Appfolio Inc (APPF) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to AppFolio, Inc. first quarter 2025 financial results conference call. Please be advised today's conference is being recorded and a replay will be available on AppFolio's Investor Relations website.

午安.感謝您的支持，歡迎您參加 AppFolio, Inc. 2025 年第一季財務業績電話會議。請注意，今天的會議將被錄製，重播將在 AppFolio 的投資者關係網站上提供。

I'd now like to hand the conference over to Lori Barker, Investor Relations. You may begin.

現在我想將會議交給投資者關係部的 Lori Barker。你可以開始了。

Thank you. Good afternoon, everyone. I'm Lori Barker, Investor Relations for AppFolio. I'd like to thank you for joining us today as we report AppFolio's first quarter 2025 financial results. With me on the call today is Shane Trigg, AppFolio's President and CEO. This call is being simultaneously webcast on the Investor Relations section of our website at appfolioinc.com.

謝謝。大家下午好。我是 Lori Barker，AppFolio 的投資者關係部門。感謝您今天加入我們，我們將報告 AppFolio 2025 年第一季的財務表現。今天與我一起參加電話會議的是 AppFolio 總裁兼執行長 Shane Trigg。本次電話會議將在我們網站 appfolioinc.com 的投資者關係部分同時進行網路直播。

Before we get started, I would like to remind everyone of AppFolio's Safe Harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events including financial projections, future market conditions, business performance or future product enhancements or development is a forward-looking statement.

在我們開始之前，我想提醒大家注意 AppFolio 的安全港政策。本次電話會議和網路廣播中的評論包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，並受風險和不確定性的影響。任何涉及預期、預測或對未來事件的其他描述的陳述，包括財務預測、未來市場狀況、業務表現或未來產品增強或開發，均為前瞻性陳述。

AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed on our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements, except as required by law. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the fiscal year ended December 31, and 2024, which was filed with the SEC on February 6, 2025.

AppFolio 的實際未來結果可能因任何原因（包括我們向美國證券交易委員會提交的文件中列出的原因）與此類前瞻性陳述中表達的結果有重大差異。AppFolio 不承擔更新任何此類前瞻性聲明的義務，除非法律要求。有關風險和不確定性的更多詳細信息，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們於 2025 年 2 月 6 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的財政年度的 10-K 表格。

In addition, this call includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our fourth quarter earnings release posted on the Investor Relations section of our website.

此外，本次電話會議還包括非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳包含在我們網站投資者關係部分發布的第四季度收益報告中。

With that, I will turn the call over to Shane Trigg. Shane please go ahead.

說完這些，我將把電話轉給 Shane Trigg。肖恩，請繼續。

Thanks, Lori, and welcome to everyone joining us for AppFolio's first quarter 2025 financial results.

謝謝，Lori，歡迎大家參加 AppFolio 2025 年第一季財務表現發表會。

Revenue grew 16% year-over-year to $218 million in the first quarter as we continue to drive increased customer value and ARPU growth in new customer units and increased adoption of our services. I'm proud to say that we had a strong start to the year in winning new business, demonstrating our success in the market as more and more customers choose AppFolio.

由於我們繼續推動客戶價值的提升和新客戶單位 ARPU 的成長以及我們服務的採用率的提高，第一季營收年增 16% 至 2.18 億美元。我很自豪地說，我們在贏得新業務方面取得了良好的開端，隨著越來越多的客戶選擇 AppFolio，這證明了我們在市場上的成功。

Also, non-GAAP operating margin was 24% and net cash provided by operating activities was 18%, positioning us well to continue investing in differentiated industry-leading innovation. Achieving our mission to build the platform where the real estate industry comes to do business requires us to create value for all stakeholders.

此外，非公認會計準則營業利潤率為 24%，經營活動提供的淨現金為 18%，這使我們能夠繼續投資於差異化的行業領先創新。要實現我們的使命，即建立房地產行業開展業務的平台，就需要我們為所有利害關係人創造價值。

Last week, we announced a strategic partnership with Second Nature to enhance the resident experience. Through the AppFolio Stack partner ecosystem, our property management customers will have the ability to offer Second Nature's robust suite of services to their residents. We're excited about how this combination will create a simpler, more personalized experience for residents, enhancing the service our property managers are able to provide while improving their bottom line.

上週，我們宣布與 Second Nature 建立策略夥伴關係，以提升居民體驗。透過 AppFolio Stack 合作夥伴生態系統，我們的物業管理客戶將能夠為其居民提供 Second Nature 強大的服務套件。我們很高興看到這種結合將為居民創造更簡單、更個性化的體驗，增強我們的物業經理能夠提供的服務，同時提高他們的盈利能力。

In today's competitive market, renters have high expectations when it comes to where they live, making resident satisfaction a priority. Property managers know that meeting residents' needs and preferences is key to maintaining high occupancy rates. When choosing a place to live, prospective renters will evaluate properties based on the quality of the rental experience.

在當今競爭激烈的市場中，租屋者對居住地抱有很高的期望，因此將住戶滿意度放在首位。物業經理知道滿足住戶的需求和偏好是維持高入住率的關鍵。在選擇居住地時，潛在租屋者會根據租屋體驗的品質來評估房產。

Increasingly, they're are demanding services that save them money and enhance their lives. Our upcoming AppFolio research report shows that 71% of renters consider resident benefits important when evaluating new rentals. Yet only 42% currently have access to them. This highlights the need to meet and exceed resident expectations to stay competitive, supporting our first strategic pillar of differentiate to win.

他們越來越需要能夠省錢並改善生活的服務。我們即將發布的 AppFolio 研究報告顯示，71% 的租屋者在評估新租屋時認為住戶福利很重要。但目前只有 42% 的人可以使用它們。這凸顯了滿足並超越居民期望以保持競爭力的必要性，支持我們以差異化獲勝的第一戰略支柱。

We'll redefine how property managers and renters connect throughout the entire resident journey. That starts with attracting residents and eliminating barriers that slow the leasing process.

我們將重新定義物業經理和租戶在整個居住過程中的聯絡方式。首先要吸引居民並消除阻礙租賃進程的障礙。

We recently announced that Zillow has joined the AppFolio Stack partner ecosystem, allowing renters to discover homes faster and property managers to fill vacancies more efficiently. We're also introducing a new simplified rental application to help property management customers achieve better quality and outcomes with less effort.

我們最近宣布 Zillow 已加入 AppFolio Stack 合作夥伴生態系統，讓租屋者更快找到房屋，讓物​​業經理更有效地填補空缺。我們還推出了一款新的簡化租賃應用程序，幫助物業管理客戶以更少的努力實現更好的品質和成果。

This application is fully integrated with the templates and customizations customers expect streamlining processing times and flowing seamlessly into AppFolio's screen, Trusted Renter, our comprehensive screening solution and that last fall at FUTURE, which combines advanced fraud detection tools with fair housing compliance.

該應用程式與客戶期望的模板和定製完全集成，簡化了處理時間，並無縫流入 AppFolio 的屏幕、Trusted Renter、我們的綜合篩選解決方案以及去年秋天在 FUTURE 的解決方案，它將先進的欺詐檢測工具與公平住房合規性相結合。

Once a property manager has qualified the applicant, it's time for the lease signing. And here again, we'll deliver differentiated innovation. Through our alliance with Second Nature, AppFolio customers will be able to make available to their residents, transparent, customizable, valuable services such as group rate Internet, pest control, air filter delivery, credit building and rewards, all within AppFolio paid conveniently by residents alongside their rent.

一旦物業經理確認了申請人的資格，就該簽署租約了。在這裡，我們將再次提供差異化的創新。透過與 Second Nature 的聯盟，AppFolio 客戶將能夠為其居民提供透明、可自訂、有價值的服務，例如團體互聯網費率、害蟲控制、空氣過濾器交付、信用建立和獎勵，所有這些服務都可以在 AppFolio 中由居民方便地與租金一起支付。

After the leases signed, our property management customers can focus on onboarding the new resident and ensuring a seamless move-in experience. Through our previously discussed acquisition of LiveEasy will reduce the stress of moving, deliver increased convenience and save renters time and money.

簽訂租約後，我們的物業管理客戶可以專注於新住戶的入住並確保無縫的入住體驗。透過我們之前討論的收購 LiveEasy 將減少搬家的壓力，提供更多的便利性並為租戶節省時間和金錢。

These workflows and more will be delivered to residents through FolioSpace, our next-generation resident interface, enabling AppFolio's property management customers to create a unified and elevated experience for the millions of residents they serve during all the moments that matter from application to move in through lease renewal.

這些工作流程和更多內容將透過我們的下一代居民介面 FolioSpace 交付給居民，使 AppFolio 的物業管理客戶能夠在從申請到入住再到續租的所有重要時刻為他們服務的數百萬居民創造統一而高級的體驗。

This built-in fully managed resident experience property managers gives operators of all sizes the opportunity to seamlessly offer services that their residents are demanding and that deliver exceptional value. Take AppFolio customer, Franklin Villanova-Lovo, owner of Silver Spring's Maryland-based Adonis Property Management, who recently shared, "We're thrilled to see AppFolio innovating in the resident experience.

這種內建的完全管理的住戶體驗物業經理為各種規模的營運商提供了機會，可以無縫地提供住戶所要求的、具有卓越價值的服務。以 AppFolio 的客戶、馬裡蘭州銀泉市 Adonis 物業管理公司的老闆富蘭克林·維拉諾瓦-洛沃 (Franklin Villanova-Lovo) 為例，他最近分享道：「我們很高興看到 AppFolio 在居民體驗方面不斷創新。

Anything that improves lead quality, streamlines the leasing process and saves time for both applicants and management teams is a big win in our book, looking forward to offering our renters an even smoother experience."

任何能夠提高潛在客戶品質、簡化租賃流程並為申請人和管理團隊節省時間的舉措對我們來說都是巨大的勝利，我們期待為我們的租戶提供更順暢的體驗。 」

Our second strategic pillar is to deliver value efficiently. Our leadership in AI is creating a competitive moat to help us win the market, resulting in significant business growth and a strong influx of new customers. We're helping both new and existing customers adopt and grow their use of AppFolio services, particularly around our AI-powered realm suite.

我們的第二個策略支柱是高效率地創造價值。我們在人工智慧領域的領導地位正在創造競爭壁壘，幫助我們贏得市場，從而實現業務的顯著成長和大量新客戶的湧入。我們正在幫助新舊客戶採用和擴大 AppFolio 服務的使用，特別是圍繞我們的 AI 驅動領域套件。

Since the start of 2025, 89% of new customers going live on AppFolio have used one or more of our generative AI-powered AppFolio Realm-X capabilities, assisted messages and flows. Realm-X is maximizing and delivering real performance for these customers who report saving an average of 9.7 hours each week on the reporting tests.

自 2025 年初以來，89% 在 AppFolio 上線的新客戶都使用了我們一項或多項由 AI 驅動的生成式 AppFolio Realm-X 功能、輔助訊息和流程。Realm-X 正在為這些客戶提供最大化和真正的性能，他們報告稱每週在報告測試中平均節省 9.7 小時。

More importantly, they're generating an incredible 73% higher lead to showing conversion rate. And as one customer recently told us, lease renewal rates are up 8%. We continue to see strong upgrades from AppFolio property manager core customers to our Plus and Max plans in order to leverage the powerful automation made possible by Realm-X flows as well as to take advantage of additional Realm products like smart maintenance, leasing CRM and leasing signals.

更重要的是，他們的潛在客戶轉換率高達驚人的 73%。正如一位客戶最近告訴我們的那樣，租約續約率上升了 8%。我們繼續看到 AppFolio 物業經理核心客戶對我們的 Plus 和 Max 計劃進行強勁升級，以利用 Realm-X 流程實現的強大自動化以及利用智慧維護、租賃 CRM 和租賃訊號等其他 Realm 產品。

One of these customers is to be living, which manages more than 5,000 multifamily, single-family and commercial units across the Bay Area on AppFolio they've expanded rapidly, adding 1,500 units to AppFolio just last year.

其中一個客戶是 to be living，該公司透過 AppFolio 管理整個灣區的 5,000 多個多戶住宅、單戶住宅和商業單元，他們擴張迅速，僅去年一年就為 AppFolio 增加了 1,500 個單元。

With 100% of their portfolio on AppFolio Property Manager Max, 2B Living has been able to streamline their operations as they take on more units without needing to add extra head count. As early adopters of Realm-X, 2B Living is taking advantage of generative AI to transform the way their team manages day-to-day tasks.

2B Living 將其 100% 的投資組合遷移到 AppFolio Property Manager Max，從而能夠簡化運營，接收更多單元，而無需增加額外員工。作為 Realm-X 的早期採用者，2B Living 正在利用生成式人工智慧來改變其團隊管理日常任務​​的方式。

According to Brooks Baskin, Founder and Chief Executive Officer quote , "We find Realm-X to be a great empowerment tool that has helped us with two really important functions. One, we're able to build our processes and workflows in AppFolio. So tasks happen through automation, without losing a hands-on touch. Two, Realm-X has allowed us to get tasks on Realm-X Assistant, this has really helped us gain efficiency as our business continues to grow."

據創始人兼首席執行官布魯克斯·巴斯金 (Brooks Baskin) 稱，「我們發現 Realm-X 是一款出色的授權工具，它幫助我們實現了兩項非常重要的功能。首先，我們能夠在 AppFolio 中建立我們的流程和工作流程。因此，任務可以透過自動化完成，而不會失去實際操作。其次，Realm-X 讓我們能夠在 Realm-X Assistant 上取得任務，這確實有助於我們在業務不斷成長的同時提高效率。 」

The third pillar of our strategy is great people and culture. Since our last call, AppFolio was recertified as a great place to work for the eighth time. Part of what makes AppFolio a great place to work is our ability to recognize AppFolians who exemplify our values, live AppFolian way, cultivate exceptional teams and deeply care about customers.

我們策略的第三個支柱是優秀的人才和文化。自從我們上次通話以來，AppFolio 已第八次被重新認證為理想工作場所。AppFolio 之所以成為理想的工作場所，部分原因在於我們能夠認可那些體現我們的價值觀、實踐 AppFolian 方式、培養卓越團隊並深切關心客戶的 AppFolian 人。

Our Chief Legal Officer, Matt Mazza's role has been expanded to Chief Trust Officer. In his new role, he continued to lead our legal and compliance functions while strengthening cross-functional partnerships to enhance data governance and security, protect our software and infrastructure, modernize internal systems and processes and develop an external trust center demonstrating our commitment to data security, transparency and our company value to build trust every day.

我們的首席法律官 Matt Mazza 的職責已擴展為首席信託官。在新的職位上，他繼續領導我們的法律和合規職能，同時加強跨職能合作夥伴關係，以增強資料治理和安全，保護我們的軟體和基礎設施，實現內部系統和流程的現代化，並建立外部信任中心，展示我們對資料安全、透明度和公司價值的承諾，以每天建立信任。

Additionally, Lisa Horner has been promoted to Chief Marketing Officer; and Matthew Baird has been promoted to Chief Technology Officer. Evolving our organization as we scale enables our strategy and we'll continue to cultivate our talent build a robust pipeline for AppFolio's future and deliver exceptional value to our customers.

此外，Lisa Horner 已晉升為首席行銷長；Matthew Baird 已晉升為技術長。隨著規模的擴大，我們組織的發展使我們能夠實施策略，我們將繼續培養人才，為 AppFolio 的未來建立強大的管道，並為我們的客戶提供卓越的價值。

To that end, we're making good progress in recruiting our next CFO. With that, let me share more about AppFolio's first quarter financial results. In the first quarter, we delivered revenue of $218 million, growing 16% year-over-year. Core solutions revenue was $49.5 million in the first quarter, a 15% year-over-year increase driven by more customers choosing our Plus and Max plans, winning new customers and growth in total units under management.

為此，我們在招募下一任財務長方面取得了良好的進展。接下來，讓我分享更多有關 AppFolio 第一季財務業績的資訊。第一季度，我們的營收為 2.18 億美元，年增 16%。第一季核心解決方案營收為 4,950 萬美元，年增 15%，這得益於更多客戶選擇我們的 Plus 和 Max 計劃、贏得新客戶以及管理的總單位數增長。

At the end of the quarter, we managed approximately 8.8 million units from 21,105 customers compared to 8.3 million units from 19,941 customers a year earlier. This represents a 6% increase in ending units and a 6% increase in customers as we continue to emphasize residential portfolios.

截至本季末，我們管理著來自 21,105 名客戶的約 880 萬台設備，而去年同期我們管理著來自 19,941 名客戶的 830 萬台設備。隨著我們繼續強調住宅投資組合，這意味著期末單位數量增加了 6%，客戶數量也增加了 6%。

First quarter revenue from value-added services grew 16% year-over-year to $165 million. This increase reflects greater use and adoption of payments, risk mitigation services and screening as well as growth in units under management. These drivers were partially offset by the April 2024 reduction in fees associated with certain card-based payments.

第一季增值服務營收年增16%至1.65億美元。這一增長反映了支付、風險緩解服務和篩檢的使用和採用的增加以及管理單位的成長。這些驅動因素被 2024 年 4 月某些基於卡片的支付相關費用的降低部分抵消。

Turning to spending. We exited the quarter with 1,648 employees, which is an increase of 1% from the fourth quarter of 2024. This reflects modest growth in most functional areas as we continue to invest in go-to-market initiatives and innovation, partially offset by efficiencies in our operations.

談到支出。本季末，我們擁有 1,648 名員工，比 2024 年第四季增加了 1%。這反映了大多數職能領域的適度成長，因為我們繼續投資於市場進入計劃和創新，但部分被我們營運效率的提高所抵消。

Cost of revenue exclusive of depreciation and amortization in the first quarter was 36% of revenue compared to 34% last year, primarily due to the reduction in fees associated with certain card-based transactions and the mix of revenue as the adoption of credit cards permits increased.

第一季不包括折舊和攤銷的收入成本佔收入的 36%，而去年同期為 34%，這主要由於與某些基於卡的交易相關的費用減少，以及隨著信用卡使用許可的增加，收入結構發生變化。

As a percent of revenue in the first quarter, combined sales and marketing, R&D and G&A expense was flat at 38% compared to last year. Sales and marketing expenses as a percentage of revenue increased from 12% in the first quarter of last year to 13% this quarter. This includes additional hiring and the impact of the LiveEasy acquisition.

作為第一季營收的百分比，銷售和行銷、研發和一般及行政費用總額與去年同期持平，為 38%。銷售和行銷費用佔收入的比例從去年第一季的12%上升到本季的13%。其中包括額外招募和收購 LiveEasy 的影響力。

Our R&D expenses as a percentage of revenue were consistent with prior year at 17%. Our G&A expenses as a percentage of revenue were also comparable to the first quarter of last year at 8%. Overall, in the first quarter, non-GAAP operating margin was 24.3% compared to 25.7% last year and net cash provided by operating activities this quarter was 17.7% compared to 22.9% in the first quarter last year.

我們的研發費用佔營收的百分比與去年持平，為 17%。我們的一般及行政費用佔收入的百分比也與去年第一季相當，為 8%。整體而言，第一季非公認會計準則營業利潤率為 24.3%，而去年同期為 25.7%，本季經營活動提供的淨現金為 17.7%，而去年第一季為 22.9%。

Our growth and profitability has empowered us to deliver customer value, accelerate our resident strategy and repurchase stock. We ended the quarter with $211 million in cash and current investment securities. Under our previously approved share repurchase program, during the first quarter, we bought approximately 445,000 shares for $96 million completing the previously authorized $100 million program.

我們的成長和獲利能力使我們能夠提供客戶價值、加速我們的駐地策略並回購股票。本季結束時，我們擁有 2.11 億美元現金和流動投資證券。根據我們先前批准的股票回購計劃，在第一季度，我們以 9,600 萬美元的價格回購了約 445,000 股股票，完成了先前授權的 1 億美元計劃。

In addition, the Board approved a new stock repurchase program of $300 million on April 23. Also, to enhance the renting experience. Early in the second quarter, we announced our strategic partnership with Second Nature and purchased a minority noncontrolling equity interest for $75 million.

此外，董事會於4月23日批准了一項3億美元的新股票回購計畫。此外，還可以增強租賃體驗。第二季初，我們宣布與 Second Nature 建立策略合作夥伴關係，並以 7,500 萬美元的價格收購了少數非控股股權。

Our 2025 guidance for annual revenue remains $920 million to $940 million for a full year growth rate of 17% based on the midpoint and fueled by Plus and Max upgrades, growth in customers and new business units and increasing adoption of our products and services. We expect to deliver non-GAAP operating margin between 24.5% and 26.5%, and diluted weighted average shares outstanding are anticipated to be approximately 37 million for the full year.

我們對 2025 年年度收入的預期仍為 9.2 億美元至 9.4 億美元，全年增長率為 17%，基於中點，並受到 Plus 和 Max 升級、客戶和新業務部門的增長以及我們產品和服務的日益普及的推動。我們預計非公認會計準則營業利潤率將在 24.5% 至 26.5% 之間，預計全年稀釋加權平均流通股數約為 3,700 萬股。

Our guidance reflects what we are seeing in today's dynamically changing environment. We anticipate 2025 revenue seasonality to be mostly consistent with 2024. Cost of revenue, exclusive of depreciation and amortization is expected to remain relatively flat as a percentage of revenue compared to the prior year as we believe the benefit from operational efficiencies and will be mostly offset by product mix.

我們的指導反映了我們在當今動態變化的環境中看到的情況。我們預期 2025 年的營收季節性與 2024 年基本一致。預計不包括折舊和攤銷的收入成本佔收入的百分比與上年相比將保持相對平穩，因為我們相信營運效率帶來的好處將主要被產品組合所抵消。

Our 2025 ending head count is projected to grow as we continue to invest in high priority initiatives that enable us to achieve our strategic objectives. However, we expect the rate of head count growth to be less than revenue growth as we maintain our focus on operational efficiency.

隨著我們繼續投資於能夠讓我們實現戰略目標的高優先級計劃，我們 2025 年的最終員工人數預計會增加。然而，由於我們繼續關注營運效率，我們預計員工人數成長率將低於收入成長率。

Wrapping up, this quarter's results underscore that our ongoing commitment to delivering industry-leading innovation and exceptional service is driving new customer adoption of our products and services, by connecting our acquisition of LiveEasy with new industry-leading partners such as Zillow and Second Nature, all enabled through FolioSpace, we have accelerated our resident strategy, creating value for our customers. We are well positioned to win for all stakeholders as the platform powering the future of the real estate industry.

總而言之，本季的業績強調了我們持續致力於提供業界領先的創新和卓越的服務，推動新客戶採用我們的產品和服務，透過將我們對 LiveEasy 的收購與 Zillow 和 Second Nature 等新的行業領先合作夥伴聯繫起來，所有這些都透過 FolioSpace 實現，我們加速了我們的居民策略，為我們的客戶創造了價值。作為推動房地產產業未來的平台，我們有能力為所有利害關係人贏得利益。

Thank you all for joining us today. Operator, this concludes today's call.

感謝大家今天的參與。接線員，今天的通話到此結束。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。