Appfolio (APPF) Q4 FY2023 earnings: revenue $172 million, up 38.5% on the year

Appfolio Inc. (APPF) reported revenue of $172 million for Q4 FY2023, the quarter ended 31 December 2023, up 38.5% on the same quarter a year earlier. Net income was $30 million, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 1 February 2024.

Revenue$172 millionup 38.5%

Net income$30 million

Diluted EPS$0.83

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	172	165	n/a	n/a
Cost of revenue	61.3	62.7	n/a	n/a
Gross profit	111	103	n/a	n/a
Gross margin	64.3%	62.1%	n/a
Research and development	34.8	41.6	n/a	n/a
Operating income	28.2	-0.1	n/a	n/a
Operating margin	16.4%	-0.0%	n/a
Pre-tax income	30.9	1.5	n/a	n/a
Income tax	0.7	-25.0	n/a	n/a
Effective tax rate	2.1%	-1696.5%	n/a
Net income	30.3	26.4	n/a	n/a
Net margin	17.6%	16.0%	n/a
Diluted EPS	$0.83	$0.72	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	31.2	36.8	n/a	n/a
Capital expenditure	3.1	3.8	n/a	n/a
Free cash flow	28.1	33.0	n/a	n/a
Free cash flow margin	16.3%	19.9%	n/a
Cash from investing	-33.2	4.3	n/a	n/a
Cash from financing	-8.4	-5.8	n/a	n/a
Depreciation and amortisation	6.4	7.0	n/a	n/a
Share-based compensation	13.0	15.3	n/a	n/a
Diluted shares, weighted	37m	36m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	297	263	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	41.1	41.1	n/a	n/a
Other liabilities	70.5	74.8	n/a	n/a
Total liabilities and equity	409	379	n/a	n/a
Fixed assets	28.4	27.1	n/a	n/a
Goodwill	56.1	56.1	n/a	n/a
Intangible assets	2.4	3.0	n/a	n/a
Securities held for sale or to maturity	162	132	n/a	n/a
Cash and equivalents	49.5	59.9	n/a	n/a
Receivables	20.7	20.4	n/a	n/a
Other assets	89.7	80.5	n/a	n/a
Total assets	409	379	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	165	172	187	197	206	204	218	236	249	248	262	281
Cost of revenue	62.7	61.3	64.6	69.6	71.6	76.2	79.5	83.8	91.5	90.5	95.0	103
Gross profit	103	111	123	128	134	127	138	152	158	158	167	179
Gross margin	62%	64%	66%	65%	65%	63%	63%	64%	63%	64%	64%	64%
R&D	41.6	34.8	37.9	39.5	40.7	42.3	43.8	46.7	54.0	46.0	49.6	51.0
Operating income	-0.1	28.2	34.1	36.0	42.6	23.0	33.8	40.5	35.0	43.6	50.7	53.0
Operating margin	-0%	16%	18%	18%	21%	11%	16%	17%	14%	18%	19%	19%
Pre-tax income	1.5	30.9	37.1	39.5	46.6	27.2	36.8	42.0	36.7	45.6	53.1	54.4
Tax rate	-1697%	2%	-4%	25%	29%	-278%	15%	14%	8%	13%	20%	24%
Net income	26.4	30.3	38.7	29.7	33.0	103	31.4	36.0	33.6	39.9	42.4	41.5
Net margin	16%	18%	21%	15%	16%	50%	14%	15%	13%	16%	16%	15%
Diluted EPS	$0.72	$0.83	$1.05	$0.81	$0.90	$2.79	$0.86	$0.99	$0.93	$1.10	$1.18	$1.17
Operating cash flow	36.8	31.2	43.0	50.9	57.8	36.6	38.5	52.6	86.0	65.0	34.3	87.6
Capital expenditure	3.8	3.1	1.4	0.0	0.4	0.2	0.2	0.3	1.3	1.3	0.2	n/a
Free cash flow	33.0	28.1	41.5	50.8	57.4	36.4	38.2	52.4	84.7	63.7	34.1	n/a
Buybacks	n/a	n/a	0.0	0.0	0.0	0.0	95.8	50.0	0.0	0.0	125	0.0
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 1 February 2024, accession 0001433195-24-000023: the filing on EDGAR. All of Appfolio Inc.'s filings: EDGAR company page.

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