AppFolio, Inc. (APPF) 2026 Q3 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to AppFolio, Inc.'s third quarter 2026 financial results conference call. Please be advised today's conference is being recorded, and the replay will be available on AppFolio's Investor Relations website.

下午好。感謝各位耐心等候，歡迎參加 AppFolio, Inc. 2026 年第三季財務業績電話會議。請注意，今天的會議將被錄音，重播將於 AppFolio 投資人關係網站提供。

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

接下來我想把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 we thank you for joining us today as we report AppFolio's third quarter 2026 financial results.

謝謝。各位下午好。我是 AppFolio 投資人關係部的 Lori Barker，感謝各位今天與我們一同參與，聆聽我們公布 AppFolio 2026 年第三季財務業績。

With me on the call today are Shane Trigg, AppFolio's Chairman and CEO; and Tim Eaton, AppFolio's CFO. This call is being simultaneously webcast on the Investor Relations section of our website at appfolioinc.com.

今天與我一同參與電話會議的有 AppFolio 董事長暨執行長 Shane Trigg，以及 AppFolio 財務長 Tim Eaton。本次電話會議也將於我們網站 appfolioinc.com 的投資人關係專區同步網路直播。

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

此外，本次電話會議的音訊重播以及事先準備講稿的逐字稿將發布於網站上。

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's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those issued in our SEC filings.

AppFolio 未來的實際結果可能因任何原因而與此等前瞻性陳述所表達者存在重大差異，包括我們向美國證券交易委員會（SEC）提交之文件中所揭露的因素。

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 不承擔更新任何此等前瞻性陳述之義務。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，該文件已於 2026 年 2 月 5 日向 SEC 提交。

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 third quarter earnings release posted on the Investor Relations section of our website. With that, I turn the call over to Shane Trigg.

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，已收錄於我們發布在網站投資人關係專區的第三季財報新聞稿中。接下來我把電話交給 Shane Trigg。

Shane, please go ahead.

Shane，請開始。

Thanks, Lori, and welcome to everyone joining us today. Q3 was another quarter of strong, consistent performance for AppFolio.

謝謝你，Lori，也歡迎今天加入我們的各位。第三季對 AppFolio 而言，是又一個表現強勁且穩健一致的季度。

Revenue reached $296 million, a 19% year-over-year increase. Non-GAAP operating income was 27.3% of revenue and GAAP operating income was 19.4% of revenue. Units on platform grew to 9.8 million.

營收達到 2.96 億美元，年增 19%。非 GAAP 營業利益占營收 27.3%，GAAP 營業利益占營收 19.4%。平台上的單位數成長至 980 萬。

Along with our strong consistent financial results, one of the biggest highlights this quarter was FUTURE, our annual industry event, where we hosted 2,500 real estate operators and innovators united by our shared ambition to build a future of winning.

除了強勁且穩健一致的財務成果外，本季最大的亮點之一是 FUTURE——我們的年度產業活動；我們接待了 2,500 位房地產營運者與創新者，大家因共同的企圖心而凝聚：打造一個勝出的未來。

Across four days, 130 sessions, 19 expert-led performance labs and our biggest ever EXPLORE floor, our marketplace spanning the AppFolio Performance Platform and the partners across our Stack ecosystem, attendees left with tangible ways to deliver performance for their residents, investors, teams and communities.

在四天期間，透過 130 場議程、19 場由專家帶領的績效實驗室，以及我們史上規模最大的 EXPLORE 展區——涵蓋 AppFolio Performance Platform 與我們 Stack 生態系合作夥伴的市集——與會者帶著具體可行的方法離開，得以為其住戶、投資人、團隊與社區交付績效。

I felt tremendous pride and gratitude watching 60-plus of our customers taking the stage as FUTURE speakers, educating their peers on the ways they've achieved meaningful performance in their own businesses. It was truly a privilege to share our vision with the industry and to watch our customers shape it alongside us.

看到 60 多位客戶以 FUTURE 講者身分登台，向同業分享他們如何在自身業務中達成具意義的績效，我感到無比自豪與感激。能與產業分享我們的願景，並看著客戶與我們一同塑造這個願景，確實是一種榮幸。

The key theme at FUTURE this year was that the future won't be won by organizations that simply keep up. It will be won by organizations that continuously level up. As one attendee told us we're never done striving to get better because the moment we think we're the best is the moment we get left behind.

今年 FUTURE 的核心主題是：未來不會由那些只是跟上腳步的組織贏得。未來將由那些持續升級、精進的組織贏得。正如一位與會者告訴我們的：我們永遠不會停止追求更好，因為當我們以為自己已是最強的那一刻，就是我們被拋在後面的那一刻。

Achieving a sustained competitive advantage requires two things.

要取得可持續的競爭優勢，需要兩件事。

First, interconnected systems built with performance in mind, a system of record that securely stores data while reflecting the operator's business, a system of action where AI does the work with and for them and a system of growth that turns exceptional experiences for their residents and owners into growth for their business.

第一，是以績效為核心打造的互聯系統：一個能安全儲存資料、同時反映營運者業務的記錄系統；一個由 AI 與其共同、並為其完成工作的行動系統；以及一個把住戶與業主的卓越體驗轉化為企業成長的成長系統。

Second is behaviors, what a team does with the capacity the systems create, applying judgment, building relationships and anticipating rather than reacting, meeting a resident's need before they ask and bringing an owner a plan, not a problem. Combine systems built for performance with these behaviors and customers achieve real performance.

第二，是行為——團隊如何運用系統所創造的產能：運用判斷力、建立關係、預判而非被動反應；在住戶開口之前就滿足其需求；帶給業主的是方案，而不是問題。將為績效而生的系統與這些行為結合，客戶就能達成真正的績效。

That is Real Estate Performance Management, or what we call RPM. Eucalyptus Real Estate shows how rapid transformation is possible when an operator picks a platform that has the right systems built in and makes the right behaviors easy to adopt.

這就是不動產績效管理（Real Estate Performance Management），或我們所稱的 RPM。Eucalyptus Real Estate 展示了：當營運者選擇一個內建正確系統的平台，並讓正確的行為更容易被採用時，快速轉型是如何成為可能。

This family-owned operator manages nearly 14,000 units and 106 separate tax entities across Oklahoma City, Wichita and Topeka.

這家家族經營的營運者在奧克拉荷馬市、威奇托與托皮卡管理近 14,000 個單位，以及 106 個獨立的稅務實體。

Before switching to AppFolio in 2025, they ran their three cities independently on paper checks, paper work orders, scanned applications and fax machines. Less than a year later, 85% of receivables are paid online.

在 2025 年改用 AppFolio 之前，他們在三個城市各自獨立運作，使用紙本支票、紙本工單、掃描的申請文件與傳真機。不到一年後，85% 的應收款已改為線上支付。

Leasing runs digitally from application to signature. A single automated flow delivers move-in disclosures consistently across every property.

租賃流程從申請到簽署皆以數位方式完成。單一自動化流程可在每一處物業一致地提供入住揭露文件。

And 53% of maintenance requests now resolve without a work order ever being created. As Megan McGinnis, President of Eucalyptus, put it we didn't move to AppFolio just to change tools. We moved to change how we run this business. Three cities now work the same way on the same platform with one source of truth.

而且目前有 53% 的維修請求在完全不需建立工單的情況下就能解決。正如 Eucalyptus 總裁 Megan McGinnis 所說：我們轉用 AppFolio，不只是為了更換工具。我們是為了改變經營這門生意的方式。如今三個城市以相同方式在同一平台上運作，並以單一真實資料來源為依據。

Customers like Eucalyptus show how real estate performance management works in practice, combining systems and behaviors to realize performance.

像 Eucalyptus 這樣的客戶，展示了不動產績效管理在實務上如何運作：結合系統與行為，以實現績效。

Our goal is to enable this type of transformation for any operator in our industry because when customers reach new levels of performance, they start asking, what can we do now that we couldn't do before?

我們的目標，是讓產業中的任何營運者都能實現這類轉型；因為當客戶達到新的績效水準時，他們會開始問：現在我們能做哪些以前做不到的事？

They get better experiences for residents and owners, more value for their business and new versions of what their business can become.

他們能為住戶與業主帶來更好的體驗，為企業創造更多價值，並開啟企業可能成為的新樣貌。

Empowering our customers to find those answers is why we differentiate to win, the first of our three strategic pillars.

賦能客戶找到這些答案，正是我們差異化致勝的原因——也是我們三大策略支柱中的第一項。

Our performance platform is purpose-built for Real Estate Performance Management because customers operate on a single system of record that understands the rules of real estate, their business and permissions, every workflow, insight and action compounds on the same data rather than fragmenting across disconnected point solutions.

我們的績效平台是為不動產績效管理量身打造，因為客戶在單一記錄系統上運作；該系統理解不動產的規則、客戶的業務與權限設定。每一個工作流程、洞察與行動都建立在同一份資料之上並持續累積，而非分散在彼此斷裂的點狀解決方案之間。

While operators outside our platform can buy isolated AI features, a point solution cannot provide the connected foundation, governance and economic alignment that allows performance to compound month after month, creating an engine for competitive advantage.

相較之下，平台之外的營運者或許能購買零散的 AI 功能，但點狀解決方案無法提供互聯的基礎、治理機制與經濟利益的一致性，因而無法讓績效月復一月地持續累積，打造競爭優勢的引擎。

Within our system of record, expanded entity accounting capabilities are designed to serve multi-entity operators, bringing corporate portfolio and credit card accounting into the same data model for a more unified accounting experience.

在我們的記錄系統中，擴展的實體會計能力旨在服務多實體營運商，將企業投資組合與信用卡會計納入同一資料模型，帶來更一致、整合的會計體驗。

At the same time, we're bringing more of our customers' financial data, balances, statements, transfers and controls directly into AppFolio through Stack banking partnerships with Enterprise Bank & Trust and our featured banking partner, Column.

同時，我們也透過與 Enterprise Bank & Trust 以及我們的精選銀行合作夥伴 Column 的 Stack 銀行合作關係，將更多客戶的財務資料、餘額、對帳單、轉帳與控管功能直接帶入 AppFolio。

Through our Column partnership, bank data flows straight into AppFolio. Transactions are matched automatically as they come in, not just at month-end, so teams only touch the exceptions.

透過我們與 Column 的合作夥伴關係，銀行資料可直接流入 AppFolio。交易在進來時就會自動比對，而不只是月底才處理，因此團隊只需處理例外項目。

That's what makes a truly automated close possible. MAXX Property Management, an AppFolio customer managing 3,500 units across Utah, Idaho and Arizona, is seeing the benefit.

這正是讓真正自動化結帳成為可能的關鍵。AppFolio 客戶 MAXX Property Management 在猶他州、愛達荷州與亞利桑那州管理 3,500 個單位，正看見其效益。

As Corey Bohner, Principal Broker and Owner, put it this integration with Column brings our banking and property operations into a more connected process.

正如負責經紀人兼業主 Corey Bohner 所說，與 Column 的這項整合讓我們的銀行業務與物業營運進入更緊密連結的流程。

It gives our accounting team cleaner information and greater confidence in the numbers so we can scale while keeping operations smooth for our team.

它為我們的會計團隊提供更乾淨的資訊與對數字更高的信心，使我們能在擴張的同時，讓團隊的營運保持順暢。

In the system of action, which includes our AI suite of Realm-X, Performers, Flows and the Connector for Claude, the new Realm-X remembers context across conversations, draws on a knowledge base where customers store their own documents and policies and builds custom workflows and dashboards directly from a prompt.

在行動系統中（包含我們的 AI 套件 Realm-X、Performers、Flows，以及 Claude 連接器），全新的 Realm-X 能在多次對話間記住上下文，並可運用客戶存放自身文件與政策的知識庫，且能直接透過提示詞建立自訂工作流程與儀表板。

With AI-native capabilities available across every plan, every customer can move beyond task efficiency to real performance.

隨著 AI 原生能力在每一種方案中皆可使用，每位客戶都能從單純提升任務效率，進一步邁向真正的績效表現。

Realm-X runs alongside a growing suite of Performers, agents that each work from the same platform, data and governance.

Realm-X 與一套持續擴增的 Performers 並行運作；這些代理都在同一平台、資料與治理架構下運作。

Maintenance Performer responds to resident requests in seconds, including after hours. Beta customers reported that Resident Messenger Performer resolved over 30% of conversations without escalation, and Accounting Performer saved an average of 17 hours per month.

Maintenance Performer 可在數秒內回應住戶請求，包括非上班時間。Beta 客戶回報，Resident Messenger Performer 在無需升級處理的情況下解決了超過 30% 的對話，而 Accounting Performer 平均每月節省 17 小時。

And Leasing Performer boosts showings up to 35%. A customer transforming their leasing operations through the Leasing Performer is Merge Urban Development, a 750-unit portfolio in Cedar Falls, Iowa.

而 Leasing Performer 可將帶看提升最高達 35%。透過 Leasing Performer 改造其租賃營運的客戶之一是 Merge Urban Development，位於愛荷華州錫達福爾斯（Cedar Falls），投資組合規模為 750 個單位。

Since moving off a stand-alone tool and onto Leasing Performer, Merge has converted automated prospect engagement into move-ins, averaging nearly 45 leases a month with a pipeline that's the largest it's ever been. As Joy Brenner, Co-Founder and Operations Partner, put it AppFolio has moved us from reactive to proactive.

自從從獨立工具轉移到 Leasing Performer 後，Merge 已將自動化的潛在客戶互動轉化為實際入住，平均每月接近 45 份租約，且其管道規模創下歷來最大。正如共同創辦人兼營運合夥人 Joy Brenner 所說，AppFolio 讓我們從被動轉為主動。

We're extending the Performer suite with Receptionist Performer, unveiled at FUTURE, which will answer incoming calls, handle simple questions on the spot and route everything else to the right Performer or person at any hour.

我們也將以在 FUTURE 發表的 Receptionist Performer 擴展 Performer 套件；它將接聽來電、即時處理簡單問題，並在任何時段將其他事項轉接給合適的 Performer 或人員。

And our Connector for Claude is now available to every customer, making sure that every agent action, whether it runs through a Performer or a third-party model like Claude, operates within the permissions and guardrails defined within AppFolio.

此外，我們的 Claude 連接器現已向所有客戶提供，確保每一項代理動作——無論是透過 Performer 執行，或是透過像 Claude 這樣的第三方模型——都在 AppFolio 所定義的權限與防護欄內運作。

With full visibility into their business and key workflows completed on their behalf, operators can turn capacity into opportunity. This is the system of growth.

在對其業務具備完整可視性，且關鍵工作流程可由系統代為完成的情況下，營運商便能將產能轉化為機會。這就是成長系統。

Resident Onboarding Lift continues to scale and deliver exceptional resident value across the move-in moment, activating renters insurance, group rate internet and other essential services in one seamless flow.

Resident Onboarding Lift 持續擴大規模，並在入住關鍵時刻提供卓越的住戶價值，透過單一無縫流程啟用租客保險、團體費率網路與其他必要服務。

Certified Funds at Move-In lets residents pay move-in costs digitally with guaranteed funds, replacing certified checks from the bank. For operators, it reduces move-in friction and payment risk while bringing another part of the financial life cycle onto AppFolio.

Certified Funds at Move-In 讓住戶可用數位方式支付入住費用，並提供保證資金，取代向銀行申請的本票（certified check）。對營運商而言，這可降低入住摩擦與付款風險，同時將財務生命週期的另一環節帶入 AppFolio。

Our system of growth benefits owners, too. Redesigned owner packets gives owners a clearer view of portfolio performance with stronger data visualization and cash flow reporting so they can see exactly what's happening with their investment.

我們的成長系統也讓業主受益。重新設計的業主資料包（owner packets）透過更強的資料視覺化與現金流報表，讓業主更清楚掌握投資組合績效，得以精準了解其投資的實際狀況。

That visibility builds trust, and it's one more way operators who fully leverage our differentiated platform are pulling ahead. Our second strategic pillar is deliver performance efficiently, which shows up in how operators choose AppFolio and how much more they get from the platform once they've adopted its capabilities.

這種可視性建立信任，也是在充分運用我們差異化平台的營運商持續領先的另一種方式。我們的第二個策略支柱是高效率地交付績效，這體現在營運商如何選擇 AppFolio，以及在採用其能力後能從平台獲得更多價值。

Take RENOSY by Renters Warehouse. They recently brought 8,000 units across 25 locations under one corporate entity.

以 Renters Warehouse 旗下的 RENOSY 為例。他們近期將分布於 25 個地點的 8,000 個單位整合至同一企業實體之下。

Once their leadership had a unified view of the business, they discovered properties running on AppFolio performed better and at a lower cost than the fragmented legacy setup they had inherited.

當其管理團隊對業務有了統一視角後，他們發現，使用 AppFolio 的物業表現更佳，且成本低於他們所承接的分散式傳統系統架構。

So they standardized on AppFolio and last quarter went live with a portfolio of nearly 6,000 units with the remainder in migration, including Maintenance Performer and Resident Messenger Performer.

因此他們將 AppFolio 作為標準平台，並在上一季以近 6,000 個單位的投資組合正式上線，其餘仍在遷移中，並包含 Maintenance Performer 與 Resident Messenger Performer。

That same connected approach extends to our partner ecosystem. The AppFolio Stack integration marketplace now connects 5.6 million units across nearly 100 partners, spanning categories from marketing to accounting.

同樣的連結式方法也延伸至我們的合作夥伴生態系。AppFolio Stack 整合市集目前透過近 100 家合作夥伴連結 560 萬個單位，涵蓋從行銷到會計等多個類別。

Apartment List is one of our newest partners, offering a pay-per-lease billing model built to attract qualified renters through AI matching and support occupancy goals. Each new integration creates more value within the unified experience of AppFolio.

Apartment List 是我們最新的合作夥伴之一，提供按租約計費（pay-per-lease）的計費模式，透過 AI 配對吸引合格租客並支援入住率目標。每一項新的整合都在 AppFolio 的統一體驗中創造更多價值。

This momentum is showing up in how the industry recognizes us. AppFolio has ranked number one on the G2 Grid for five consecutive quarters, confirming AppFolio as the platform of choice for real estate operators.

這股動能也反映在產業對我們的肯定上。AppFolio 已連續五個季度在 G2 Grid 排名第一，確認 AppFolio 是不動產營運商的首選平台。

In G2's fall 2026 rankings, covering more than 28,000 reports, AppFolio ranked #5 among companies by G2 score. None of this happens without the right team behind it, which brings me to our third and final strategic pillar, great people and culture.

在 G2 2026 年秋季排名中（涵蓋超過 28,000 份報告），AppFolio 依 G2 分數在公司排名中名列第 5。若沒有背後合適的團隊，這一切都不可能發生，這也帶到我們第三個也是最後一個策略支柱：卓越的人才與文化。

Since the quarter closed, AppFolio was named to Fortune's 2026 Best Workplaces in Technology list, a recognition of the culture our people build every day where we show up as one team connected by our values.

自本季結束以來，AppFolio 入選《Fortune》2026 年科技業最佳職場（Best Workplaces in Technology）榜單，這是對我們團隊每天所打造文化的肯定——我們以共同價值觀連結，作為一個團隊一起出現、一起投入。

We were also named to Fortune's 2026 Future 120 list, which recognizes the companies best positioned for future growth. Together, they reflect something we deeply believe. The customer-obsessed culture we build and the results we deliver are directly connected.

我們也入選《Fortune》2026 年 Future 120 榜單，該榜單表彰最具未來成長潛力的公司。兩者共同反映了我們深信的一點。我們所建立的以客戶為中心的文化，與我們交付的成果之間有直接連結。

Turning efficiency into capacity, capacity into opportunity, opportunity into performance and performance into competitive advantage that compounds over time. That's the promise of Real Estate Performance Management. It's the future we're helping our customers to create and the reason for our strong consistent performance.

將效率轉化為產能，將產能轉化為機會，將機會轉化為績效，並將績效轉化為隨時間累積的競爭優勢。這就是不動產績效管理（Real Estate Performance Management）的承諾。這是我們正在協助客戶共同打造的未來，也是我們強勁且一致表現的原因。

With that, I'll turn it over to Tim to share more about AppFolio's Q3 financial results.

接下來，我把時間交給 Tim，請他分享更多 AppFolio 第三季的財務結果。

Thank you, Shane. Our third quarter results reflect the consistency of our business, 19% revenue growth, continued strength in new customer acquisition and GAAP operating margin of 19.4%.

謝謝你，Shane。我們第三季的結果反映了業務的一致性：營收成長 19%，新客戶獲取持續強勁，GAAP 營業利益率為 19.4%。

By combining our growing scale with AI, we are continuing to add value for our customers while driving operational efficiencies. In the third quarter, we delivered revenue of $296 million, growing 19% year-over-year, compared to $249 million in Q3 2025.

透過將我們不斷擴大的規模與 AI 結合，我們持續為客戶創造價值，同時推動營運效率。第三季我們實現營收 2.96 億美元，年增 19%，相較於 2025 年第三季的 2.49 億美元。

Subscription services revenue grew 14% year-over-year to $62 million, compared to $54 million in the third quarter of 2025.

訂閱服務營收年增 14% 至 6,200 萬美元，較 2025 年第三季的 5,400 萬美元增加。

This growth was driven by winning new customers, growth in units under management and customers continuing to upgrade to our premium tiers.

此成長主要由贏得新客戶、受管理單位數成長，以及客戶持續升級至我們的高階方案所帶動。

New and renewing customers continue to commit to multiyear agreements, which extends the contracted base of revenue underlying subscription services.

新客戶與續約客戶持續承諾簽訂多年期合約，進而擴大支撐訂閱服務的已簽約營收基礎。

Value-added services revenue grew 21% year-over-year to $232 million, led by our FolioGuard risk mitigation services, FolioScreen offerings and online payments alongside continued growth in units under management.

加值服務營收年增 21% 至 2.32 億美元，主要由我們的 FolioGuard 風險緩解服務、FolioScreen 產品與線上支付所帶動，並伴隨受管理單位數持續成長。

Resident Onboarding Lift, Resident Concierge move-in services and Realm-X Performers are continuing to increase their contribution to value-added services revenue.

Resident Onboarding Lift、Resident Concierge 入住服務以及 Realm-X Performers 持續提高其對加值服務營收的貢獻。

We ended the quarter managing approximately 9.8 million units, an 8% increase from 9.1 million units a year ago.

本季末我們管理約 980 萬個單位，較一年前的 910 萬個單位增加 8%。

Customers grew to 23,121, up 6% from 21,759. Unit acquisition from new customers remained strong and retention was healthy and consistent with historical averages.

客戶數成長至 23,121 家，較 21,759 家增加 6%。來自新客戶的單位取得維持強勁，留存表現健康，且與歷史平均一致。

While existing customers continue to add units to our platform, unit expansion is pacing slower than last year, a trend we highlighted during our second quarter call.

雖然既有客戶持續在我們的平台上新增單位，但單位擴張速度較去年放緩，這是我們在第二季電話會議中已強調的趨勢。

Turning to margin.

接下來談毛利率與利潤率。

In the third quarter, GAAP operating income, which includes stock-based compensation expense, grew 64% year-over-year to $57 million or 19.4% of revenue compared to $35 million or 14.1% of revenue a year ago.

第三季 GAAP 營業利益（包含以股份為基礎之薪酬費用）年增 64% 至 5,700 萬美元，占營收 19.4%；相較一年前為 3,500 萬美元，占營收 14.1%。

Non-GAAP operating income grew 38% to $81 million or 27.3% of revenue, compared to $59 million or 23.5% of revenue in the third quarter of 2025. Two items are worth noting when comparing margins to the prior year.

非 GAAP 營業利益成長 38% 至 8,100 萬美元，占營收 27.3%；相較 2025 年第三季為 5,900 萬美元，占營收 23.5%。在與去年比較利潤率時，有兩點值得注意。

First, as we discussed a year ago, the third quarter of 2025 included an incremental year-to-date accrual across cost of revenue in each of our operating expense lines for overachievement of our annual corporate bonus plan, which lowered that quarter's margin. We did not have a comparable item this quarter.

第一，如同我們一年前所討論，2025 年第三季在各項營業費用線的營收成本中，包含一筆年初至今的額外提列，係因年度公司獎金計畫超額達成所致，因而拉低了該季利潤率。本季沒有類似項目。

Second, our annual industry event, FUTURE, took place in the third quarter this year compared to the fourth quarter of 2025, which moved that expense earlier in the year.

第二，我們的年度產業活動 FUTURE 今年在第三季舉行，而 2025 年則在第四季，因而使該項費用提前於今年發生。

With that context and continuing with non-GAAP measures, cost of revenue, exclusive of depreciation and amortization, was 35% of revenue, down from 36% a year ago.

在此背景下，並延續非 GAAP 指標口徑，剔除折舊與攤銷後的營收成本占營收 35%，較一年前的 36% 下降。

Beyond the prior year bonus accrual, we saw the benefits of scale across both our third-party service costs and our customer support and operations teams, partially offset by our payments product mix and by incremental data center capacity as more of our customers' work runs through Realm-X and Performers.

除去去年獎金提列因素外，我們在第三方服務成本以及客戶支援與營運團隊方面看到了規模效益；但部分被支付產品組合，以及隨著更多客戶工作負載透過 Realm-X 與 Performers 運行而增加的資料中心容量所抵銷。

Sales and marketing was 15% of revenue, up from 13% last year. The increase reflects higher advertising and promotion expense, including our largest FUTURE conference to date. It also reflects added sales capacity to drive new unit acquisition, premium tier upgrades and value-added services adoption.

銷售與行銷費用占營收 15%，高於去年的 13%。增加反映較高的廣告與推廣費用，包括迄今規模最大的 FUTURE 大會。同時也反映為推動新單位取得、高階方案升級與加值服務採用而增加的銷售產能。

Research and development declined to 15% of revenue from 18% in the prior year, reflecting the prior year bonus accrual and lower personnel costs as AI tools and systems continue to increase the productivity of our engineering teams and the velocity of our innovation.

研發費用占營收比重由前一年的 18% 降至 15%，反映去年獎金提列因素，以及隨著 AI 工具與系統持續提升工程團隊生產力與創新速度而帶來的人員成本下降。

G&A expense declined to 6% of revenue from 8% in the prior-year quarter. Beyond the prior year bonus accrual, the decline reflects the benefits of scale and continued operational efficiency.

一般及行政（G&A）費用占營收比重由去年同期的 8% 降至 6%。除去去年獎金提列因素外，下降亦反映規模效益與持續的營運效率提升。

We exited the quarter with 1,744 employees, an increase of 2% from the third quarter of 2025 as we continue to scale revenue ahead of head count.

本季末員工人數為 1,744 人，較 2025 年第三季增加 2%，因我們持續在員工人數成長之前先擴大營收規模。

We generated $97 million in operating cash flow during the quarter and ended the period with $307 million in cash, cash equivalents and current investment securities.

本季我們產生 9,700 萬美元的營運現金流，期末現金、約當現金及流動投資證券為 3.07 億美元。

Our capital allocation approach remains unchanged. We invest first in the business, and our share repurchase program remains opportunistic.

我們的資本配置方針維持不變。我們優先投資於業務，而我們的庫藏股回購計畫仍採機會式執行。

Our balance sheet flexibility allows us to keep investing where it best advances our mission to build the platform where real estate comes to do business.

我們資產負債表的彈性使我們能持續投資於最能推進我們使命的領域：打造房地產進行商務往來的平台。

Now turning to our 2026 outlook.

接下來談 2026 年展望。

We are raising our full year revenue guidance to a range of $1.122 billion to $1.127 billion, lifting the midpoint growth rate to 18.3%.

我們上調全年營收指引至 11.22 億至 11.27 億美元區間，將中位數成長率提升至 18.3%。

For the fourth quarter, we anticipate new customer acquisition and retention will remain healthy, while the pace of unit expansion among existing customers is expected to stay below last year's fourth quarter and be comparable to the third quarter.

就第四季而言，我們預期新客戶取得與留存將維持健康；同時，既有客戶的單位擴張速度預期仍將低於去年第四季，並與第三季相當。

We continue to expect subscription services and value-added services seasonality to be broadly consistent with 2025.

我們仍預期訂閱服務與加值服務的季節性將大致與 2025 年一致。

Other revenue can vary from quarter-to-quarter, and the fourth quarter of 2025 included one-time revenue from a Stack partnership that we do not expect to recur.

其他營收可能隨季度而波動，而 2025 年第四季包含來自 Stack 合作夥伴關係的一次性營收，我們預期不會再度發生。

Our full year non-GAAP operating margin guidance is now 26.5% to 27.5%, compared to 24.7% in 2025. This range reflects a deliberate decision to accelerate our sales and marketing investment this year, including additional sales capacity, our FUTURE conference and other industry events and targeted go-to-market programs, which are visible in our year-to-date results.

我們目前的全年非 GAAP 營業利潤率指引為 26.5% 至 27.5%，相較 2025 年的 24.7%。此區間反映我們今年有意加速銷售與行銷投資的決策，包括增加銷售產能、舉辦 FUTURE 大會與其他產業活動，以及具針對性的上市推廣（go-to-market）計畫，這些都已反映在我們年初至今的結果中。

While we are investing more in sales and marketing, we expect full year operating expenses as a percentage of revenue to decline modestly as we continue to scale and apply AI across our internal operations.

雖然我們在銷售與行銷方面投入更多，但我們預期全年營業費用占營收比重將小幅下降，因我們持續擴大規模並在內部營運中導入 AI。

We expect cost of revenue, exclusive of depreciation and amortization, to be relatively flat as a percentage of revenue compared to 2025.

我們預期剔除折舊與攤銷後的營收成本占營收比重，將相較 2025 年大致持平。

We anticipate diluted weighted average shares outstanding of approximately 36 million for the full year. In closing, the third quarter is another example of what consistency looks like at AppFolio: strong revenue growth, expanding profitability, healthy cash generation and disciplined capital allocation.

我們預期全年稀釋後加權平均流通股數約為 3,600 萬股。最後，第三季再次展現 AppFolio 的一致性：強勁的營收成長、擴大的獲利能力、健康的現金創造，以及嚴謹的資本配置。

We remain focused on delivering performance for our customers efficiently so that the value they realize on our platform continues to translate into our results.

我們仍專注於以高效率為客戶交付績效，讓他們在我們平台上實現的價值持續轉化為我們的業績表現。

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 for participating. You may now disconnect.

感謝您的參與。您現在可以掛線。