AppFolio Inc. Closes Out 2024 with Record-Breaking Financial Results and Unveils Exciting Plans for the Future
AppFolio Inc., a leading provider of cloud-based software solutions for property management, closed out 2024 with impressive financial results that solidify its position as a real estate innovation leader. The company's fourth quarter revenue grew 19% year-over-year to $204 million, resulting in a 28% annual increase to $794 million.
The remarkable growth was accompanied by significant improvements in operating margins, with non-GAAP operating margin during the fourth quarter reaching 20%. For the full year, AppFolio more than doubled its operating margin from 12% to 25%, a testament to the company's successful execution of its financial strategy. As noted by Shane Trigg, President and CEO of AppFolio, "These financial results, along with our continued growth in customers, units, and ARPU, strengthen our position as the real estate innovation leader and allow us to unlock even more value for our customers."
The company's leadership was on full display at its inaugural Future conference in San Diego, where 2,200 customers, prospects, partners, and AppFolians gathered along with industry leaders from NAA, NMHC, Narcan, and more. The event showcased how AppFolio is building a platform where the real estate industry comes to do business through its investments in industry-leading innovation and its commitment to delivering meaningful customer impact across investors, property managers, residents, and vendors.
One attendee, Dom Beverage, principal of multifamily industry resource 20 for 20, praised AppFolio's event, saying, "This show is now on par for attendance and content with the largest user conferences in our industry. More impressively, FUTURE presented the broadest and most cohesive vision I have seen of how AI may change property management."
AppFolio also made significant announcements leading up to its Future conference, including the acquisition of LiveEasy to accelerate its potential in the resident industry segment. The integration of LiveEasy with AppFolio's existing technology will enable property managers to create a unified and elevated experience for residents from application through renewal, reducing stress and saving time and money.
Shane Trigg emphasized that the outcomes achieved and momentum built demonstrate that AppFolio's strategy is working. He highlighted three strategic pillars powering success: differentiate to win, leveraging advanced AI technologies; focus on customer success, delivering meaningful customer impact across investors, property managers, residents, and vendors; and drive operational excellence, achieving cost efficiencies through process improvements and technology investments.
