Appfolio Inc (APPF) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for standing by. Welcome to AppFolio's third-quarter 2025 financial results conference call. Please be advised that today's conference is being recorded. A replay will be available on AppFolio's Investor Relations website.

午安.感謝您的耐心等待。歡迎參加 AppFolio 2025 年第三季財務業績電話會議。請注意，今天的會議正在錄影。本次活動的重播將在AppFolio的投資者關係網站上提供。

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

現在我將把會議交給投資者關係部的洛里·巴克爾。你可以開始了。

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

大家下午好。我是 AppFolio 的投資者關係負責人 Lori Barker。感謝各位今天與我們一同見證 AppFolio 2025 年第三季財務業績的公佈。今天和我一起參加電話會議的有 AppFolio 的總裁兼執行長 Shane Trigg 和 AppFolio 的財務長 Tim Eaton。本次電話會議同時在公司網站 appfolioinc.com 的投資人關係版塊進行網路直播。

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直播中發表的評論包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述，並受風險和不確定性的影響。任何提及對未來事件的預期、預測或其他描述的聲明，包括財務預測、未來市場狀況、業務表現或未來產品改進或開發，都是前瞻性聲明。

AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements 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, 2024, which was filed with the SEC on February 6, 2025.

AppFolio 的實際未來業績可能因任何原因與此類前瞻性聲明中表達的業績存在重大差異，包括我們在提交給美國證券交易委員會的文件中列出的原因。AppFolio不承擔任何法律要求的更新此類前瞻性聲明的義務。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提交的文件，包括我們截至 2024 年 12 月 31 日的財政年度的 10-K 表格，該表格已於 2025 年 2 月 6 日提交給美國證券交易委員會。

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 third-quarter earnings release, posted on the Investor Relations section of our website.

此外，本次電話會議也包含非GAAP財務指標。這些非GAAP財務指標與最直接可比較的GAAP指標的調節表已包含在我們第三季財報中，該報告已發佈在我們網站的投資人關係部分。

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

接下來，我將把電話交給肖恩·特里格。肖恩，請繼續。

Thanks, Lori, and welcome to everyone joining us today. In the third quarter, revenue was $249 million, growing 21% year over year. And non-GAAP operating margin was 23.5%. We continue to grow new business. Our unit count is now 9.1 million. These results reflect that we're winning in the market and it's an incredibly exciting time at AppFolio.

謝謝Lori，也歡迎今天所有加入我們的朋友。第三季營收為 2.49 億美元，年增 21%。非GAAP營業利益率為23.5%。我們持續拓展新業務。我們的銷量目前為910萬台。這些結果反映出我們在市場上取得了成功，對 AppFolio 來說，這是一個令人無比興奮的時刻。

Earlier this month, we welcomed 2,200 AppFolio customers, prospects, partners, and employees to future our flagship industry events. There, we introduced our bold vision for the industry, Real Estate Performance Management and shared the product strategy for achieving it, demonstrating strong progress toward our mission to be the platform where real estate comes to do business.

本月初，我們迎來了 2200 位 AppFolio 的客戶、潛在客戶、合作夥伴和員工，參加我們未來的旗艦產業活動。在那裡，我們介紹了我們對房地產行業的宏偉願景——房地產績效管理，並分享了實現這一願景的產品策略，展示了我們在成為房地產行業開展業務的平台這一使命方面取得的顯著進展。

Property Management is facing big challenges, battling external market pressures, a surge of new AI tools, and an overreliance on disjointed task-based operations. This environment has created a performance gap, where businesses are struggling to move beyond task efficiency.

物業管理正面臨巨大挑戰，包括應對外部市場壓力、大量湧現的新型人工智慧工具以及過度依賴分散的任務型營運。這種環境造成了績效差距，企業難以超越任務效率的瓶頸。

New research by the National Apartment Association, in partnership with AppFolio, shows that property management businesses devote 42% of their time to routine work and another 24% to reactive tasks, totaling two-thirds of their time is spent simply keeping things running. By contrast, only 16% of the week is focused on strategic or performance-driven work, like long-term planning and team development. And 17% on stakeholder engagement.

美國國家公寓協會與 AppFolio 合作進行的一項新研究表明，物業管理公司將 42% 的時間用於日常工作，另有 24% 的時間用於應對突發事件，總計三分之二的時間都花在了維持公司正常運作上。相較之下，一週中只有 16% 的時間用於策略性或績效驅動型工作，例如長期規劃和團隊發展。其中 17% 為利害關係人參與度。

This efficiency focus, coupled with fragmented technology and the flurry of bolt-on AI tools, is widening the performance gap. Real Estate Performance Management is the answer, shifting from reactive to proactive to achieve real performance in creating a value ecosystem where everyone thrives: property managers, residents, investors, owners, and vendors.

這種對效率的追求，加上技術的碎片化和大量外掛式人工智慧工具的湧現，正在擴大效能差距。房地產績效管理是解決之道，它從被動應對轉變為主動出擊，從而在創造一個讓每個人都受益的價值生態系統中實現真正的績效：物業經理、居民、投資者、業主和供應商。

AppFolio's performance platform is designed to meet this moment. It's built on top of an AI-native architecture; meaning, AI is at the core, not an add-on. It is made up of three interconnected systems. First, a system of record, the source of truth for data, stakeholders, and operations. Next, a system of action, using Agentic AI to automate and quickly complete repetitive tasks with context and optimal results.

AppFolio 的效能平台正是為了滿足這項需求而設計的。它基於人工智慧原生架構建構；這意味著人工智慧是核心，而不是附加功能。它由三個相互連接的系統組成。首先，需要建立記錄系統，作為數據、利害關係人和營運的真實來源。接下來，我們將建立一個行動系統，利用智慧人工智慧自動快速完成重複性任務，並提供上下文資訊和最佳結果。

Finally, a system of growth, finding and unlocking new revenue streams by giving residents and investors access to services within one unified experience for the moments that matter. The sum of these systems uniquely enables us to drive productivity, amplify human strengths, and transform performance for everyone in our ecosystem by positioning property managers as the competitive advantage in driving the core economics of the business. We create powerful network effects and redefine what winning looks like.

最後，透過為居民和投資者提供統一的服務體驗，在重要時刻尋找和解鎖新的收入來源，從而建立成長體系。這些系統的總和使我們能夠以獨特的方式提高生產力，增強人類優勢，並透過將物業經理定位為推動業務核心經濟的競爭優勢，來改變我們生態系統中每個人的績效。我們創造了強大的網路效應，並重新定義了成功的標準。

AppFolio's customer, Wolfgang Croskey, President of Bay Area-based Croskey Real Estate and Co-Founder of Crane, a popular community for property management professionals, shared this: The shift from property manager to performance manager is the future of this business. Owners are demanding strategic asset performance, which requires us to move beyond fragmented tools and adopt smarter unified platforms.

AppFolio 的客戶 Wolfgang Croskey，同時也是總部位於舊金山灣區的 Croskey Real Estate 的總裁兼 Crane（一個深受物業管理專業人士歡迎的社區）的聯合創始人，分享了以下內容：從物業經理到績效經理的轉變是這個行業的未來。業主要求實現策略性資產績效，這要求我們摒棄碎片化的工具，採用更智慧的統一平台。

We believe continued strategic execution is the key to unlocking market leadership and sustained value creation. The first pillar of our strategy is differentiate to win. The future of innovation isn't just about creating better tools for work. It's about creating systems that do the work with you.

我們相信，持續的策略執行是獲得市場領導地位和持續創造價值的關鍵。我們策略的第一支柱是差異化獲勝。創新的未來不僅在於創造更好的工作工具。關鍵在於創造一個能夠與你協同工作的系統。

Realm-X Performers is the latest innovation in our Realm-X-embedded AI suite, our system of action. With Performers, we're moving beyond traditional automation to agentic, goal-driven AI, transforming the performance of our customers' business. Performers are designed to handle both routine and exception tasks, adapt to changing situations, and optimized for business goals set by property managers.

Realm-X Performers 是我們 Realm-X 嵌入式 AI 套件（我們的行動系統）的最新創新。透過 Performers，我們正在超越傳統的自動化，邁向具有自主性、目標驅動的 AI，從而改變我們客戶的業務績效。表演者旨在處理日常和特殊任務，適應不斷變化的情況，並針對物業經理設定的業務目標進行最佳化。

Initial offerings include the Realm-X Leasing Performer, Maintenance Performer, and Resident Messenger Performer, which automate lead-the-lease, maintenance triage, and resident communications, respectively. Customers fully adopting Realm-X are seeing tangible outcomes. Vacancies are being filled more than five days faster. Renewal rates are increasing by 20%. Net operating income is almost 3% higher. And an average of 10 hours per week are saved on completing tasks.

首批產品包括 Realm-X 租賃執行器、維修執行器和住戶信差執行器，分別用於自動執行租賃引導、維護分類和住戶溝通。全面採用 Realm-X 的客戶正在看到實際的成果。職缺的填補速度比以前快了五天以上。續約率提高了20%。營業淨收入成長近3%。平均每週可節省 10 小時完成任務。

Our most successful customers are moving fast and adopting early, an example of being St. Augustine, Florida-based Dream, Live, Prosper communities, managing over 9,000 units. Says Rob Gayle, President: AI does not work if you haven't separated. It has to be in one workflow or in one software that flows all the way through. And that's what sets AppFolio apart. No one else can do that.

我們最成功的客戶行動迅速，並且很早就開始採用新技術，例如位於佛羅裡達州聖奧古斯丁的 Dream, Live, Prosper 社區，該社區管理著超過 9,000 個單元。總裁羅布蓋爾表示：如果人工智慧沒有實現分離，那麼它就無法發揮作用。它必須在一個工作流程或貫穿始終的軟體中完成。而這正是 AppFolio 的獨特之處。其他人做不到這一點。

AppFolio's system of action ensures that all of DLP's capabilities work together seamlessly, including Realm-X messages; assisted flows; and the newest addition, Maintenance Performer. While Realm-X boost productivity for their team, it's also crucial for ensuring residents remain a priority, helping DLP to track interactions, automate reminders, and give residents the maintenance support they need.

AppFolio 的行動系統確保 DLP 的所有功能無縫協作，包括 Realm-X 訊息；輔助流程；以及最新新增的維修執行器。Realm-X 在提高團隊生產力的同時，對於確保居民始終是優先事項也至關重要，它可以幫助 DLP 追蹤互動、自動發送提醒，並為居民提供他們需要的維護支援。

Another way we're differentiating to win is through our system of record. In today's data-driven landscape, a single trusted system of record powers faster, smarter, and more confident decisions. We're expanding the options for customers to configure AppFolio to mirror their business structure through accounting configurations and more granular permissions, providing the clean, actionable data that fuels AI and automation.

我們取勝的另一個關鍵在於我們的記錄系統。在當今數據驅動的環境中，一個可信賴的單一記錄系統能夠幫助人們更快、更聰明、更自信地做出決策。我們正在擴展客戶配置 AppFolio 的選項，使其能夠透過會計配置和更細粒度的權限來反映其業務結構，從而提供乾淨、可操作的數據，為人工智慧和自動化提供動力。

We're also enabling customers with complex, mix portfolios to manage all aspects of their business in AppFolio, from automated student leasing workflows and roommate pairing to enhance compliance and affordable housing for HUD and LIHTC properties. And our stack marketplace makes it easier than ever for partners to seamlessly plug into our platform.

我們還幫助擁有複雜混合投資組合的客戶在 AppFolio 中管理其業務的各個方面，從自動化的學生租賃工作流程和室友配對，到增強 HUD 和 LIHTC 房產的合規性和經濟適用房。我們的技術棧市場讓合作夥伴能夠比以往任何時候都更容易無縫連接我們的平台。

One of our newest stack partners is Procore. A growing number of our customers run vertically integrated businesses that include real estate development and construction. And this partnership means they can manage their entire operation on AppFolio by automatically syncing project financials with Procore. Ultimately, the strength of our innovation helps our customers win, solidifying AppFolio's leadership in the market.

我們最新的技術堆疊合作夥伴之一是 Procore。越來越多的客戶經營垂直整合業務，其中包括房地產開發和建築。此次合作意味著他們可以透過 AppFolio 自動將專案財務資料與 Procore 同步，從而管理其整個營運。最終，我們強大的創新能力幫助客戶成功，鞏固了 AppFolio 在市場上的領導地位。

Our second strategic pillar is deliver performance efficiently. Our system of growth is creating value for everyone in our customers' ecosystem. Through FolioSpace, AppFolio's next-generation resident experience, we continue to identify and capitalize on moments that matter for our customers.

我們的第二個策略支柱是有效率地實現績效。我們的成長體係正在為客戶生態系統中的每個人創造價值。透過 AppFolio 的下一代駐村體驗 FolioSpace，我們不斷發現並利用對我們的客戶而言重要的時刻。

One of these high-leverage moments is resident onboarding. Three-quarters of residents report challenges during move-in. A positive experience, at this stage, correlates to a 76% increase in overall satisfaction with their property manager. This is not just an operational necessity. It's a critical moment for trust-building and value delivery.

其中一個高槓桿時刻是住戶入住。四分之三的居民表示在入住過程中遇到了困難。現階段的正面體驗與客戶對物業經理的整體滿意度提高 76% 相關。這不僅僅是營運上的需要。這是建立信任和創造價值的關鍵時刻。

Our customers process millions of move-ins a year, making the magnitude of this opportunity immense. That's why we fully reimagine the resident onboarding experience, transforming one of the most stressful parts of the resident journey into a simplified, guided workflow for crucial tasks, like lease signing, payment, insurance, and utility set-up. This provides both the residents and property managers a clear streamlined path, resulting in faster move-ins and a reduction in follow-up calls, giving teams time back to focus on building community.

我們的客戶每年處理數百萬次的搬家事宜，這使得這次機會的規模非常巨大。因此，我們徹底重新構想了住戶入住體驗，將住戶入住過程中壓力最大的部分之一轉變為簡化的、有指導的工作流程，以完成租賃協議簽署、付款、保險和水電煤氣開通等關鍵任務。這為居民和物業管理人員提供了一條清晰簡化的路徑，從而加快了入住速度，減少了後續電話，使團隊有時間專注於社區建設。

To take that experience even further, we've launched Resident Onboarding Lift, co-created by AppFolio and Second Nature. Onboarding Lift focuses on meeting residents' needs at the time they need it most by delivering highly desired value-added services, such as credit building, pest control, and discounted group rate Internet. This creates a win-win that elevates the resident experience, while being a differentiator for property managers.

為了進一步提升使用者體驗，我們推出了由 AppFolio 和 Second Nature 共同打造的 Resident Onboarding Lift。Onboarding Lift 專注於在居民最需要的時候滿足他們的需求，提供他們非常需要的增值服務，例如信用建立、害蟲防治和團體折扣價互聯網。這創造了雙贏局面，既提升了住戶體驗，也為物業管理公司帶來了差異化優勢。

According to Tommy Perfect, Founder and CEO of 900-unit, San Diego-based Uplift Property Management: Onboarding Lift is an amazing addition to the leasing experience. We now have the ability to give residents choices in the leasing process to meet their needs, while still achieving our necessary property management compliance. This takes customer experience to the next level.

據聖地牙哥擁有 900 套公寓的 Uplift 物業管理公司的創始人兼執行長 Tommy Perfect 稱：Onboarding Lift 為租賃體驗增添了極大的便利。我們現在有能力在租賃過程中為居民提供選擇，以滿足他們的需求，同時也能達到我們必要的物業管理合規要求。這將客戶體驗提升到一個新的水平。

Our third strategic pillar is great people and culture, and I'm incredibly proud of our team and our strong performance year to date towards achieving our goals. Our team was recently recognized on two prestigious Fortune lists: the Future 50, highlighting our potential for long-term growth and innovation; and Best Workplaces in Technology, which affirms our company value that great people make a great company.

我們的第三個策略支柱是優秀的人才和企業文化，我為我們的團隊以及今年迄今在實現目標方面取得的優異成績感到無比自豪。我們的團隊最近榮登兩項著名的《財富》雜誌榜單：未來 50 強，突顯了我們在長期成長和創新方面的潛力；以及科技業最佳工作場所，肯定了我們公司的價值觀，即優秀的人才造就偉大的公司。

For us, the ultimate market success is helping our customers win. We were thrilled to be voted Vendor of the Year by the 350-plus franchisees of AppFolio customer, Real Property Management. Says Jeff Pepperney, President: We are proud to collaborate with a company whose value is recognized by the people using it every day. This demonstrates the impact AppFolio's innovative solutions have on our franchisees, continued business success, and growth.

對我們而言，最終的市場成功就是幫助客戶成功。我們非常榮幸被 AppFolio 客戶 Real Property Management 的 350 多家加盟商評選為年度最佳供應商。總裁傑夫·佩珀尼表示：“我們很榮幸能與一家其價值得到每天使用者認可的公司合作。”這充分體現了 AppFolio 的創新解決方案對我們的加盟商、業務持續成功和發展所產生的影響。

The foundation of our great people and culture is built on serving our customers. This award reflects that our success is deeply aligned with our customers' success. We are incredibly grateful to the RPM team for this recognition. I'm looking forward to sharing more information and seeing many of you in person or virtually during our November 18 Investor Meeting.

我們優秀的人才和文化的基石是服務客戶。這項獎項表明，我們的成功與客戶的成功息息相關。我們非常感謝RPM團隊給予的這份認可。我期待在11月18日的投資者會議上分享更多信息，並與大家見面（無論是現場還是線上）。

With that, I'm delighted to welcome, for the first time as CFO, Tim Eaton, who will discuss our financial performance during the third quarter.

在此，我很高興地歡迎蒂姆·伊頓先生首次以首席財務官的身份與我們見面，他將討論我們第三季度的財務業績。

Thank you, Shane. I'm deeply proud to be part of an organization that values continuous innovation, close customer partnerships, and building trust every day. I'm honored to fully embrace the CFO role. I'm excited to help lead our teams, as we build the platform where real estate comes to do business.

謝謝你，肖恩。我非常自豪能成為這樣一個重視持續創新、緊密客戶合作和每天建立信任的組織的一份子。我很榮幸能夠全面擔任財務長一職。我很榮幸能夠幫助領導我們的團隊，共同打造房地產行業開展業務的平台。

I'm pleased to report in the third quarter, we delivered revenue of $249 million, growing 21% year over year. Core solutions revenue was $54 million in the third quarter, a 17% year-over-year increase, driven by winning new customers, growth in total units under management, and more customers choosing our Plus and Max premium tiers.

我很高興地報告，第三季我們的營收為 2.49 億美元，年增 21%。第三季核心解決方案營收為 5,400 萬美元，年增 17%，這主要得益於贏得新客戶、管理單位總數成長以及更多客戶選擇我們的 Plus 和 Max 高級套餐。

At the end of the quarter, we managed approximately 9.1 million units from 21,759 customers compared to 8.5 million units from 20,403 customers a year ago. This represents a 7% increase in ending units and a 7% increase in customers. Our growth in units under management illustrates our continued success in the market.

本季末，我們為 21,759 位客戶提供了約 910 萬台設備，而一年前，我們為 20,403 位客戶提供了 850 萬台設備。這相當於期末銷量成長了 7%，客戶數量增加了 7%。我們管理的單位數量增長表明我們在市場上持續取得成功。

Third-quarter revenue from value-added services grew 22% year over year to $192 million. This increase reflects greater use and adoption of our risk mitigation services, new screening offerings and online payments and usage of credit and debit cards for rent payments, as well as growth in units under management. Additionally, LiveEasy and our Second Nature partnership are beginning to contribute to value-added services.

第三季加值服務營收年增 22%，達到 1.92 億美元。這一增長反映了我們風險緩解服務、新的篩檢服務、線上支付以及使用信用卡和金融卡支付租金的更多使用和採用，以及管理單位數量的增長。此外，LiveEasy 和我們的 Second Nature 合作夥伴關係也開始為加值服務做出貢獻。

In the third quarter, non-GAAP operating margin was 23.5% compared to 28.7% last year. In Q3, we accrued an additional year-to-date expense of approximately $13 million or 5.5% of Q3 revenue as a result of the performance levels we now expect to attain under our annual corporate bonus plan. This Q3 incremental expense was driven by strong new business unit acquisition and revenue growth. And the accrual covers the last three quarters. Excluding the impact of this overpayment, operating margin was approximately 29% of revenue.

第三季度，非GAAP營業利益率為23.5%，去年同期為28.7%。第三季度，由於我們預計在年度公司獎金計畫下將達到的業績水平，我們提列了約 1,300 萬美元的額外年初至今支出，相當於第三季收入的 5.5%。第三季新增支出主要受強勁的新業務部門收購和收入成長所推動。應計項目涵蓋了最後三個季度。剔除這筆超額付款的影響，營業利潤率約為收入的 29%。

Cost of revenue, exclusive of depreciation and amortization in the third quarter was 36% of revenue compared to 34% last year. This increase was the result of increasing adoption of credit cards, additional data center spend to support our customers' growing usage of our AI product capabilities, and the additional expense from expected bonus plan over attainment.

第三季不計折舊攤提的營業成本佔營業收入的 36%，而去年同期為 34%。這一增長是由於信用卡普及率的提高、為支援客戶日益增長的 AI 產品功能使用而增加的資料中心支出，以及超出預期獎金計劃的額外支出。

As a percent of revenue, in the third quarter, combined sales and marketing, R&D, and G&A expense was 39% compared to 35% last year. We exited the quarter with 1,703 employees, which is an increase of 10% from the third quarter of 2024. This reflects growth in most functional areas, as we continue to invest in innovation and sales capacity and the addition of the LiveEasy business in late 2024.

第三季度，銷售和行銷、研發和一般及行政費用合計佔收入的 39%，去年同期為 35%。本季末，我們共有 1703 名員工，比 2024 年第三季成長了 10%。這反映了大多數職能領域的成長，因為我們將繼續投資於創新和銷售能力，並在 2024 年底收購 LiveEasy 業務。

Now, turning to guidance. Our 2025 guidance for annual revenue is increasing to $945 million to $950 million for a full-year midpoint growth rate of 19%, fueled by Plus and Max peer 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 23.5% and 24.5%.

現在，我們來談談指導。2025 年年度營收預期將增至 9.45 億美元至 9.5 億美元，全年成長率為 19%，這主要得益於 Plus 和 Max 同類產品的普及、客戶和新業務部門的成長，以及我們產品和服務的日益普及。我們預計非GAAP營業利潤率將在23.5%至24.5%之間。

Diluted weighted average shares outstanding, incorporating the shares we repurchased earlier in the year, is now anticipated to be approximately $36 million for the full year compared to $37 million in 2024. Cost of revenue, exclusive of depreciation and amortization, is expected to be higher as a percentage of revenue compared to the prior years, as the benefit from operational efficiencies will be offset by product mix, the additional expense from expected bonus plan over attainment, and increasing data center spend from usage of our AI product capabilities.

考慮到我們今年稍早回購的股份，預計全年稀釋加權平均流通股數約為 3,600 萬美元，而 2024 年則為 3,700 萬美元。不包括折舊和攤銷的收入成本預計佔收入的百分比將高於往年，因為營運效率的提高將抵消產品組合的變化、預期獎金計劃超額完成帶來的額外支出，以及因使用我們的人工智慧產品功能而增加的資料中心支出。

Operating margin as a percentage of revenue is projected to be lower than last year, with revenue mix impacting cost of revenues, growth in sales capacities, increased spending to support usage of our new resident and AI capabilities, and additional expense from expected bonus plan over attainment. It is too early to guide for 2026 but we continue to prioritize delivering efficiencies as we scale.

預計營業利潤率佔收入的百分比將低於去年，收入結構影響收入成本，銷售能力增長，為支持使用我們新的居民和人工智慧能力而增加的支出，以及預期獎金計劃超出預期而產生的額外支出。現在預測 2026 年的情況還為時過早，但我們將繼續優先考慮在擴大規模的同時提高效率。

In summary, I'm proud of our strong third-quarter performance. I look forward to seeing some of you virtually or in Santa Barbara at our upcoming November 18 Investor Meeting, where we will dive deeper into the foundations of our growth and how our recent innovations in AI and the resident experience are driving our momentum.

總而言之，我對我們第三季的出色表現感到自豪。我期待在即將於 11 月 18 日舉行的投資者會議上，與各位在線上或在聖塔芭芭拉與大家見面。屆時，我們將深入探討公司成長的基礎，以及我們在人工智慧和居民體驗方面的最新創新如何推動公司的發展勢頭。

Thanks to all of you for your support and interest in AppFolio.

感謝大家對AppFolio的支持與關注。

Operator, this concludes today's call.

接線員，今天的通話到此結束。