emphasized improved non‑GAAP operating margins, cost of revenue reductions, and lower combined operating expenses ( " in Q1; " in Q2; " in Q3).

Q4 noted full‑year substantial margin improvements and operating expense reductions, although the Q4 quarterly operating margin (20.2%) was lower than Q3’s peak, while full‑year indicators remain strong ( " ).

Stable long‑term improvement with slight quarterly variability; overall, the narrative remains positive regarding operational efficiency.

Customer Growth and Premium Service Adoption

Mentioned in every period with consistent growth in customer units and adoption of premium offerings such as Plus and Max; Q1 detailed rapid adoption of Max, Q2 and Q3 showed similar upgrades ( " " , " , " ).

Q4 reaffirmed customer growth with a 6% increase in units and 5% increase in customers, and emphasized that 1 in 5 customer units is on a premium plan ( " " ).

Steady positive momentum – the emphasis on premium adoption continues to strengthen customer value over time.

AI Innovation and Technological Advancements

Q1 mentioned leveraging AI for onboarding and operational enhancements ( " " ). Q2 introduced detailed Realm‑X capabilities, and Q3 expanded on AI tools like Realm‑X Assistant, Messages, and Flows along with FolioSpace innovation ( " , " ).

Q4 further evolved the AI story by highlighting mature generative AI initiatives—with rapid adoption of Realm‑X features and expanded integration (e.g. Smart Maintenance features) that surpassed previous legacy benchmarks ( " ).

Increasing emphasis and maturity—from broad AI initiatives to robust, rapidly adopted tools; this evolving focus has large potential impact on future efficiency and differentiation.

Strategic Acquisitions and Integration

Not mentioned in Q1/Q2; Q3 introduced the strategic acquisition of LiveEasy with details on cash transaction and integration plans ( " " ).

Q4 expanded on the LiveEasy acquisition (completed for $79 million), integrating it into FolioSpace and boosting headcount, with the strategic narrative focused on enhancing resident experience ( " " " ).

Emerging strategic theme – a new and increasingly important focus as integration advances, suggesting a potential catalyst for future market differentiation.

Economic Headwinds and Seasonality Effects

Minimal in Q1; Q2 referenced seasonality (e.g. slower demand for risk services in Q4) and Q3 mentioned seasonal revenue patterns, though economic headwinds were not explicitly discussed ( " , " ).

Q4 explicitly addressed the high interest rate environment as an economic headwind and noted seasonal declines in value‑added services, with expectations for similar seasonality in 2025 ( " " ).

Increased external focus – evolving from primarily discussing seasonality to explicitly acknowledging economic headwinds; a cautious note that could influence future expansion efforts.

Cost Management and Pricing Strategy Adjustments

In Q1–Q3, discussions consistently covered reductions in cost of revenue, streamlined operating expenses, and strategic pricing adjustments (e.g. stopped waiving eCheck fees) that drove margin improvements ( " in Q1; " in Q2; " in Q3).

Q4 continued this narrative with detailed mentions of cost and expense management, including adjustments around fee structures (e.g. increased use of credit cards) and expectations for steady costs in 2025 ( " " ).

Stable, ongoing focus – consistent improvements and adjustments signal a disciplined approach to maintain margin strength despite evolving product mix and pricing challenges.

Leadership and Organizational Changes

Q1 featured the promotion of a new Chief Growth Officer, while Q3 detailed CFO transitions (departure of Fay Sien Goon, interim appointments, and appointment of a new CRO) ( " , " " ).

Q4 mentioned the ongoing CFO selection process with Tim Eaton serving as Interim CFO, alongside an emphasis on a strong culture (e.g. Forbes recognition) ( " " ).

Active leadership transitions – continuous organizational changes highlighting a focus on talent and culture, setting the stage for future growth and execution.

Expansion into New Market Segments

Q2 addressed expansion into both student and affordable housing with innovative tools, while Q3 focused on affordable housing capabilities (e.g. HUD waitlist features) ( " , " ).

Q4 did not mention expansion into new market segments such as student or affordable housing.

Reduced emphasis in Q4 – previous expansion themes were highlighted in Q2 and Q3 but were not part of Q4 narratives, suggesting a possible temporary deprioritization or shift in focus.