Appfolio Inc (APPF) 2025 Q4 法說會逐字稿

Good afternoon, and thank you for standing by, and welcome to AppFolio Inc's fourth-quarter and full year 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.

下午好，感謝您的耐心等待，歡迎參加AppFolio公司2025年第四季及全年財務業績電話會議。請注意，本次會議正在錄音，錄音回放將在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.

現在我將把會議交給投資者關係部的洛里·巴克爾。

Thank you. 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 fourth-quarter and full year 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.

謝謝大家。下午好，我是AppFolio的投資人關係負責人Lori Barker，感謝各位今天參加我們的電話會議，我們將在此發布AppFolio 2025年第四季及全年財務表現。今天與我一同參加電話會議的還有AppFolio總裁兼執行長Shane Trigg和財務長Tim Eaton。本次電話會議將同時在AppFolio官網appfolioinc.com的投資人關係頁面進行網路直播。

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.

在正式開始之前，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，這些陳述受風險和不確定性因素的影響。任何提及對未來事件的預期、預測或其他描述的陳述，包括財務預測、未來市場狀況、業務表現或未來產品改進或開發，均屬於前瞻性陳述。

AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in 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, 2024, which was filed with the SEC on February 6, 2025.

AppFolio 的實際未來表現可能因任何原因（包括我們在提交給美國證券交易委員會 (SEC) 的文件中列出的原因）與此類前瞻性聲明中表達的內容存在重大差異。除法律要求外，AppFolio 不承擔更新任何此類前瞻性聲明的義務。有關風險和不確定性的更多詳情，請參閱我們提交給 SEC 的文件，包括我們於 2025 年 2 月 6 日提交的截至 2024 年 12 月 31 日財年的 10-K 表格。

In addition, this call includes non-GAAP financial measures. Reconciliation 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指標的調節表已發佈在我們網站「投資者關係」欄位下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.

那麼，我將把電話交給謝恩·特里格。謝恩，請開始。

Thanks, Lori, and welcome to everyone joining us today. Our fourth-quarter caps off a year of AI-powered innovation and accelerating unit growth at AppFolio. Fourth-quarter revenue reached $248 million a 22% year-over-year increase, while non-GAAP operating margin was 24.9%. For the full year, revenue was $951 million, representing 20% year-over-year growth and non-GAAP operating margin was 24.7%.

謝謝Lori，也歡迎各位今天加入我們。 AppFolio第四季業績圓滿結束，這一年我們憑藉著人工智慧驅動的創新和加速的銷售成長取得了顯著成效。第四季營收達2.48億美元，年增22%，非GAAP營業利益率為24.9%。全年營收為9.51億美元，年增20%，非GAAP營業利益率為24.7%。

Our focus on new business grew our units on platform to $9.4 million. Our strong financial performance earned us recognition on Forbes America's most successful mid-cap companies and Time Magazine's America's growth leaders. While these accolades are never the primary goal they validate our strategy and the momentum we have as a business.

我們專注於拓展新業務，平台銷售額成長至940萬美元。強勁的財務表現使我們榮登《富比士》美國最成功的中型企業榜單和《時代》雜誌美國增長型企業榜單。雖然這些榮譽並非我們的首要目標，但它們是對我們策略的肯定，也印證了我們作為一家企業的發展勢頭。

As we look ahead, our new property management benchmark report suggests professionals are entering 2026 with confidence. While 81% of managers feel positive and 77% expect to increase unit counts up from 65% a year ago, this optimism is tempered by a persistent performance gap, rising operating costs and pressure on occupancy rates continue to challenge the bottom line.

展望未來，我們最新的物業管理基準報告顯示，專業人士對2026年充滿信心。雖然81%的經理人持樂觀態度，77%的經理人預計會增加物業單元數量（高於一年前的65%），但這種樂觀情緒受到持續存在的業績差距、不斷上漲的運營成本以及入住率壓力等因素的製約，這些因素持續影響著企業的盈利能力。

Operators are turning to technology but half of AI users in the industry report they cannot rely on the AI features embedded in their core property management systems. By contrast, 98% of AppFolio's customers are already actively using one or more AI capabilities included in our performance platform. A drive to unlock better performance is shaping how operators approach technology.

營運商正轉向技術，但業內一半的人工智慧用戶表示，他們無法依賴核心物業管理系統中嵌入的人工智慧功能。相較之下，AppFolio 98% 的客戶已經在積極使用我們績效平台中包含的一項或多項人工智慧功能。對提升績效的追求正在改變營運商運用技術的方式。

45% of survey respondents say they plan to consolidate their software solutions, underscoring the value of a unified platform that reduces fragmentation and delivers a cohesive experience. AppFolio is uniquely positioned to lead this transition. Our AI native performance platform reimagines the traditional PMS by unifying the systems of record, action and growth.

45%的受訪者表示計劃整合其軟體解決方案，這凸顯了統一平台的重要性，該平台能夠減少碎片化並提供一致的用戶體驗。 AppFolio憑藉著獨特的優勢，引領著這項變革。我們以人工智慧為基礎的原生績效平台透過整合記錄、行動和成長系統，重新定義了傳統的績效管理系統（PMS）。

By embedding agentic AI directly into daily operations, we enable our customers to evolve from property managers to performance managers. To maximize this opportunity, we organize our efforts around three strategic durable pillars, starting with differentiate to win. This pillar defines how we leverage our unique value to secure our advantage and more importantly, the advantage of our customers.

透過將智能體人工智慧直接嵌入日常運營，我們協助客戶從物業管理公司轉型為績效管理公司。為了最大程度地把握這一機遇，我們圍繞著三大戰略支柱開展工作，首先是「差異化製勝」。這支柱闡明了我們如何利用自身獨特的價值來鞏固競爭優勢，更重要的是，如何為客戶創造優勢。

Last quarter at Future, our flagship industry event, we introduced our first three Realm-X Performers. With performers, we've moved beyond traditional automation to agentic goal-driven AI that transforms the performance of our customers' business. Demand for our agentic AI capabilities has translated into rapid adoption across the platform with the transition from smart maintenance to Realm-X maintenance performer largely complete and leasing performers seeing accelerated adoption that outpaces our previous generation of leasing tools.

上個季度，在我們的旗艦產業盛會 Future 上，我們推出了首批三款 Realm-X Performers。借助 Performers，我們超越了傳統的自動化模式，邁向了以目標為導向的智慧 AI，從而顯著提升了客戶的業務績效。市場對我們智慧 AI 功能的需求已轉化為平台內各部門的快速應用，智慧維護向 Realm-X 維護 Performers 的過渡已基本完成，而租賃 Performers 的應用也呈現加速成長，其速度甚至超過了我們上一代租賃工具。

Because these tools are built directly into the workflows they rely on, customers can rapidly realize performance gains. We continue to introduce new workflows through Realm-X Flows that allow customers to codify and automate more aspects of their business such as rent recovery. As we expand the capabilities of AppFolio Stack, we're bringing partners directly into the user experience, allowing Realm-X Flows to trigger actions within integrations, such as our new rent recovery partner, Genesis.

由於這些工具直接整合到其所依賴的工作流程中，客戶可以快速提升績效。我們持續透過 Realm-X Flows 推出新的工作流程，使客戶能夠將業務的更多方面（例如租金催收）進行編碼和自動化。隨著 AppFolio Stack 功能的不斷擴展，我們將合作夥伴直接引入使用者體驗，使 Realm-X Flows 能夠觸發整合中的操作，例如我們新的租金催收合作夥伴 Genesis。

By supporting these integrations, our system of action becomes a single pane of glass where customers can manage complex operations and partner integrations in one place, ensuring they never have to leave AppFolio to get the experience and value they expect. An example of this orchestration in practice is AppFolio Customer Advanced Management Company, which is reshaping their workflows and achieving exceptional outcomes across 12,000 multifamily units throughout Southern California.

透過支援這些集成，我們的作業系統將成為一個統一的管理平台，客戶可以在此集中管理複雜的營運和合作夥伴集成，確保他們無需離開 AppFolio 即可獲得預期的體驗和價值。 AppFolio 客戶高階管理公司就是一個實務案例，該公司正在重塑其工作流程，並在南加州 12,000 套多戶住宅單元中取得了卓越的成果。

Since switching to AppFolio in 2023, they've adopted many of our AI native features from Realm-X Messages and Flows to FolioGuard Smart Ensure and FolioScreen Trusted Renter and are currently in the process of implementing our leasing performer across their entire portfolio. According to Danielle Holloway McCarthy, President, before we were relying on nine separate systems to manage our properties, which made it impossible to deliver a truly seamless resident experience.

自 2023 年切換到 AppFolio 以來，他們已採用了我們眾多原生 AI 功能，包括 Realm-X Messages 和 Flows、FolioGuard Smart Ensure 以及 FolioScreen Trusted Renter，目前正在將其租賃管理系統部署到所有物業中。總裁 Danielle Holloway McCarthy 表示：“以前我們依賴九個獨立的系統來管理物業，這導致我們無法為住戶提供真正無縫的體驗。”

AppFolio's AI-native platform changed all of that by consolidating our data and automating our core workflows, we freed up our teams to focus instead on creating meaningful connections with our residents. With a unified system, we're not just improving productivity, we're building an environment where everyone can thrive.

AppFolio 的原生 AI 平台徹底改變了這一切。它整合了我們的數據並實現了核心工作流程的自動化，使我們的團隊能夠騰出精力專注於與住戶建立有意義的聯繫。借助統一的系統，我們不僅提高了工作效率，還創造了一個讓每個人都能蓬勃發展的環境。

This focus on thriving through technology leads directly into our second strategic pillar, deliver performance efficiently. We continue to win in the market, expanding the value we deliver to our existing customers while effectively capturing new market share. In fact, in the second half of 2025 alone, we added over 500,000 units onto our platform.

這種以技術驅動發展的概念直接引出了我們的第二個策略支柱：高效率交付績效。我們持續贏得市場，在有效拓展新市場佔有率的同時，不斷提升為現有客戶創造的價值。事實上，光是2025年下半年，我們就為平台新增了超過50萬台設備。

Adoption of our premium tiers, Plus and Max has exceeded 25%, which speaks to our growing success with both SMB and upmarket customers. At the same time, we're extending the power of AppFolio through our system of growth, helping property managers grow and protect their business while giving their residents and investors access to services within one unified experience.

我們的高級套餐Plus和Max的採用率已超過25%，這反映了我們在中小企業和高端客戶群中日益增長的成功。同時，我們正透過我們的成長體系擴展AppFolio的功能，幫助物業管理公司發展和保護其業務，同時讓他們的住戶和投資者在一個統一的體驗中獲得各項服務。

With resident onboarding lift, co-created with second nature, we've delivered a seamless move-in experience that activates resident services and drives new revenue opportunities. Our newest service within resident onboarding Lift is group rate Internet, allowing property managers to offer their residents fully managed high-speed Internet at an attractive rate.

我們與 Second Nature 合作開發的住戶入住流程優化方案，旨在提供無縫入住體驗，啟動住戶服務並創造新的收入機會。該方案的最新服務是團體優惠上網，使物業管理公司能夠以極具吸引力的價格為住戶提供全託管的高速互聯網服務。

Resident onboarding Lift and our other products and services connect back to one goal, delivering measurable performance to our customers. We recently asked new customers who switched to AppFolio about their experience. 96% said switching to AppFolio has improved their overall business performance. 94% said AppFolio has improved their resident satisfaction.

住戶進駐流程以及我們的其他產品和服務都圍繞著一個共同的目標：為客戶帶來可衡量的績效。我們最近詢問了部分新客戶使用 AppFolio 的體驗。 96% 的客戶表示，使用 AppFolio 提升了他們的整體業務績效。 94% 的客戶表示，AppFolio 提高了住戶滿意度。

Outcomes like these directly contribute to strengthening our position as the preferred platform in real estate. AppFolio has been named the overall leader on the G2 Grid, recognition based on the feedback of our customers and their firsthand experiences with our platform. We make sure customers can grow their businesses alongside AppFolio because we win when our customers win.

這些成果直接鞏固了我們作為房地產行業首選平台的地位。 AppFolio 榮獲 G2 Grid 綜合領先獎，這項榮譽基於客戶的回饋以及他們使用我們平台的第一手體驗。我們致力於幫助客戶與 AppFolio 共同發展業務，因為客戶的成功就是我們的成功。

Our third strategic pillar is great people and culture. Our vision is to power the future of real estate, and our people are the catalyst that makes this possible. Earlier this month, we presented AppFolio's strategic priorities to our employees at AppFolio Kickoff 2026 and acknowledge the start of our 20th year in business. During the event, we had a chance to hear from AppFolio customers about the impact our technology has on their businesses and lives.

我們的第三大策略支柱是優秀的人才和企業文化。我們的願景是引領房地產產業的未來，而我們的人才正是實現這個願景的關鍵。本月初，我們在 AppFolio Kickoff 2026 活動上向員工介紹了 AppFolio 的策略重點，並慶祝公司成立 20 週年。活動期間，我們有機會聆聽 AppFolio 客戶分享我們的技術對他們的業務和生活產生的影響。

One of those customers, Joe Rempson, President of Charlotte-based T.R. Lawing Realty, managing nearly 3,000 units on Plus had this to say. We could not do what we do without AppFolio. The reliable platform with its support, innovativeness and ability to make our lives easier truly allows us to do our jobs, be more professional, productive and transparent and provide the 5-star customer service our owners and residents expect.

其中一位客戶，總部位於夏洛特的T.R. Lawing Realty總裁Joe Rempson，在Plus平台上管理著近3000套房產，他這樣評價道：「如果沒有AppFolio，我們根本無法開展工作。這個可靠的平台，憑藉其強大的支持、創新功能以及簡化我們工作流程的能力，真正幫助我們更好地完成工作，提高專業性、業主住戶

Joe's experience is a powerful reminder of why we do what we do. At the end of the day, the innovation we deliver is in service of customers like him, and it's the dedication of our great people and culture that brings our deep customer partnerships to life. 2026 marks another defining moment for AppFolio. I joined in 2020, we set a goal to reach $1 billion in revenue. This year, we're poised to hit that milestone.

喬的經歷有力地提醒我們，我們所做的一切都是為了什麼。歸根究底，我們提供的創新是為了服務像他這樣的客戶，而我們優秀員工的奉獻精神和企業文化，正是我們與客戶建立深厚合作關係的基石。 2026年對AppFolio來說又是一個新的里程碑。我於2020年加入公司，當時我們設定了營收達到10億美元的目標。今年，我們有望實現這一里程碑。

It's a testament to what's possible when we stay focused on our customers, deliver industry-leading innovation and maintain operational discipline. With the right vision, strategy and team in place, we'll continue to inspire customers to choose and grow with us.

這證明了當我們始終以客戶為中心、提供領先業界的創新並保持嚴謹的營運時，我們能夠取得怎樣的成就。憑藉正確的願景、策略和團隊，我們將繼續激勵客戶選擇我們並與我們一起成長。

I'll now turn the call over to Tim for more detail on AppFolio's financial results.

現在我將把電話交給 Tim，讓他詳細介紹 AppFolio 的財務表現。

Thank you, Shane. We ended 2025 on a high note, rounding out a successful year marked by strong revenue and unit growth. We are well positioned to continue delivering customer performance through our investments in areas such as AI and the resident experience. I'm pleased to report in the fourth-quarter, we delivered revenue of $248 million, growing 22% year-over-year.

謝謝Shane。我們以優異的成績結束了2025年，這一年取得了豐碩的成果，營收和單元數量均實現了強勁增長。我們透過在人工智慧和住戶體驗等領域的投資，已做好充分準備，持續提升客戶體驗。我很高興地報告，第四季我們的營收達到2.48億美元，年增22%。

Full year revenue was $951 million, 20% growth year-over-year. Core revenue, which we are renaming to subscription services revenue going forward was $56 million in the fourth-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.

全年營收為9.51億美元，年增20%。核心營收（今後我們將更名為訂閱服務營收）在第四季度為5600萬美元，年增17%，這主要得益於新客戶的加入、管理單元總數的增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 9.4 million units, from 22,096 customers compared to 8.7 million units from 20,784 customers a year ago. This represents an 8% increase in units and a 6% increase in customers. For the full year, subscription services revenue was $211 million, representing 17% growth year-over-year.

本季末，我們管理的訂單量約為940萬台，客戶數量為22,096家，而去年同期為870萬台，客戶數量為20,784家。訂單量較去年同期成長8%，客戶數量較去年同期成長6%。全年來看，訂閱服務收入為2.11億美元，年增17%。

Fourth-quarter revenue from value-added services grew 20% year-over-year to $185 million. This increase reflects greater use and adoption of our FolioGuard risk mitigation services, Folio screen offerings and online payments as well as growth in units under management. Resident Onboarding Lift through our second nature partnership and Live Easy lives are also beginning to contribute to value-added services.

第四季增值服務營收年增20%，達1.85億美元。這一增長反映了FolioGuard風險緩解服務、Folio螢幕服務和線上支付的更廣泛使用和普及，以及管理單元數量的增長。透過我們「自然而然」的合作關係提升住戶入住體驗，以及「輕鬆生活」理念的推廣，也開始為增值服務做出貢獻。

Full year value-added services revenue was $722 million, representing 19% growth year-over-year. In the fourth-quarter, non-GAAP operating margin was 24.9% compared to 20.2% last year. Full year non-GAAP operating margin was 24.7% compared to 25.2% last year. This full year decline was primarily due to the performance levels we attained under our 2025 corporate incentive plan, which resulted in an additional expense of $15 million or 1.6% of revenue.

全年增值服務收入為7.22億美元，年增19%。第四季非GAAP營業利益率為24.9%，高於去年同期的20.2%。全年非GAAP營業利益率為24.7%，低於去年同期的25.2%。全年利潤率下降的主要原因是我們在2025年企業激勵計畫下達到了業績目標，導致額外支出1,500萬美元，佔收入的1.6%。

Excluding the impact of this over-attainment, full year non-GAAP operating margin was 26.3% of revenue. Cost of revenue, exclusive of depreciation and amortization in the fourth-quarter was 36% of revenue compared to 37% last year. For the full year, positive revenue increased from 35% to 36%, driven primarily by payments mix, additional data center spend to support our customers' growing usage of our AI product capabilities and the additional expense from the 2025 bonus plan over attainment.

剔除超額完成績效的影響，全年非GAAP營業利益率為營收的26.3%。第四季不計折舊攤銷的營收成本佔營收的36%，低於去年同期的37%。全年營收正成長率從35%上升至36%，主要得益於支付方式組合的最佳化、為支援客戶日益增長的AI產品使用需求而增加的資料中心支出，以及2025年獎金計畫超額完成帶來的額外支出。

As a percent of revenue in the fourth-quarter, combined sales and marketing, R&D and G&A expense was 38% compared to 41% last year. For the full year, scale and operational efficiencies offset the impact of the bonus plan over attainment and operating expenses as a percent of revenue were 38% comparable to 2024. We exited the quarter with 1,702 employees, an increase of 4% from the fourth-quarter of 2024.

第四季度，銷售、行銷、研發及一般及行政費用合計佔營收的38%，低於去年同期的41%。全年來看，規模經濟和營運效率的提升抵銷了獎金計畫對績效達成的影響，營運費用佔收入的比例為38%，與2024年基本持平。截至本季末，公司員工人數為1,702人，較2024年第四季成長4%。

This reflects growth in most functional areas as we continue to invest in innovation and sales capacity. Now turning to our 2026 financial outlook. Our 2026 guidance for annual revenue is $1.1 billion to $1.12 billion for a full year midpoint growth rate of 17%, fueled by adoption of our premium tier offerings growth in new business units and increasing adoption of our products and services, including AI-native performers and new resident services. We anticipate 2026 revenue seasonality to be mostly consistent with 2025.

這反映了我們在大多數職能領域中實現了成長，因為我們持續投資於創新和銷售能力。接下來，我們展望2026年的財務前景。我們預計2026年全年營收為11億美元至11.2億美元，全年增長率中值為17%，這主要得益於高端產品線的普及、新業務部門的增長以及包括AI原生表演者和新型駐場服務在內的產品和服務的日益普及。我們預計2026年營收的季節性變化將與2025年基本一致。

We expect to deliver non-GAAP operating margin between 25.5% and 27.5%. Cost of revenue, exclusive of depreciation and amortization is expected to be relatively flat as a percentage of revenue compared to 2025. Diluted weighted average shares outstanding is anticipated to be between $36 million and $37 million for the full year. I am proud of our 2025 results made possible by the relentless focus on innovation and execution by our team.

我們預計非GAAP營業利潤率將在25.5%至27.5%之間。不計折舊和攤銷的營業成本佔收入的比例預計與2025年相比將保持相對穩定。全年稀釋後加權平均流通股數預計在3,600萬美元至3,700萬美元之間。我為我們2025年的業績感到自豪，這得益於我們團隊對創新和執行的不懈努力。

We are acquiring, growing and retaining customers, and our investments in AI and the resident experience are translating into meaningful performance outcomes for our customers. We are well positioned for success in 2026 as we continue to deliver on our mission of building the platform where real estate comes to do business. Thanks to all of you for your support and interest in AppFolio. Operator, this concludes today's call.

我們正在不斷獲取、發展和留住客戶，我們在人工智慧和住戶體驗方面的投入也正在為客戶帶來實際的業績成長。我們將繼續致力於打造房地產交易首選平台，並以此為使命，為2026年的成功奠定堅實的基礎。感謝各位對AppFolio的支持與關注。接線員，今天的電話會議到此結束。

And thank you for participating in today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連線了。