Appfolio Inc (APPF) 2025 Q2 法說會逐字稿

(audio in progress) or 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 30, 2024, which was filed with the SEC on February 6, 2025. In addition, this call includes non-gap financial measures. Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our earnings release posted on the Investor Relations section of our website.

（音訊正在播放）或有義務更新任何此類前瞻性陳述，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 30 日的財政年度的 10-K 表格。此外，此次呼籲還包括非差距財務措施。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收益報告中。

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

說完這些，我將把電話轉給 Shane Trigg。肖恩，繼續吧。

Thanks, Laurie and welcome everyone for joining us today. I'm pleased with our second-quarter results, which reflect that we continue to win in the market.

謝謝，勞裡，歡迎大家今天加入我們。我對我們的第二季業績感到滿意，這表明我們繼續在市場上獲勝。

Revenue was $236 million growing 19% year over year, with non-GAAP operating margin of 26.2%. New business wins, customers moving to premium tiers, and increased adoption of our value-added services demonstrate our position as the industry leader.

營收為 2.36 億美元，年增 19%，非 GAAP 營業利益率為 26.2%。新業務的成功、客戶轉向高端服務以及增值服務的日益普及證明了我們作為行業領導者的地位。

Our market is rapidly embracing AI. Upcoming AppFolio joint research with the Institute of Real Estate Management, also known as IREM, shows that in the past nine months there has been a 46% increase in property management professionals plans to use AI or agentic technology in the future. That mirrors our team's experience at this year's NAA Apartmentalize, the rental housing industry's largest even, where there was palpable excitement to learn about AI and agenttic capabilities. The innovation we showcased at the event was a powerful demonstration of how we differentiate to win the first pillar of our strategy.

我們的市場正迅速擁抱人工智慧。AppFolio 即將與房地產管理協會 (IREM) 共同開展的研究表明，在過去九個月中，計劃在未來使用人工智慧或代理技術的物業管理專業人士增加了 46%。這與我們團隊在今年的 NAA Apartmentalize（租賃住房行業最大的盛會）上的經歷如出一轍，在那裡，人們對了解人工智慧和代理功能表現出明顯的興奮之情。我們在活動中所展現的創新有力地證明了我們如何透過差異化贏得策略的第一支柱。

Our central AI native platform architecture enables us to rapidly deliver innovation to customers, helping them seamlessly integrate AI into their everyday workflows, so they can achieve peak performance for themselves, their residents, their investors, and every other stakeholder in the real estate ecosystem. We keep pushing what's possible with our embedded generative AI AppFolio Realm-X.

我們的中央 AI 原生平台架構使我們能夠快速向客戶提供創新，幫助他們將 AI 無縫整合到日常工作流程中，從而為自己、居民、投資者以及房地產生態系統中的所有其他利益相關者實現最佳績效。我們不斷探索嵌入式生成 AI AppFolio Realm-X 的無限可能。

At Apartmentalize, we announced the introduction of full agentic AI through Realm-X performers, empowering operators to delegate entire workflows to our technology. For example, Realm-X leasing performer engages with prospects, creates and updates guest cards, enables self-scheduling and rescheduling, and seamlessly collaborates with staff members.

在 Apartmentalize，我們宣布透過 Realm-X 表演者引入全代理 AI，使營運商能夠將整個工作流程委託給我們的技術。例如，Realm-X 租賃執行者與潛在客戶互動，建立和更新賓客卡，實現自我安排和重新安排，並與員工無縫協作。

Similarly, Realm-X maintenance performer communicates with residents, asking smart questions to troubleshoot and diagnose issues, accurately triaging repairs. Realm-X Performers and Realm-X Flows, our workflow and action engine hold the key to unlocking productivity and performance. Our customers aren't just seeing the possibilities, they're living them.

同樣，Realm-X 維護人員與居民溝通，提出巧妙的問題來排除故障和診斷問題，準確地對維修進行分類。Realm-X Performers 和 Realm-X Flows，我們的工作流程和行動引擎是提高生產力和效能的關鍵。我們的客戶不僅看到了可能性，他們還在實踐這些可能性。

Since the beginning of 2025, 96% have utilized one or more of our AI powered solutions, and they are getting tangible performance benefits. Last quarter, I shared how Realm-X Flows is maximizing and delivering real performance for our customers from time savings to improvements and lead to showing conversions and lease renewal rates. We've seen this play out again in Q2. With customers who adopted our newest Realm-X Flows, collecting rent 56% faster.

自 2025 年初以來，96% 的企業已經使用了我們的一種或多種 AI 解決方案，並且獲得了實際的效能優勢。上個季度，我分享了 Realm-X Flows 如何為我們的客戶最大化和提供真正的效能，從節省時間到改進，並最終顯示轉換率和租賃續約率。我們在第二季度再次看到了這種情況。採用我們最新的 Realm-X Flows 的客戶，租金收取速度提高了 56%。

Realm-X is not just about digitizing tasks. It's about leveraging the power of technology to get work done in a new way, delivering measurable performance to our customers' businesses. We expect to hear about more exciting customer outcomes as we announce additional Remex performers throughout the year.

Realm-X 不僅僅是將任務數位化。它是關於利用科技的力量以新的方式完成工作，為客戶的業務提供可衡量的績效。隨著我們全年宣布更多 Remex 表演者，我們期待聽到更多令人興奮的客戶成果。

One of our newest customers is Northpoint Asset Management out of Salt Lake City, managing over 8,000 single and multi-family rental homes on AppFolio Property Manager Max. AppFolio's pace of innovation and investment in Realm-X were key factors in their decision to switch technology partners.

我們的最新客戶之一是位於鹽湖城的 Northpoint Asset Management，該公司在 AppFolio Property Manager Max 上管理超過 8,000 套單戶和多戶出租房屋。AppFolio 的創新步伐和對 Realm-X 的投資是其決定更換技術合作夥伴的關鍵因素。

Adam Haleck, Northpoint's CEO, shared, quote, it's essential that our tools evolve with us as we expand our geographic footprint and portfolio. AppFolio will free our team from task-based silos, allowing us to focus on holistic outcomes and unlocking tangible performance, end quote.

Northpoint 執行長 Adam Haleck 分享道，隨著我們擴大地理覆蓋範圍和投資組合，我們的工具必須隨之發展。AppFolio 將使我們的團隊擺脫基於任務的孤島，使我們能夠專注於整體成果並釋放切實的績效。

Our second strategic pillar is deliver value efficiently. One important way we're extending the value of our platform is through our partnerships. We continue to raidly scale AppFolio Stack Marketplace, which seamlessly integrates our customers' preferred software applications with our platform, giving customers more choice and flexibility.

我們的第二個策略支柱是高效率地創造價值。我們擴展平台價值的一個重要方式是透過合作關係。我們繼續快速擴展 AppFolio Stack Marketplace，它將客戶首選的軟體應用程式與我們的平台無縫集成，為客戶提供更多選擇和靈活性。

Stack now has 80 partners in the marketplace, including recent additions Amazon Key, Bayon, PlanOmatic, Possession Partner, and REBA Rent. More than 4 million units are connected and 77% of our plus and max customers have adopted Stack. Beyond Stack partners, we continue to prioritize owning the moments that matter by helping customers get all the value they need without having to leave the AppFolio ecosystem.

Stack 目前在市場上擁有 80 個合作夥伴，包括最近加入的 Amazon Key、Bayon、PlanOmatic、Possession Partner 和 REBA Rent。已有超過 400 萬台裝置實現互聯，並且 77% 的 plus 和 max 客戶已經採用了 Stack。除了 Stack 合作夥伴之外，我們還將繼續優先考慮抓住重要時刻，幫助客戶獲得他們所需的所有價值，而無需離開 AppFolio 生態系統。

We are cultivating partnerships with fintech solutions that address and enhance aspects of the resident experience, a key initiative for us and an important point of differentiation for our property management customers. Examples include our flexible rent partnership with Flex and the launch of several new deposit alternative solutions with Abago.

我們正在與金融科技解決方案建立合作夥伴關係，以解決和增強居民體驗的各個方面，這是我們的一項重要舉措，也是我們物業管理客戶的一個重要差異點。例如，我們與 Flex 建立的彈性租賃合作夥伴關係以及與 Abago 合作推出的幾個新的押金替代方案。

We're creating value across the ecosystem, giving residents the easy, convenient, and personalized experiences they expect, helping property managers remove friction in managing payments and giving investors predictable returns.

我們正在整個生態系統中創造價值，為居民提供他們期望的簡單、方便和個性化的體驗，幫助物業經理消除管理支付中的摩擦，並為投資者提供可預測的回報。

And that for customer that is leveraging many aspects of our platform to create exceptional experiences for their stakeholders is Phoenix-based Chamberlain and Associates, managing 14,000 units on AppFolio Property Manager Plus, telling us about their use of AppFolio Stack Partners, Kelly Martin, Chief Operating Officer, said, quote, the integration of that fully stacked partners has been seamless. We found the process incredibly easy. Just press a button and the integration happens. It simplified our operations and ensured we're working with the best tools available, end quote.

對於利用我們平台的許多方面為其利益相關者創造卓越體驗的客戶來說，總部位於鳳凰城的 Chamberlain and Associates 管理著 AppFolio Property Manager Plus 上的 14,000 個單元，並向我們介紹了他們使用 AppFolio Stack Partners 的情況，首席營運官 Kelly Martin 表示，完全無縫的合作夥伴的整合是無縫的。我們發現這個過程非常簡單。只需按下按鈕即可實現整合。它簡化了我們的操作並確保我們使用最好的工具，結束引文。

The third pillar of our strategy is great people and culture. We believe our people have the power to transform our industry, so we cultivate a community that inspires each of us to do the best and most meaningful work of our careers. This culture is reflected in our recent employee engagement survey results, where we heard overwhelmingly positive feedback, particularly in areas such as communicating our strategy, belonging, and workplace environment, where we scored in the 95th percentile of the entire tech industry.

我們策略的第三個支柱是優秀的人才和文化。我們相信我們的員工有能力改變我們的行業，因此我們培養了一個社區，激勵我們每個人去做職業生涯中最好、最有意義的工作。這種文化反映在我們最近的員工敬業度調查結果中，我們聽到了絕大多數的正面回饋，特別是在傳達我們的策略、歸屬感和工作環境等領域，我們的得分在整個科技產業中處於第 95 個百分位。

According to one employee, quote, a central part of my longevity here is because I truly enjoy who I get to work with. We solve meaningful problems for our customers and have fun doing it, end quote.

根據一位員工說，我在這裡工作這麼久的一個主要原因是我真的很享受與我一起工作的人。我們為客戶解決有意義的問題，並從中獲得樂趣，引言結束。

Speaking of great people, I am pleased to announce Tim Eaton has been appointed Chief Financial Officer of AppFolio. Tim has served as interim Chief Financial Officer since October 2024 and has held other key AppFolio leadership positions, including Chief of Staff to the CEO since joining AppFolio in 2020. He has played an integral role in shaping our strategy, defining our operating model, and leading a variety of strategic initiatives.

說到偉人，我很高興地宣布 Tim Eaton 已被任命為 AppFolio 的財務長。Tim 自 2024 年 10 月起擔任臨時財務官，並自 2020 年加入 AppFolio 以來擔任其他重要 AppFolio 領導職務，包括執行長的幕僚長。他在製定我們的策略、定義我們的營運模式以及領導各種策略舉措方面發揮了不可或缺的作用。

As interim CFO, Tim has continued to demonstrate his leadership by strengthening the finance team and positioning at folio for long-term growth and success. A comprehensive search and thorough evaluation of a wide range of candidates ultimately confirmed Tim as the best candidate for the role.

作為臨時財務官，Tim 繼續展示他的領導能力，加強了財務團隊並為 folio 的長期成長和成功做好了準備。經過對眾多候選人的全面搜索和徹底評估，最終確認蒂姆是該職位的最佳人選。

Congratulations, Tim, and thank you to AppFolio's finance team for their commitment to delivering outstanding outcomes during this leadership transition.

恭喜你，提姆，並感謝 AppFolio 的財務團隊致力於在領導層過渡期間取得出色的成果。

With that, let me share more about at AppFolio's second-quarter financial results.

接下來，讓我分享更多有關 AppFolio 第二季財務表現的資訊。

In the second quarter, we delivered revenue of $236 million, growing 19% year over year. Core Solutions revenue was $52.5 million in the second quarter, a 19% year over year increase driven by more customers choosing our plus and max premium tiers, winning new customers, and growth in total units under management.

第二季度，我們的營收為 2.36 億美元，年增 19%。核心解決方案第二季營收為 5,250 萬美元，年增 19%，這得益於更多客戶選擇我們的 plus 和 max premium 套餐、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 8.9 million units from 21,403 customers, compared to 8.4 million units from 20,167 customers a year earlier. This represents a 6% increase in ending units and a 6% increase in customers.

截至本季末，我們管理著來自 21,403 名客戶的約 890 萬台設備，而去年同期我們管理著來自 20,167 名客戶的 840 萬台設備。這意味著最終單位數量增加了 6%，客戶數量也增加了 6%。

Second quarter revenue for value added services grew 19% year over year to $180 million. This increase reflects greater use and adoption of screening, risk mitigation services and payments, as well as growth in units under management. In particular, strong screening performance was driven from FolioScreen trusted renter, our new comprehensive screening solution that combines advanced fraud detection tools with fair housing compliance.

第二季增值服務營收年增19%，達1.8億美元。這一增長反映了篩檢、風險緩解服務和支付的使用和採用的增加，以及管理單位的成長。尤其是強大的篩選性能得益於 FolioScreen 可信賴租戶，這是我們新的全面篩選解決方案，它將先進的詐欺檢測工具與公平住房合規性相結合。

Turning to spending. We exited the quarter with 1,685 employees, which is an increase of 11% from the second quarter of 2024. This reflects growth in most functional areas, as we continue to invest in go-to market initiatives, product innovation, and the inclusion of the LiveEasy business, which was acquired in late 2024, partially offset by efficiencies in our operations.

談到支出。本季末，我們擁有 1,685 名員工，比 2024 年第二季增加了 11%。這反映了大多數職能領域的成長，因為我們繼續投資於市場進入計劃、產品創新以及 2024 年底收購的 LiveEasy 業務，但我們營運效率的提高部分抵消了這一增長。

Cost of revenue exclusive of depreciation amortization in the second quarter was flat year over year at 35% of revenue. As a percent of revenue in the second quarter, combined sales and marketing, R&D and G&A expense was flat at 38% compared to last year. Sales and marketing increased as a percent of revenue as we invest to win new business, while R&D and G&A decreased as a percentage of revenue. Overall, in the second quarter, non-gap operating margin was 26.2% compared to 26% last year.

第二季不包括折舊攤提的收入成本與去年同期持平，為營收的 35%。第二季營收的百分比，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%。由於我們投資贏得新業務，銷售和行銷佔收入的百分比增加，而研發和一般行政費用佔收入的百分比有所下降。整體而言，第二季非差距營業利潤率為 26.2%，而去年同期為 26%。

With our growth and profitability, we continue to deliver customer value and accelerate our resident strategy. In the second quarter, we entered into a strategic partnership with Second Nature to enhance the resident experience, which included purchasing a minority non-controlling equity interest for $75 million.

隨著我們的成長和獲利，我們將繼續提供客戶價值並加速我們的駐地策略。第二季度，我們與 Second Nature 建立了策略合作夥伴關係，以提升住戶體驗，其中包括以 7,500 萬美元收購少數非控股股權。

In addition to investing behind our strategic initiatives in April, the board approved a new stock repurchase program of $300 million and we bought back 244,000 shares in the second quarter. Year-to-date, we have now repurchased a total of 689,000 shares. Notwithstanding these investments with our strong cash flow, we ended the quarter with $128 million in cash and investment securities.

除了 4 月對我們的策略計劃進行投資外，董事會還批准了一項 3 億美元的新股票回購計劃，我們在第二季度回購了 244,000 股。今年迄今為止，我們已回購總計 689,000 股。儘管我們憑藉強勁的現金流進行了這些投資，但本季末我們仍持有 1.28 億美元的現金和投資證券。

Our 2025 guidance for annual revenue is increasing to $935 million to $945 million for a full year growth rate of 18% based on the midpoint and fueled by plus and max tier adoption, 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 年年度收入的預期將增加到 9.35 億美元至 9.45 億美元，全年增長率為 18%，基於中點，並受到 plus 和 max 層級的採用、客戶和新業務部門的增長以及我們產品和服務的採用率不斷提高的推動。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 萬美元。

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 will be mostly offset by product mix. Our 2025 ending headcount 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 headcount growth to be less than revenue growth as we maintain our focus on operational efficiency.

不包括折舊和攤銷的收入成本預計佔收入的百分比與上一年相比將保持相對平穩，因為我們認為營運效率帶來的好處將大部分被產品組合所抵消。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，我們預計 2025 年的最終員工人數將會增加。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。

In summary, I'm proud of our strong second quarter performance. We are acquiring, growing, and retaining customers, while delivering exceptional service, and our investments in AI and the resident experience are translating into tangible performance benefits for our customers.

總而言之，我為我們第二季的強勁表現感到自豪。我們在提供卓越服務的同時，也在吸引、發展和留住客戶，我們在人工智慧和住戶體驗方面的投資正在轉化為客戶切實的績效效益。

As we head into the second half of the year, we'll continue to focus on delivering value to our customers through industry-leaning innovation and exceptional service. I look forward to seeing many of those customers at AppFolio's Annual Future Conference in San Diego this October. At Future, we'll be bringing together leaders to discuss the future of the real estate industry, as well as unveiling new products and capabilities that will reinforce our mission to build the platform where the real estate industry comes to do business.

進入下半年，我們將繼續致力於透過業界領先的創新和卓越的服務為客戶提供價值。我期待今年 10 月在聖地牙哥舉行的 AppFolio 年度未來會議上見到許多客戶。在未來，我們將召集領導者共同探討房地產行業的未來，並推出新產品和新功能，以強化我們建立房地產行業開展業務的平台的使命。

Thank you all for joining us today, operator. This concludes today's call.

感謝大家今天加入我們，接線生。今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's conference call, and thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝各位的參與，現在可以掛斷電話了。