AppFolio, Inc. (APPF) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to Appfolio Inc.'s first-quarter 2026 financial results conference call. Please be advised, today's conference is being recorded, and a replay will be available on Appfolio Investor relations website.

下午好。感謝各位耐心等候，歡迎參加 AppFolio Inc. 2026 會計年度第一季財務業績電話會議。敬請留意，今日會議將進行錄音，並將於 AppFolio 投資人關係網站提供重播。

I would now like to have the conference over to Lori Barker, Investor Relations.

接下來我將把會議交給投資人關係部的 Lori Barker。

Thank you, operator. 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 first-quarter 2026 financial results. With me on the call today are Shane Trigg, Appfolio’s President and CEO, and Tim Eaton, Appfolio’s CFO.

謝謝，接線員。各位下午好。我是 AppFolio 投資人關係部的 Lori Barker，感謝各位今天與我們一同參與，聆聽 AppFolio 2026 會計年度第一季財務業績報告。今天與我一同出席電話會議的有 AppFolio 總裁暨執行長 Shane Trigg，以及 AppFolio 財務長 Tim Eaton。

This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com. Additionally, an audio replay of the call and a transcript of the prepared comments will be posted to the website.

本次電話會議亦同步於我們網站 appfolioinc.com 的投資人關係專區進行網路直播。

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.

在開始之前，我想提醒各位注意 AppFolio 的安全港聲明政策。本次電話會議與網路直播中的評論包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，並可能受到風險與不確定性影響。

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. 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.

任何提及對未來事件之預期、推估或其他描述的陳述（包括財務預測、未來市場狀況、業務表現，或未來產品強化或開發）均屬前瞻性陳述。AppFolio 未來實際結果可能因任何原因而與此等前瞻性陳述所表達者有重大差異，包括我們向 SEC 提交文件中所列之因素。

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, 2025, which was filed with the SEC on February 5, 2026.

除法律要求外，AppFolio 不承擔更新任何此類前瞻性陳述之義務。如需更詳細的風險與不確定性資訊，請參閱我們向 SEC 提交的文件，包括截至 2025 年 12 月 31 日止會計年度的 Form 10-K（已於 2026 年 2 月 5 日向 SEC 提交）。

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

此外，本次電話會議包含非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已收錄於我們發布於網站投資人關係專區的第一季財報新聞稿中。

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

接下來，我將把電話會議交給 Shane Trigg。Shane，請開始。

Thanks Lori, and welcome to everyone joining us today. Appfolio is off to a strong start in 2026. First-quarter revenue reached $262 million, a 20% year-over-year increase, and up from the 16% year-over-year increase we delivered in Q1 2025.

謝謝 Lori，也歡迎今天加入我們的各位。AppFolio 在 2026 年有個強勁的開局。第一季營收達 2.62 億美元，年增 20%，並高於我們在 2025 年第一季達成的年增 16%。

Non-GAAP operating income grew 36% and was 27.3% of revenue, and GAAP operating income increased 50% and was 19.4% of revenue. We had the best first quarter in company history for residential new business unit acquisition. And units on platform grew to 9.5 million, in line with our expectations and typical seasonality.

非 GAAP 營業利益成長 36%，占營收比重為 27.3%；GAAP 營業利益成長 50%，占營收比重為 19.4%。我們在住宅新業務單位取得方面，創下公司史上最佳第一季表現。平台上的單位數成長至 950 萬，符合我們的預期與典型季節性。

This is an exciting time for our business and our industry. AI is powerful, and we’re putting it to work across every dimension of our business, accelerating performance for our customers while driving greater efficiency across our own operations.

對我們的業務與產業而言，這是一個令人振奮的時刻。AI 具備強大力量，我們正將其運用於業務的各個面向，在提升客戶績效的同時，也推動我們自身營運更高的效率。

At our annual FUTURE conference last year, we introduced Real Estate Performance Management, what we call RPM, a new way of thinking about value creation in real estate. RPM represents a fundamental shift from reactive, task-oriented property management to a holistic practice of delivering value across the entire real estate ecosystem.

在去年我們的年度 FUTURE 大會上，我們推出了不動產績效管理（Real Estate Performance Management），我們稱之為 RPM，這是一種重新思考不動產價值創造的新方式。RPM 代表從被動、以任務為導向的物業管理，轉向在整個不動產生態系中全面交付價值的整體性實務，這是一項根本性的轉變。

Residents that love where they live. Investors that see consistent, strong returns. Property management businesses that grow, serving communities that thrive. Achieving that requires a performance platform that provides the harness for intelligent AI orchestration in real estate. With an AI-native architecture of three interconnected systems, a system of record, a system of action, and a system of growth. All accessible through one unified experience.

住戶喜愛他們居住的地方。投資人看到穩定且強勁的報酬。物業管理企業成長，服務的社區蓬勃發展。要達成這些，需要一個績效平台，為不動產領域的智慧 AI 協同編排提供支撐。該平台採用 AI 原生架構，由三個相互連結的系統組成：記錄系統（system of record）、行動系統（system of action）與成長系統（system of growth）。所有功能皆可透過單一、統一的體驗存取。

There’s a unique advantage in operating a mission-critical platform in a vertical market, sitting at the center of how our customers operate their business. Compliance is embedded in how our platform works, not layered on after the fact, and the domain knowledge we’ve encoded across residential real estate is sharpened by tens of thousands of customers. Our Realm-X Performers are fully operational AI agents built directly into the platform, taking ownership of entire workflows and doing the work with and for our customers.

在垂直市場中營運一個關鍵任務平台，並位於客戶營運其業務方式的核心，具有獨特優勢。合規性是內建於我們平台的運作方式之中，而非事後再加上；而我們在住宅不動產領域所編碼的領域知識，也因數以萬計的客戶而更加精進。我們的 Realm-X Performers 是直接內建於平台中的全功能營運型 AI 代理，能夠接管完整工作流程，與客戶一起、並為客戶完成工作。

And by reimagining the resident experience with the services renters demand, we turn Appfolio from a cost center into a growth driver, one whose value deepens with every customer we serve. The RPM discipline we’ve introduced and the performance platform we’ve built are redefining what it means to win in real estate. It’s gratifying to see the market embracing RPM and our customers turning it into daily practice.

此外，透過以租戶所需求的服務重新想像住戶體驗，我們將 AppFolio 從成本中心轉變為成長驅動引擎，而且我們服務的每一位客戶都會讓其價值更為深化。我們所引入的 RPM 紀律，以及我們所打造的績效平台，正在重新定義在不動產領域「勝出」的意義。看到市場擁抱 RPM、以及我們的客戶將其落實為日常實務，令人欣慰。

Dan Rubenstein puts it well. He’s the CEO of Hampton Management Associates, a 3,000-unit Bay Area property management company that this quarter signed a three-year renewal on our Max plan. I quote, Appfolio is attacking the friction in our business by consolidating our tech stack onto a single platform. By integrating Realm-X Performers to automate core workflows, we’ve transitioned our team from manual administrative tasks to high-value resident engagement. Partnering with Appfolio allows us to spend less time on system maintenance and compliance and reallocate resources toward scaling. It provides one source of truth where everything is simplified, so we can stop reinventing the wheel and get back to the business of bettering our properties, end quote.

Dan Rubenstein 說得很貼切。他是 Hampton Management Associates 的執行長，該公司是灣區一家管理 3,000 個單位的物業管理公司，本季與我們的 Max 方案簽署了三年續約。我引用他的話：AppFolio 透過將我們的技術堆疊整合到單一平台，正在消除我們業務中的摩擦。藉由整合 Realm-X Performers 來自動化核心工作流程，我們已將團隊從手動行政作業轉向高價值的住戶互動。與 AppFolio 合作讓我們能把更少時間花在系統維護與合規上，並將資源重新配置以支持擴張。它提供單一真實來源（single source of truth），讓一切都更簡化，因此我們可以停止重複造輪子，回到提升我們物業品質的本業上。引述完畢。

Dan’s experience reflects the type of customer outcomes we pursue through the pillars of our company strategy. Our first strategic pillar is to differentiate to win. Starting with our system of action. Our AI strategy is producing measurable commercial outcomes at scale. More than 99% of our nearly 23,000 customers are now using some form of our AI-powered Realm suite.

Dan 的經驗反映了我們透過公司策略支柱所追求的客戶成果類型。我們的第一個策略支柱是「差異化以致勝」。首先從我們的行動系統著手。我們的 AI 策略正在大規模產生可衡量的商業成果。目前，我們近 23,000 名客戶中已有超過 99% 正在使用某種形式的 AI 驅動 Realm 套件。

AI actions are up 7x year over year, and Performer adoption has grown almost 500% quarter over quarter. The Business Intelligence Group has recognized this momentum, naming Appfolio a 2026 Artificial Intelligence Excellence Award winner in the Agentic AI category.

AI 行動次數年增達 7 倍，而 Performer 的採用率季增接近 500%。Business Intelligence Group 也肯定了這股動能，將 AppFolio 評選為 2026 年「人工智慧卓越獎」（Artificial Intelligence Excellence Award）得主，獲獎類別為 Agentic AI。

Maintenance Performer is a good example since it tackles a workflow that’s universal in property management. Resident issues don’t stop at 5:00 PM, and neither does Appfolio. Over half of all work orders are submitted after-hours, and Realm-X Maintenance Performer is there to respond to residents in an average of 6 seconds, triaging and troubleshooting the issue and automatically creating a work order when needed.

Maintenance Performer 是一個很好的例子，因為它處理的是物業管理中普遍存在的工作流程。住戶問題不會在下午 5 點停止，AppFolio 也不會。超過一半的工單是在非上班時間提交，而 Realm-X Maintenance Performer 會即時回應住戶，平均 6 秒內回覆，進行分流與故障排除，並在需要時自動建立工單。

This quarter, we enhanced the Maintenance Performer with new vendor follow-up capabilities. It now proactively contacts vendors, monitors open work orders, confirms completions, and logs every interaction automatically.

本季，我們為 Maintenance Performer 增強了新的供應商追蹤跟進功能。它現在會主動聯繫供應商、監控未結工單、確認完工，並自動記錄每一次互動。

Turning to our system of record. Appfolio Stack is deepening what customers can do directly within Appfolio while continuously expanding the categories it covers, most recently adding cloud three communications through SimpleVoIP.

接著談談我們的記錄系統（system of record）。Appfolio Stack 正在深化客戶可直接在 Appfolio 內完成的事項，同時持續擴展其涵蓋的類別，最近更透過 SimpleVoIP 新增雲端通訊。

We’ve surpassed 5 million units connected on Stack, creating a powerful network whose value grows with every connection. The depth of these integrations is what sets them apart. Through our partnership with AvidXchange, Plus and Max customers can now manage their entire accounts payable lifecycle, bill payment, real-time status tracking, reconciliation, and fraud protection, directly within Appfolio. This isn’t just a data handoff between systems. It’s the full workflow, inside our platform.

我們已超過 500 萬個單位連接至 Stack，形成一個強大的網路，其價值會隨著每一次連結而成長。這些整合的深度正是其與眾不同之處。透過與 AvidXchange 的合作，Plus 與 Max 客戶現在可直接在 Appfolio 內管理整個應付帳款（AP）生命週期，包括帳單支付、即時狀態追蹤、對帳與防詐保護。這不只是系統之間的資料交接。而是完整的工作流程，就在我們的平台內。

In our system of growth, we start with one conviction, the resident is at the center of the real estate ecosystem. When they thrive, so does everyone in the industry. And the data is clear on what that means for business performance. Our national study of more than 3,000 renters confirms that a modern resident experience is a strong driver of satisfaction. The research shows satisfied residents are 72% more likely to renew and 34% less likely to plan a move, directly impacting NOI and property performance.

在我們的成長系統中，我們從一個信念出發：住戶是房地產生態系的核心。當他們蓬勃發展，產業中的每個人也會受益。而數據清楚顯示這對企業績效意味著什麼。我們針對超過 3,000 名租客的全國性研究證實，現代化的住戶體驗是滿意度的重要驅動因素。研究顯示，滿意的住戶續租的可能性高出 72%，且規劃搬家的可能性低 34%，直接影響 NOI 與物業績效。

But we’re measuring something deeper than satisfaction, the impact on the daily lives of renters. Residents on our platform with access to resident services score 14% higher on the Cantril Ladder for life satisfaction. The highest-leverage moment to deliver that value is at move-in. It sets the tone for the entire resident journey, and is where offering easy access to the right services becomes a differentiator for property managers.

但我們衡量的不僅是滿意度，而是對租客日常生活更深層的影響。在我們平台上可使用住戶服務的住戶，其在 Cantril Ladder 的生活滿意度得分高出 14%。能夠以最高槓桿交付這項價值的時刻是在入住（move-in）。它為整段住戶旅程定調，而在此提供便捷取得合適服務的能力，將成為物業管理者的差異化優勢。

Resident Onboarding Lift transforms that moment. Rather than a checklist of manual tasks, move-in becomes a streamlined, transparent, digital experience covering renters' insurance, utilities setup, and other essential services. The result is a 95% attach rate at move-in, compared to 64% without it, and more renters with insurance coverage that protects their personal property. Our recent addition of Group Rate Internet to Resident Onboarding Lift gives residents convenient, affordable connectivity from the moment they move in.

Resident Onboarding Lift 讓這個時刻徹底改變。入住不再是一份人工任務清單，而是涵蓋租客保險、公共事業開通與其他必要服務的精簡、透明、數位化體驗。結果是在入住時的附加採用率（attach rate）達到 95%，相較之下，未使用時為 64%；同時也讓更多租客擁有可保障其個人財產的保險保障。我們近期在 Resident Onboarding Lift 中新增的 Group Rate Internet，讓住戶從搬入的第一刻起就能享有便利、實惠的連線服務。

In the same renter research I mentioned a moment ago, 97% of group rate internet users say it’s saved them money and improved their financial well-being. Brad Randall, the President of Welch Randall, a nearly 6,000-unit Appfolio customer headquartered in Ogden, Utah, explains it this way. Residents complete the entire move-in on their phone. It walks them through each step clearly, so they understand exactly what they're signing up for and why. The result is faster lease execution, fewer questions, and residents who feel confident and set up for success from day one.

在我剛才提到的同一項租客研究中，97% 的團體費率網路使用者表示，這項服務為他們省下了費用並改善了其財務福祉。總部位於猶他州奧格登、近 6,000 個單位的 Appfolio 客戶 Welch Randall 之總裁 Brad Randall 這樣說明：住戶可在手機上完成整個入住流程。系統會清楚引導每一步，讓他們確切了解自己正在申請什麼以及原因。結果是租約簽署更快、問題更少，且住戶從第一天起就更有信心、也更能順利展開。

Our second strategic pillar is to deliver performance efficiently. Let’s start with how we’re delivering for our customers. As the industry shifts toward RPM, ambitious operators are choosing Appfolio to drive increased performance. Mandy Management, a New Haven, Connecticut-based operator managing more than 3,000 units, is one of our newest customers. They selected Appfolio to consolidate their disparate systems into a unified platform.

我們的第二個策略支柱是高效率地交付績效。先從我們如何為客戶交付成果談起。隨著產業轉向 RPM，具企圖心的營運商正選擇 Appfolio 來推動更高的績效。位於康乃狄克州紐黑文、管理超過 3,000 個單位的營運商 Mandy Management，是我們最新的客戶之一。他們選擇 Appfolio，將分散的系統整合為單一的統一平台。

By replacing clunky interfaces and manual accounting with integrated AI workflows and real-time reporting, they’re streamlining everything from maintenance coordination to resident communications to accelerate performance. New customer momentum is one measure of our success. Equally important is the retention and growth we’re driving within our existing customer base. Since 2017, West Des Moines, Iowa-based Newbury Living has grown its portfolio to 2,300 units on Appfolio. They continue to consolidate new acquisitions under our platform, driven by our high-performance AI tools.

透過以整合式 AI 工作流程與即時報表取代笨重的介面與人工會計作業，他們正精簡從維修協調到住戶溝通的各個環節，以加速績效提升。新客戶動能是衡量我們成功的一項指標。同樣重要的是，我們在既有客戶基礎中推動的留存與成長。自 2017 年以來，總部位於愛荷華州西得梅因的 Newbury Living 已將其投資組合擴大至在 Appfolio 上管理 2,300 個單位。在我們高效能 AI 工具的帶動下，他們持續將新收購的資產整合到我們的平台之下。

Rich Overholt, Technology Implementation Coordinator at Newbury Living, explains, and I quote, we evaluated a specialized AI leasing solution alongside Realm-X Leasing Performer, and chose Appfolio. What won us over was how much Appfolio already understood about how we operate. Other solutions required us to bring all that context to them. With Appfolio, it was already there. Since deploying Leasing Performer, our inquiry to completed showings conversion rate has increased 20%, and Leasing Performer is now driving 57% of all completed showings, freeing our onsite team to stay focused on closing high-intent tours, end quote.

Newbury Living 的技術導入協調員 Rich Overholt 解釋道，我引用他的話：我們在評估一套專門的 AI 租賃解決方案的同時，也評估了 Realm-X Leasing Performer，最後選擇了 Appfolio。打動我們的是，Appfolio 對我們的營運方式已經有很深的理解。其他解決方案需要我們把所有這些背景脈絡帶給它們。但在 Appfolio，這些早就存在。自從部署 Leasing Performer 之後，我們從詢問到完成帶看（showings）的轉換率提升了 20%，而且 Leasing Performer 現在推動了 57% 的所有完成帶看，讓我們的現場團隊能專注於促成高意向看房的成交，引用結束。

We’re successfully attaching AI products when customers sign, expand, or renew with us, reflecting the growing value they see in our platform and continuing to drive growth for Appfolio. That value is rooted in how Appfolio is built. A unified platform that tightly connects the system of record and the system of action provides the harness for intelligent AI orchestration.

我們在客戶簽約、擴充或續約時，成功帶動 AI 產品的附加採用，反映出他們在我們平台上看到的價值持續提升，並持續推動 Appfolio 的成長。這份價值根植於 Appfolio 的建構方式。一個將記錄系統（system of record）與行動系統（system of action）緊密連結的統一平台，為智慧型 AI 編排提供了支撐架構。

Our AI agents operate directly on governed, real-time data and transactional workflows, reducing latency, avoiding connector fragility, and improving accuracy and security. Appfolio’s AI data architecture gives agentic capabilities native access to the underlying data model and execution layer, enabling more reliable automation, better orchestration, and faster results.

我們的 AI 代理（agents）直接在受治理的即時資料與交易型工作流程上運作，降低延遲、避免連接器脆弱性，並提升準確性與安全性。Appfolio 的 AI 資料架構讓具代理式（agentic）能力的功能可原生存取底層資料模型與執行層，從而實現更可靠的自動化、更佳的編排，以及更快的成果。

The same discipline we bring to our customers’ performance, we apply to our own. AI-native engineering is changing how we build. We’re compressing the time from concept to deployment, enabling our teams to design, code, test, and refine products with greater speed and precision. That means more value in the hands of our customers, faster. This shift is freeing our engineers to pursue the work that compounds long-term platform value, including market and customer opportunities that otherwise may have taken us longer to address. Our growing efficiency is reflected in our financial performance, as we reduced R&D as a percentage of revenue year over year, which Tim will speak to shortly.

我們以同樣的紀律協助客戶提升績效，也同樣用在自身。AI 原生工程正在改變我們的建置方式。我們正在壓縮從概念到部署的時間，讓團隊能以更高的速度與精準度完成設計、撰寫程式、測試與迭代優化。這代表我們能更快把更多價值交到客戶手中。這項轉變也讓工程師得以投入能累積長期平台價值的工作，包括市場與客戶機會；若非如此，我們可能需要更久才能處理。我們效率的提升也反映在財務表現上：我們的研發費用占營收比重較去年同期下降，Tim 稍後會進一步說明。

Our third strategic pillar is great people and culture. I’m consistently inspired by our team’s ability to innovate at an exceptional pace and make a real difference for our customers. It’s their dedication that makes our vision to power the future of real estate a reality. I’m pleased to share that Appfolio has been re-certified as a Great Place to Work for 2026. That recognition is a reflection of the people at the heart of this company. Appfolians who exemplify our values, live the Appfolian Way, and deeply care about our customers.

我們的第三個策略支柱是卓越的人才與文化。我持續受到團隊以非凡速度創新、並為客戶帶來真正改變的能力所激勵。正是他們的投入，讓我們「驅動房地產未來」的願景成為現實。我很高興分享，Appfolio 已再次獲得 2026 年 Great Place to Work 的認證。這項肯定反映了這家公司核心的人：那些體現我們價值觀、實踐 Appfolian Way，並深切關懷客戶的 Appfolians。

On that note, I’m delighted to announce that Kyle Triplett has been promoted to Chief Product Officer. Many of you know Kyle from his leadership across our product organization, where he’s been instrumental in delivering the Appfolio Performance Platform and our Realm-X AI capabilities. In this expanded role, Kyle will continue to lead our product strategy and design, advancing Appfolio’s innovation leadership and ensuring our platform continues to set the standard for the industry.

順帶一提，我很高興宣布 Kyle Triplett 已晉升為首席產品長（Chief Product Officer）。許多人都認識 Kyle，他在我們產品組織的領導上扮演關鍵角色，對於交付 Appfolio Performance Platform 與我們的 Realm-X AI 能力功不可沒。在這個擴大的職務中，Kyle 將持續領導我們的產品策略與設計，推進 Appfolio 的創新領導地位，並確保我們的平台持續為產業樹立標準。

The RPM discipline we’ve introduced and the performance platform we have built are turning property managers into performance managers, and when they win, everyone in the real estate ecosystem does as well.

我們所導入的 RPM 紀律，以及我們所打造的績效平台，正把物業管理者轉變為績效管理者；而當他們成功時，整個房地產生態系中的每一方也都會一同受益。

With that, I will hand it over to Tim to share more about Appfolio’s Q1 financial results.

接下來，我將把時間交給 Tim，請他分享更多關於 AppFolio 第一季的財務表現。

Thank you, Shane. I am pleased with our first-quarter results and strong start to 2026, which demonstrate how our performance platform continues to deliver outcomes for our customers and that customer value is increasingly visible in our financial results.

謝謝你，Shane。我對我們第一季的成果以及 2026 年的強勁開局感到滿意，這些結果展現了我們的績效平台如何持續為客戶帶來成效，而客戶價值也正日益清楚地反映在我們的財務結果之中。

In the first quarter, we delivered revenue of $262 million, growing 20% year over year, compared to $218 million in Q1 2025. Subscription services revenue, previously called core revenue, grew 18% year over year to $58 million compared to $49.5 million in Q1 2025. This growth was driven by winning new customers, growth in total units under management, and an increasing number of customers upgrading to our Plus and Max premium tiers. This tier upgrade trend reflects the growing value customers are finding in Realm-X Flows, our AI-powered workflow automation engine currently available in premium tiers, our expanding Stack partner ecosystem, and mixed portfolio capabilities, such as student and affordable housing.

第一季我們實現營收 2.62 億美元，較去年同期成長 20%，相較於 2025 年第一季的 2.18 億美元。訂閱服務營收（先前稱為核心營收）年增 18% 至 5,800 萬美元，相較於 2025 年第一季的 4,950 萬美元。此成長主要來自贏得新客戶、管理單位總數增加，以及越來越多客戶升級至我們的 Plus 與 Max 高級方案。這股方案升級趨勢反映出客戶在 Realm-X Flows（我們以 AI 驅動的工作流程自動化引擎，目前提供於高級方案）、我們持續擴大的 Stack 合作夥伴生態系，以及混合型投資組合能力（例如學生住宅與平價住宅）中所獲得的價值日益提升。

First-quarter revenue from Value Added Services grew 22% year over year to $201 million, driven by increased adoption of our FolioGuard risk mitigation services, FolioScreen offerings, and online payments, as well as growth in units under management. Resident Onboarding Lift and Realm-X performers, comprising our Leasing, Maintenance, and Resident Messenger AI agents are also increasing their contribution to Value Added Services revenue.

第一季加值服務（Value Added Services）營收年增 22% 至 2.01 億美元，主要受惠於 FolioGuard 風險緩解服務、FolioScreen 產品與線上支付的採用率提升，以及管理單位數成長。Resident Onboarding Lift 與 Realm-X performers（由我們的租賃、維修與住戶訊息 AI 代理所組成）也正提高其對加值服務營收的貢獻。

We continue to be pleased with our acquisition and retention of customers and units. At the end of the quarter, we managed approximately 9.5 million units compared to 8.8 million units a year ago, representing an 8% increase. Customers grew to 22,520 from 21,105, a growth rate of 7%. Customer and unit retention continues to be strong and in line with historical averages. In summary, first-quarter revenue of $262 million, growing 20% year over year, reflects our continued strength in winning new business and driving adoption of our products and services.

我們對客戶與管理單位的獲取與留存仍持續感到滿意。季度末，我們管理約 950 萬個單位，相較一年前的 880 萬個單位，增加 8%。客戶數由 21,105 增至 22,520，成長率為 7%。客戶與單位留存率持續強勁，並與歷史平均水準一致。總結而言，第一季營收 2.62 億美元、年增 20%，反映我們在贏得新業務以及推動產品與服務採用方面的持續強勁表現。

Turning to margin. In the first quarter, GAAP operating income, which includes stock-based compensation expense, grew 50% year over year to $51 million, or 19.4% of revenue compared to $34 million, or 15.5% of revenue last year. Non-GAAP operating income grew 35% to $72 million, or 27.3% of revenue compared to $53 million, or 24.3% of revenue in 2025.

接著談毛利與利潤率。第一季 GAAP 營業利益（包含以股票為基礎的薪酬費用）年增 50% 至 5,100 萬美元，占營收 19.4%；去年同期為 3,400 萬美元，占營收 15.5%。非 GAAP 營業利益年增 35% 至 7,200 萬美元，占營收 27.3%；相較之下，2025 年為 5,300 萬美元，占營收 24.3%。

Continuing with non-GAAP measures, cost of revenue, exclusive of depreciation and amortization, was flat year over year at 36% of revenue. Efficiencies in our operations were offset by our payments product mix and additional data center spend to support our customers' growing usage of our AI product capabilities.

延續非 GAAP 指標，扣除折舊與攤銷後的營收成本占營收比重與去年同期持平，為 36%。營運效率的提升，被我們支付產品組合的影響，以及為支援客戶日益增加的 AI 產品能力使用量而增加的資料中心支出所抵銷。

As a percent of revenue, in the first quarter, sales and marketing was consistent with the first quarter of 2025 at 13% as we continued to invest in additional sales capacity and go-to-market initiatives to drive new unit acquisition, premium tier upgrades, and value-added services adoption.

以營收百分比計，第一季銷售與行銷費用與 2025 年第一季一致，為 13%；我們持續投資於增加銷售產能與市場推進（go-to-market）計畫，以推動新增管理單位、促進高級方案升級，以及提升加值服務採用。

R&D spending declined as a percent of revenue to 16% from 17% in the prior year. The use of AI tools and systems is increasing the velocity of our innovation and the productivity of our engineering teams, particularly in areas such as the resident experience and AI product capabilities.

研發支出占營收比重由去年同期的 17% 降至 16%。AI 工具與系統的使用正提升我們的創新速度與工程團隊生產力，尤其是在住戶體驗與 AI 產品能力等領域。

G&A expense declined to 7% from 8% as a percentage of revenue, reflecting the benefits of scale and continued operational efficiencies. We exited the quarter with 1,721 employees, an increase of 4% from the first quarter of 2025, primarily reflecting growth in sales capacity as we continue to invest to win new business, drive premium tier upgrades, and increase adoption of value-added services, such as resident Onboarding Lift and Performers.

一般與行政（G&A）費用占營收比重由 8% 降至 7%，反映規模效益與持續的營運效率提升。本季結束時員工數為 1,721 人，較 2025 年第一季增加 4%，主要反映銷售產能的擴張；我們持續投資以贏得新業務、推動高級方案升級，並提升加值服務（如 Resident Onboarding Lift 與 Performers）的採用。

In the first quarter, we deployed $125 million to repurchase 702,500 shares. Our opportunistic share repurchase strategy is one component of how we are driving long-term shareholder value. In 2025 and 2026 to date, we have repurchased nearly 1.4 million shares and have another $125 million remaining of our existing share repurchase program. Our balance sheet remains healthy, providing financial flexibility as we continue on our mission to build the platform where real estate comes to do business.

第一季我們投入 1.25 億美元回購 702,500 股股票。我們的機會型股票回購策略，是我們推動長期股東價值的其中一項作法。截至目前，2025 年與 2026 年我們已回購近 140 萬股，且現行股票回購計畫尚餘 1.25 億美元額度。我們的資產負債表仍然穩健，為我們在持續推進使命——打造房地產進行商務活動的平台——的同時，提供財務彈性。

Now turning to our 2026 financial outlook, we are raising our guidance for annual revenue to a range of $1.110 to $1.125 billion for a full-year mid-point growth rate of 17.5%, fueled by adoption of our premium tier offerings, growth in new business units, and increasing adoption of our products and services, including Agentic AI Performers and new resident services.

接著談 2026 年財務展望：我們上調全年營收指引至 11.10 億至 11.25 億美元區間，全年中位數成長率為 17.5%；成長動能來自高級方案的採用、新增業務單位成長，以及我們產品與服務（包括 Agentic AI Performers 與新的住戶服務）採用率提升。

We continue to anticipate 2026 revenue seasonality to be mostly consistent with 2025. We are also raising our guidance for non-GAAP operating margin and expect to deliver between 26.0% and 28.0%, compared to 2025 of 24.7%.

我們仍預期 2026 年營收季節性將大致與 2025 年一致。我們也上調非 GAAP 營業利益率指引，預期將介於 26.0% 至 28.0%，相較 2025 年的 24.7%。

Cost of revenue, exclusive of depreciation and amortization is expected to be relatively flat as a percentage of revenue compared to 2025. While we expect to continue hiring in areas including sales, operating expenses as a percent of revenue are projected to decline modestly as we scale and leverage AI to drive efficiency across our internal operations. Diluted weighted average shares outstanding is now anticipated to be approximately 36 million for the full year.

扣除折舊與攤銷後的營收成本，預期占營收比重相較 2025 年將大致持平。雖然我們預期將持續在包含銷售等領域招募人員，但隨著規模擴大並運用 AI 提升內部營運效率，營業費用占營收比重預計將小幅下降。全年稀釋加權平均流通股數目前預期約為 3,600 萬股。

To close, Q1 reflects continued long-term shareholder value creation through revenue growth, margin expansion, and disciplined capital allocation. Together, these priorities are designed to grow operating cash flow over time, manage dilution, and drive durable customer performance. We are pleased with our results and remain focused on executing on our vision to power the future of real estate.

最後，第一季反映我們透過營收成長、利潤率擴張，以及嚴謹的資本配置，持續創造長期股東價值。這些優先事項共同旨在隨時間推進提升營運現金流、管理稀釋，並推動客戶績效的長期韌性。我們對成果感到滿意，並將持續專注於執行我們的願景——為房地產的未來提供動力。

Thanks to all of you for your support and interest in Appfolio. Operator, this concludes today's call.

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。

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

謝謝。各位女士、先生，今天的電話會議到此結束。您現在可以掛線。再見。