AppFolio, Inc. (APPF) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Appfolio, Inc.'s second quarter 2026 Financial Results Conference Call. Please be advised that today's conference is being recorded, and a replay will be available on Appfolio's Investor Relations website. I would now like to hand the conference over to Lori Barker, Investor Relations.

大家好，感謝您耐心等候。歡迎參加 AppFolio, Inc. 2026 會計年度第二季財務業績電話會議。敬請注意，今天的會議將被錄音，並將於 AppFolio 投資人關係網站提供重播。現在我想將會議交給投資人關係部的 Lori Barker。

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 second quarter 2026 financial results. With me on the call today are Shane Trigg, Appfolio's Chairman 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。各位下午好。我是 AppFolio 投資人關係部的 Lori Barker，感謝各位今天加入我們，一同聆聽 AppFolio 2026 年第二季財務業績報告。今天與我一同出席的還有 AppFolio 董事長暨執行長 Shane Trigg，以及 AppFolio 財務長 Tim Eaton。本次電話會議也將同步於我們網站 appfolioinc.com 的投資人關係專區進行網路直播。

Additionally, an audio replay of the call and a transcript of the prepared comments will be posted to the website. 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.

此外，本次電話會議的音訊重播以及事先準備之發言稿逐字稿也將發布於網站上。在開始之前，我想提醒各位注意 AppFolio 的安全港（Safe Harbor）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》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述，並受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.

任何提及對未來事件之預期、推估或其他描述（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）的陳述，均屬前瞻性陳述。

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.

由於任何原因（包括我們向 SEC 提交之文件中所列因素），AppFolio 未來實際結果可能與此等前瞻性陳述所表達者存在重大差異。除法律要求外，AppFolio 不承擔更新任何此等前瞻性陳述之義務。

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. In addition, this call contains non-GAAP financial measures.

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，該文件已於 2026 年 2 月 5 日向 SEC 提交。此外，本次電話會議包含非 GAAP 財務衡量指標。

Reconciliations of these non-GAAP. Financial measures with the most directly comparable GAAP measures are included in our second quarter earnings release posted on the Investor Relations section of our website. With that, I turn the call over to Shane Trigg. Shane, please go ahead.

這些非 GAAP財務衡量指標與最直接可比之 GAAP 衡量指標的調節表，已包含於我們發布在網站投資人關係專區的第二季財報新聞稿中。接下來，我把電話交給 Shane Trigg。Shane，請開始。

Thanks, Lori, and welcome to everyone joining us today. AppFolio delivered a strong second quarter. Revenue reached $281 million, a 19% year-over-year increase. For the first time, we've crossed $1 billion in revenue on a trailing 12-month basis. Non-GAAP operating income was 27.1% of revenue and GAAP operating income was 18.8% of revenue.

謝謝你，Lori，也歡迎今天加入我們的各位。AppFolio 第二季表現強勁。營收達到 2.81 億美元，年增 19%。我們首次在過去 12 個月（TTM）基礎上突破 10 億美元營收。非 GAAP 營業利益占營收比重為 27.1%，GAAP 營業利益占營收比重為 18.8%。

Units on platform grew to 9.6 million. This is an exciting time for our business and our industry. I want to start where it matters most, with the operators running and growing their businesses on AppFolio. We spent time at NAA Apartmentalize this quarter, the largest multifamily gathering of the year, and the signal coming out of New Orleans was clear. There's universal interest in AI.

平台上的管理單位數成長至 960 萬。對我們的業務與產業而言，這是一個令人振奮的時刻。我想先從最重要的地方談起：在 AppFolio 上經營並成長其業務的營運者。本季我們參加了 NAA Apartmentalize（年度最大規模的多戶住宅產業聚會），從紐奧良傳出的訊號非常明確。大家對 AI 都有普遍且高度的興趣。

Every vendor on the floor was promising something new, but the conversation that kept repeating at the Executive Forum, in the hallways wasn't about adding more tools. It was about the cost of complexity, the accumulating weight of systems that don't talk to each other, workflows that require human translation and AI that executes tasks without delivering performance outcomes.

展場上的每一家供應商都在承諾推出新東西，但在高階主管論壇與走廊間反覆出現的對話，並不是要再增加更多工具。而是在談複雜性的成本：彼此無法互通的系統日益堆疊、需要人工「翻譯」的工作流程，以及只會執行任務卻無法帶來績效成果的 AI。

To drive greater impact across their real estate operations, property managers are prioritizing technology consolidation. In fact, our recent AppFolio Property Management Benchmark survey reveals that 45% are actively planning to streamline their software solutions. It's a story we hear consistently from customers who've made the switch to AppFolio.

為了在其不動產營運中創造更大的影響，物業管理公司正優先推動技術整併。事實上，我們近期的 AppFolio 物業管理基準調查顯示，有 45% 的受訪者正積極規劃精簡其軟體解決方案。這也是我們一再從轉用 AppFolio 的客戶那裡聽到的故事。

Case in point, RST & Associates reduced from six disconnected systems, Advanced Management Company from nine, Northpoint Asset Management from 14. The pattern is clear. But consolidation isn't the end game. It's simply removing blockers to what customers actually want, real performance. The gap between those who have it and those who don't is widening.

例如，RST & Associates 從 6 套彼此分離的系統縮減；Advanced Management Company 從 9 套縮減；Northpoint Asset Management 則從 14 套縮減。這個趨勢非常明顯。但整併並不是終點。它只是移除阻礙，讓客戶能得到他們真正想要的：真正的績效。而擁有績效與沒有績效者之間的差距正在擴大。

Property managers in the top quartile are more than twice as profitable as the rest of the industry, according to performance benchmark data from ProfitCoach, a business coaching firm. Meanwhile, AppFolio's Performance Ecosystem Report shows the average property management leader still spends two-thirds of their time on reactive routine operational work.

根據商業教練公司 ProfitCoach 的績效基準資料，位於前四分位的物業管理公司，其獲利能力是產業其他公司的兩倍以上。同時，AppFolio 的《Performance Ecosystem Report》顯示，平均而言，物業管理領導者仍將三分之二的時間花在被動、例行的營運工作上。

That's the performance gap. It's real, it's growing, and it's exactly the problem AppFolio is solving for our customers. Real performance requires a platform that combines an AI-native architecture with interconnected systems of record, action and growth, a platform that stores the data, does the work, creates the value, unifies the experience, drives the economics and powers the future of real estate.

這就是績效落差。它是真實存在的、正在擴大，而這正是 AppFolio 為客戶解決的問題。真正的績效需要一個平台：將 AI 原生架構與彼此互聯的「記錄系統、行動系統與成長系統」結合；這個平台能儲存資料、完成工作、創造價值、統一體驗、推動經濟效益，並驅動不動產的未來。

That's our vision in real estate performance management, or as we call it, RPM, is the organizing discipline for how the top operators are winning. Our customer, PURE HomeRiver, is what RPM looks like at scale. Formed through the merger of PURE Property Management and HomeRiver Group, they now operate in 35 states.

這就是我們在不動產績效管理（Real Estate Performance Management）上的願景，我們稱之為 RPM；它是頂尖營運者致勝方式的核心組織性方法。我們的客戶 PURE HomeRiver，就是 RPM 在規模化運作下的樣貌。他們由 PURE Property Management 與 HomeRiver Group 合併而成，目前已在 35 個州營運。

On AppFolio since 2020, upgraded to Plus in 2022 and executing a successful M&A strategy ever since. This quarter, they renewed their commitment to AppFolio, [ establishing ] us as their single platform of choice to support the consolidation of their current 40,000-unit portfolio and their anticipated growth to 60,000 units.

自 2020 年起使用 AppFolio，並於 2022 年升級至 Plus，之後持續執行成功的併購（M&A）策略。本季，他們續約並再次承諾採用 AppFolio，[ 確立 ] 我們為其唯一首選平台，以支持其整併目前 40,000 個單位的投資組合，並支援其預期成長至 60,000 個單位。

As their Co-Founder and CEO, Joseph Polverari, put it, we've been dedicated to unifying operations and standardizing processes to create simplified resident, owner and management experiences that deliver results. In building the technology stack to support that scale, AppFolio was the only clear option for the phase we're in.

正如其共同創辦人暨執行長 Joseph Polverari 所說，我們一直致力於整合營運並標準化流程，以打造更簡化的住戶、業主與管理體驗，並交付成果。在建立支援該等規模的技術堆疊時，AppFolio 是我們所處階段唯一明確的選擇。

One source of truth clarifies the path to performance across every market we're in today and in the future. That's the confidence of an operator who's experienced what our platform can do. It reflects the work we do every day across three strategic pillars, starting with differentiate to win. Our performance platform is our differentiator and our advantage.

單一真實來源（single source of truth）能釐清我們在當前以及未來所進入的每一個市場中，通往績效的路徑。這就是一位營運者在親身體驗我們平台能力後所展現的信心。這也反映了我們每天圍繞三大策略支柱所做的工作，首先是「差異化以致勝」。我們的績效平台就是我們的差異化與優勢。

At the center of our system of action is Realm-X Flows, the orchestration layer that automates the work and governs how it gets done. We've expanded the breadth of Flows significantly this quarter, 5 times the triggers with over 1,000 conditional options to route and filter workflows. Among customers who have adopted Flows, runs have grown triple digits year-over-year across lead nurture, rental application, move-in, delinquency and renewal.

在我們的行動系統核心，是 Realm-X Flows：一個用於協調編排的層，能自動化工作並治理其執行方式。本季我們大幅擴展 Flows 的廣度：觸發條件增加至 5 倍，並提供超過 1,000 種條件選項，用於路由與篩選工作流程。在已採用 Flows 的客戶中，於潛在客戶培育、租賃申請、入住、欠款催收與續約等流程的執行次數，年增皆達三位數成長。

When Flows routes work to a Realm-X Performer, it hands off to an agent designed and deployed by AppFolio, purpose-built for the major domains of property management. Leasing Performer is now involved in roughly half of all completed showings for customers who've deployed it. Our voice capability is designed to ensure fewer leads slip through the cracks, capturing more after-hours demand and improving inquiry-to-showing conversion. Maintenance Performer responds to resident inquiries in seconds. Now residents receive a consistent, timely response to every request, including those that come in after hours.

當 Flows 將工作路由給 Realm-X Performer 時，會交由 AppFolio 設計並部署的代理（agent）接手，該代理是為物業管理的主要領域量身打造。對於已部署 Leasing Performer 的客戶而言，Leasing Performer 現在約參與了所有已完成帶看的一半。我們的語音能力旨在確保更少的潛在客戶被遺漏，捕捉更多下班後的需求，並提升從詢問到帶看的轉換率。Maintenance Performer 能在數秒內回覆住戶詢問。如今，住戶對每一項請求都能收到一致且即時的回應，包括下班後提出的請求。

Resident Messenger Performer is handling renewal communications and resident questions throughout the rental journey. Building on this success, we announced our newest agent, Accounting Performer, at Apartmentalize. It will accelerate the manual close cycle by streamlining bill entry, financial close processes and budgeting. Every agent action, whether it runs through a Performer or a certified partner or a third-party model, operates within the permissions and guardrails defined within AppFolio. The operators' policies, their business context, their governance, all of it travels with every workflow.

Resident Messenger Performer 正在整個租賃旅程中處理續約溝通與住戶問題。在此成功基礎上，我們在 Apartmentalize 宣布了最新的代理：Accounting Performer。它將透過簡化帳單輸入、財務結帳流程與預算編製，加速人工結帳週期。每一個代理動作，無論是透過 Performer、認證合作夥伴或第三方模型執行，都會在 AppFolio 所定義的權限與防護欄內運作。營運商的政策、其業務情境、其治理——所有這些都會隨著每個工作流程一同傳遞。

That is the architecture, and we've extended it in two directions. Through AppFolio Stack, Realm-X connects to a certified network of partners and their agents. The Realm-X Claude Connector goes further, enabling true agent-to-agent communication with Claude. The ecosystem can grow, the governance never changes. Brandon Moret, COO of 3,600-unit customer, Atlas Management, shared with us, I tried to connect APIs to Claude, but it ended up spending hours recreating permissions and business context outside of AppFolio.

這就是該架構，而我們已將其朝兩個方向延伸。透過 AppFolio Stack，Realm-X 連結到由合作夥伴及其代理所組成的認證網路。Realm-X Claude Connector 更進一步，讓與 Claude 之間真正的代理對代理溝通成為可能。生態系可以成長，治理永遠不變。擁有 3,600 個單位客戶 Atlas Management 的營運長 Brandon Moret 與我們分享：我試著把 API 連到 Claude，但最後卻花了好幾個小時在 AppFolio 之外重新建立權限與業務情境。

The Realm-X Connector eliminates that. The controls and business logic we already have in AppFolio apply out of the box, no exports, no workarounds. In our system of growth, we're creating value at one of the moments that matters most, move-in. It starts with getting the right residents in the door. FolioScreen Trusted Renter is making leasing decisions faster and more confident. Customers report they're catching 69% more fraudulent applications compared to their previous solution and reaching a leasing decision 5.7 days faster.

Realm-X Connector 消除了這個問題。我們在 AppFolio 既有的控制與業務邏輯可直接套用，開箱即用，不需要匯出，也不需要權宜作法。在我們的成長系統中，我們正在一個最關鍵的時刻創造價值：入住（move-in）。一切從把合適的住戶帶進門開始。FolioScreen Trusted Renter 正讓租賃決策更快、更有把握。客戶回報，相較於先前的解決方案，他們能多攔截 69% 的詐欺申請，並將做出租賃決策的時間縮短 5.7 天。

That's time back for the operator and better protection for the asset, enhanced with new AI-powered document fraud detection through our partnership with Snappt. Once the resident is selected, Resident Onboarding sets the tone for the entire journey, starting with Concierge, white glove utility setup that removes friction for residents from day one. For operators who want to go deeper, Resident Onboarding Lift, co-created with Second Nature, a partnership we announced last year is gaining strong traction.

這為營運商省回時間、也為資產提供更好的保護；並透過我們與 Snappt 的合作，加入新的 AI 驅動文件詐欺偵測而更強化。一旦選定住戶，Resident Onboarding 便為整段旅程定下基調，從 Concierge 開始——白手套式的公用事業（utilities）設定，從第一天起就為住戶消除摩擦。對於想更深入的營運商，我們與 Second Nature 共同打造的 Resident Onboarding Lift（我們去年宣布的合作夥伴關係）正獲得強勁動能。

It transforms move-in from a checklist of manual tasks into a streamlined, transparent digital experience. Renters insurance, group rate Internet and other essential services activated in one seamless flow, turning a moment that used to be administrative into value-generating experience for the resident and the operator.

它把入住從一份手動任務清單，轉變為精簡、透明的數位體驗。租客保險、團體費率網路與其他必要服務可在同一個無縫流程中啟用，將過去偏行政性的時刻，轉化為能為住戶與營運商創造價值的體驗。

Consider Stratton Vantage, a Phoenix-based operator managing 1,600 units. Since implementing Resident Onboarding Lift earlier this year, 100% of their leases have moved through the platform. Residents are actively selecting services that make their home work better for them. That same moment creates a new revenue stream where none existed before, and Stratton's leasing team reports recapturing nearly 20 hours a month, redirecting that capacity from coordinating onboarding logistics to higher-value work.

以位於鳳凰城、管理 1,600 個單位的營運商 Stratton Vantage 為例。自今年稍早導入 Resident Onboarding Lift 以來，他們 100% 的租約都透過該平台完成。住戶正主動選擇能讓居家更符合自身需求的服務。同一個時刻也創造了過去不存在的新收入來源；而 Stratton 的租賃團隊回報每月幾乎省回 20 小時，將產能從協調入住所需的後勤作業，轉向更高價值的工作。

As their designated broker, Chris Goodman, put it, We're doing this to help the owners, help our processes and create a better experience for residents. Our second pillar is delivering performance efficiently and the impact of RPM is showing up in how customers choose us, stay with us and grow with us.

正如其指定經紀人 Chris Goodman 所說：我們這麼做是為了幫助業主、改善流程，並為住戶創造更好的體驗。我們的第二個支柱是以高效率交付績效，而 RPM 的影響正體現在客戶如何選擇我們、留在我們這裡，以及與我們一同成長。

Many in real estate are attaching bolt-on AI products built for tasks. You get faster tasks. We built the machine around performance itself and the more our customers adopt, the better real estate works for their residents, their owners, their investors. That's showing up in our results. Premium tier adoption has expanded from approximately one in four units to nearly one in three.

許多房地產業者正在加掛為特定任務打造的外掛式 AI 產品。你會得到更快的任務處理。我們打造的是以「績效本身」為核心的機器；而我們的客戶採用得越多，房地產就越能為其住戶、業主與投資人更有效運作。這也反映在我們的成果上。高階（Premium）方案的採用率已從約每四個單位一個，擴大到接近每三個單位一個。

Customers are going deeper into the platform, adopting our interconnected systems of record action and growth. The results are measurable. 7,500-unit customer Yale Management Services in Los Angeles upgraded to our MAX tier, pairing leasing CRM and income and ID verification with the Realm-X Lead Nurturing Flow. In six months, they've achieved a 1.9% point lift in their occupancy rate. Bluestone manages 3,000 residential units across the Pacific Northwest.

客戶正更深入使用平台，採用我們彼此互聯的「記錄、行動與成長」系統。成果可衡量。洛杉磯擁有 7,500 個單位的客戶 Yale Management Services 升級至 MAX 等級，將租賃 CRM 與收入及身分（ID）驗證，搭配 Realm-X Lead Nurturing Flow。在六個月內，他們的入住率提升了 1.9 個百分點。Bluestone 在太平洋西北地區管理 3,000 個住宅單位。

They're running both Leasing Performer and Maintenance Performer, and the results show what the bundle delivers. On leasing, Performer has handled more than 10,000 leads since deployment with 55% coming in after hours and an average response time in under nine seconds. At initial rollout, Bluestone saw a 30%-plus lift in lease applications. On maintenance, 2,500 work orders have been logged since December 2025, 49% of them after hours, and Performer is deflecting more than 1/4 of them through AI-led self-help, resolving the issue without a technician ever getting involved. Deeper adoption is strengthening our position as the preferred platform in real estate.

他們同時運行 Leasing Performer 與 Maintenance Performer，而結果顯示了組合方案所帶來的效益。在租賃方面，Performer 自上線以來已處理超過 10,000 筆潛在客戶（leads），其中 55% 來自非上班時間，平均回應時間不到 9 秒。在初期上線時，Bluestone 的租賃申請量提升超過 30%。在維修方面，自 2025 年 12 月以來已登錄 2,500 張工單，其中 49% 發生在非上班時間；Performer 透過 AI 引導的自助服務分流超過 1/4 的工單，在無需技師介入的情況下解決問題。更深度的採用正在強化我們作為房地產首選平台的地位。

For the fourth consecutive quarter, AppFolio has been named the overall leader on the G2 Grid, recognition driven entirely by our customers' own experience. Our third and final pillar is great people and culture, and numbers tell you where you are, but people tell you why you win. One of our most enduring values is that listening to customers is in our DNA. During times like this for the industry, when performance pressure is high and the pace of change is accelerating, this value has never been more important. We are customer-obsessed.

AppFolio 已連續第四個季度在 G2 Grid 上被評為整體領導者，這項肯定完全由客戶自身的使用體驗所驅動。我們第三個也是最後一個支柱是優秀的人才與文化；數字告訴你你在哪裡，但人告訴你你為何能贏。我們最持久的價值觀之一，是傾聽客戶已融入我們的 DNA。在像現在這樣的產業時期，績效壓力高、變化速度加快，這項價值從未如此重要。我們以客戶為中心到近乎執著。

We engage with customers to listen, learn and take action because we win when our customers win. This quarter, we brought our team to New Orleans to spend time with customers in that part of the country during Apartmentalize. We visited 1st Lake Properties, a customer since 2025 with 11,000 units on MAX, and had the kind of conversation that reminds you what it means to be a true partner in a real estate business performing at its best.

我們與客戶互動以傾聽、學習並採取行動，因為客戶贏，我們才會贏。本季度，我們在 Apartmentalize 期間帶團隊前往紐奧良，與該地區的客戶相處交流。我們拜訪了自 2025 年起成為客戶、在 MAX 上管理 11,000 個單位的 1st Lake Properties，並進行了一場讓人想起何謂真正夥伴關係的對話——在房地產業務達到最佳表現時，成為其中不可或缺的一部分。

Cliff Ledet, Chief Financial Officer, told us, we truly feel that we have a partner that considers themselves a vital part of our success, consistently demonstrating the same high level of support and commitment since we began. It is an exceptionally talented group of people who are committed to listening to, valuing and working alongside us to achieve our goals. This kind of relationship is the model for everything we're building.

財務長 Cliff Ledet 告訴我們：我們真切感受到有一位夥伴把自己視為我們成功的關鍵一環，自我們開始合作以來，始終如一地展現同樣高水準的支援與承諾。這是一群極具才華的人，致力於傾聽、重視並與我們並肩合作，以達成我們的目標。這種關係正是我們所打造一切的典範。

AppFolio is an AI-native vertical technology company leading the real estate industry toward exceptional performance. As the industry's performance gap widens, the operators who fully leverage our platform are pulling ahead, delivering unparalleled value to their residents, owners and investors.

AppFolio 是一家 AI 原生的垂直領域科技公司，正引領房地產產業邁向卓越績效。隨著產業的績效差距擴大，能充分運用我們平台的營運商正加速領先，為其住戶、業主與投資人交付無與倫比的價值。

This is RPM in practice. For the real estate operators who are in search of performance, future, our annual industry event, September 28, through October 1, in San Diego, will be the most significant demonstration yet of where RPM is heading. We're expanding our education program and opening it to all customers with half the sessions dedicated to workshops and labs built to accelerate platform adoption and drive real outcomes.

這就是 RPM 的實際運作。對於正在追求績效與未來的房地產營運商而言，我們的年度產業活動 Future（9 月 28 日至 10 月 1 日，於聖地牙哥舉行）將是迄今最重要的一次展示，呈現 RPM 的發展方向。我們將擴大教育計畫並向所有客戶開放，其中一半的場次將專注於工作坊與實驗室課程，旨在加速平台採用並推動實際成果。

With that, I'll turn it over to Tim to share more about AppFolio's Q2 financial results.

接下來，我把時間交給 Tim，請他分享更多關於 AppFolio 第二季的財務業績。

Thank you, Shane. We delivered a strong second quarter with continued revenue growth, margin expansion, healthy new business acquisition and durable customer retention. Our performance platform continues to convert customer value into results, and this is increasingly visible across our financials. In the second quarter, we delivered revenue of $281 million, growing 19% year-over-year compared to $236 million in Q2 of 2025. Subscription services revenue grew 14% year-over-year to $60 million compared to $52.5 million in the second quarter of 2025.

謝謝你，Shane。我們第二季表現強勁，營收持續成長、利潤率擴張、新業務獲取穩健，且客戶留存具韌性。我們的績效平台持續將客戶價值轉化為成果，這點在我們的財務表現上愈發清晰可見。第二季我們實現營收 2.81 億美元，較 2025 年第二季的 2.36 億美元年增 19%。訂閱服務營收年增 14% 至 6,000 萬美元，較 2025 年第二季的 5,250 萬美元成長。

This growth was driven by winning new customers, growth in units under management and customers continuing to upgrade to our premium tiers. Nearly one in three units are now on a premium tier, reflecting the value customers find in Plus and MAX, including Realm-X Flows, our AI-powered workflow automation engine.

此成長主要由贏得新客戶、管理單位數（units under management）增加，以及客戶持續升級至我們的高階方案所帶動。目前幾乎每三個管理單位就有一個採用高階方案，反映客戶在 Plus 與 MAX 中所看到的價值，其中包括 Realm-X Flows——我們以 AI 驅動的工作流程自動化引擎。

Value-added services revenue grew 22% year-over-year to $219 million, led by our FolioGuard risk mitigation services, FolioScreen offerings and online payments, alongside continued growth in units under management. Newer offerings are also contributing a growing share of value-added services revenue, including Resident Onboarding Lift, move-in services through LiveEasy and Realm-X Performers, our agentic product offerings for leasing, maintenance and resident messaging. We ended the quarter managing approximately 9.6 million units, an 8% increase from 8.9 million units a year ago.

加值服務營收年增 22% 至 2.19 億美元，主要由 FolioGuard 風險緩解服務、FolioScreen 產品與線上支付所帶動，同時管理單位數持續成長。較新的產品也正貢獻愈來愈高的加值服務營收占比，包括 Resident Onboarding Lift、透過 LiveEasy 提供的入住（move-in）服務，以及 Realm-X Performers——我們用於租賃、維修與住戶訊息的代理式（agentic）產品。本季末我們管理約 960 萬個單位，較一年前的 890 萬個單位增加 8%。

Customers grew to 22,751, up 6% from 21,403. New customer wins and new unit additions remained strong. Customer and unit retention continued to be healthy and consistent with historical averages. This is our go-to-market model at work. We bring new units onto the platform at attractive entry pricing under multiyear agreements, then grow revenue over time as customers adopt and rely on value-added services to operate their businesses.

客戶數成長至 22,751 家，較 21,403 家增加 6%。新客戶贏單與新增管理單位維持強勁。客戶與單位留存持續健康，並與歷史平均水準一致。這正是我們 go-to-market 模式發揮作用。我們以具吸引力的入門定價，透過多年期合約將新單位導入平台，之後隨著客戶採用並依賴加值服務來營運其業務，營收便會隨時間成長。

Turning to margin. In the second quarter, GAAP operating income, which includes stock-based compensation expense, grew 31% year-over-year to $53 million or 18.8% of revenue, compared to $41 million or 17.2% of revenue a year ago. Non-GAAP operating income grew 24% to $76 million or 27.1% of revenue, compared to $62 million or 26.2% of revenue in 2025. Continuing with non-GAAP measures. Cost of revenue, exclusive of depreciation and amortization, was 36% of revenue, up from 35% a year ago.

接著談利潤率。第二季 GAAP 營業利益（包含以股份為基礎的薪酬費用）年增 31% 至 5,300 萬美元，占營收 18.8%，相較一年前為 4,100 萬美元、占營收 17.2%。Non-GAAP 營業利益年增 24% 至 7,600 萬美元，占營收 27.1%，相較 2025 年為 6,200 萬美元、占營收 26.2%。繼續就 Non-GAAP 指標說明。營收成本（不含折舊與攤銷）占營收 36%，高於一年前的 35%。

Operating efficiencies were offset by our payments product mix and by incremental data center capacity to support rising customer usage of our AI capabilities. Sales and marketing was 14% of revenue, consistent with the second quarter of 2025 as we continue to add sales capacity and fund go-to-market initiatives across new unit acquisition, premium tier upgrades and value-added services adoption.

營運效率的提升被我們支付產品組合，以及為支援客戶對 AI 能力使用量上升而新增的資料中心容量所抵銷。銷售與行銷費用占營收 14%，與 2025 年第二季一致；我們持續增加銷售產能，並投入 go-to-market 計畫，涵蓋新單位獲取、高階方案升級與加值服務採用。

Sequentially, sales and marketing as a percentage of revenue rose modestly, reflecting our usual second quarter presence at the NAA Apartmentalize industry conference. Research and development declined to 15% of revenue from 16% in the prior year. Our use of AI tools and systems continues to increase the velocity of our innovation and the productivity of our engineering teams, particularly across the resident experience and our AI product capabilities.

按季來看，銷售與行銷費用占營收比重小幅上升，反映我們一貫在第二季參與 NAA Apartmentalize 產業大會的投入。研發費用占營收比重由前一年的 16% 降至 15%。我們對 AI 工具與系統的使用持續增加，提升創新速度與工程團隊生產力，特別是在住戶體驗與 AI 產品能力方面。

G&A expense was 7% of revenue, which was consistent with the prior-year quarter. We exited the quarter with 1,732 employees, an increase of 3% from the second quarter of 2025, reflecting our ability to scale revenue while thoughtfully managing employee growth.

一般與行政（G&A）費用占營收 7%，與去年同期一致。本季末員工數為 1,732 人，較 2025 年第二季增加 3%，反映我們在審慎管理人員成長的同時，仍能擴大營收規模。

We generated $88 million in operating cash flow during the quarter and ended the period with $222 million in cash, cash equivalents and current investment securities. Our capital allocation approach remains unchanged. We prioritize investing in the business and our share repurchase program remains opportunistic.

本季我們產生 8,800 萬美元的營運現金流，期末持有現金、約當現金及流動投資證券合計 2.22 億美元。我們的資本配置方針維持不變。我們優先投資於業務，同時我們的庫藏股回購計畫仍採機會性執行。

Our healthy balance sheet continues to provide the flexibility to execute on our mission to build the platform where real estate comes to do business. Now turning to our 2026 outlook. We are raising our full year revenue guidance to a range of $1.117 billion to $1.127 billion, lifting the midpoint growth rate to 18.0%, fueled by premium tier adoption, growth in new business units and increasing adoption of our products and services, including agentic AI performers and resident services.

我們健康的資產負債表持續提供彈性，讓我們得以推進使命：打造房地產進行商務運作的平台。接著談 2026 年展望。我們上調全年營收指引至 11.17 億至 11.27 億美元區間，將中位數成長率提高至 18.0%；成長動能來自高階方案採用、新業務單位成長，以及我們產品與服務（包括代理式 AI performers 與住戶服務）採用率提升。

Our outlook assumes a more moderate pace of unit expansion among existing customers, while new customer acquisition and retention remain healthy. We continue to expect 2026 subscription services and value-added services revenue seasonality to be broadly consistent with 2025.

我們的展望假設既有客戶的單位擴張速度較為溫和，而新客戶獲取與留存仍維持健康。我們仍預期 2026 年訂閱服務與加值服務營收的季節性，整體將與 2025 年大致一致。

Other revenue can vary throughout the year. And as a reminder, 2025 included onetime revenue from a Stack partnership in the fourth quarter. We are also raising our guidance for non-GAAP operating margin to a range of 26.5% to 28.0% compared to 24.7% in 2025.

其他營收可能在全年各期間有所波動。並提醒一下，2025 年第四季包含來自 Stack 合作夥伴關係的一次性營收。我們也上調 Non-GAAP 營業利潤率指引至 26.5% 至 28.0% 區間，相較 2025 年為 24.7%。

We expect cost of revenue, exclusive of depreciation and amortization, to be relatively flat as a percentage of revenue compared to 2025. While we continue to hire selectively, including in sales, we expect operating expenses as a percentage of revenue to decline modestly as we scale and leverage AI to drive efficiency across our internal operations.

我們預期營收成本（不含折舊與攤銷）占營收比重，將相較 2025 年大致持平。雖然我們仍會選擇性招募（包括銷售人員），但隨著規模擴大並運用 AI 提升內部營運效率，我們預期營業費用占營收比重將小幅下降。

We anticipate diluted weighted average shares outstanding of approximately 36 million for the full year. In closing, this quarter, we crossed $1 billion in trailing 12-month revenue for the first time, continuing to acquire, grow and retain customers while deepening adoption across our platform.

我們預期全年稀釋後加權平均流通在外股數約為 3,600 萬股。最後，本季我們首次達成過去 12 個月（TTM）營收突破 10 億美元，並持續獲取、成長與留存客戶，同時加深平台上的採用程度。

Our continued investment in AI and the resident experience is expanding the value customers receive from our platform, and we remain focused on durable revenue growth, margin expansion and disciplined capital allocation as we power the future of real estate. Thanks to all of you for your support and interest in AppFolio. Operator, this concludes today's call.

我們持續投資於 AI 與住戶體驗，正在擴大客戶從我們平台獲得的價值；同時，當我們為房地產的未來提供動能之際，我們仍聚焦於具韌性的營收成長、利潤率擴張與嚴謹的資本配置。感謝各位對 AppFolio 的支持與關注。接線生，今天的電話會議到此結束。

Ladies and gentlemen, this concludes today's Appfolio second quarter conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

各位女士、先生，今天的 Appfolio 第二季電話會議到此結束。感謝各位參與，現在可以掛線。祝各位有美好的一天。