001-37468 | 26-0359894 |
(Commission File Number) | (IRS Employer Identification Number) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | |
99.1 | Press release issued on August 6, 2015 |
AppFolio, Inc. | |||
Date: August 6, 2015 | By: | /s/ Ida Kane | |
Name: Ida Kane | |||
Title: Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release issued on August 6, 2015 |
• | Quarterly revenue of $18.4 million, up 59% year-over-year |
• | GAAP net loss of $3.4 million and Non-GAAP net loss of $3.2 million |
• | Increased property manager customers 43% year-over-year to 7,016 and 1.9 million units under management |
• | Increased law firm customers 81% year-over-year to 4,891 |
• | Completed the acquisition of RentLinx to expand the Value+ services offered to our property management customers giving them the ability to spend, track and optimize their marketing investments |
• | Full year revenue is expected to be in the range of $73.3 million to $74.3 million. |
• | Weighted average common shares outstanding is expected to be approximately 33.5 million during the balance of the year. |
June 30, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 69,924 | $ | 5,412 | ||||
Accounts receivable, net | 2,524 | 1,191 | ||||||
Prepaid expenses and other current assets | 1,834 | 1,204 | ||||||
Total current assets | 74,282 | 7,807 | ||||||
Property and equipment, net | 3,564 | 2,623 | ||||||
Capitalized software, net | 7,391 | 5,509 | ||||||
Goodwill | 6,737 | 4,998 | ||||||
Intangible assets, net | 5,275 | 3,615 | ||||||
Other assets | 1,047 | 882 | ||||||
Total assets | $ | 98,296 | $ | 25,434 | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 3,057 | $ | 2,088 | ||||
Accrued employee expenses | 4,287 | 3,150 | ||||||
Accrued expenses | 5,630 | 1,721 | ||||||
Deferred revenue | 4,256 | 3,772 | ||||||
Long-term debt—current portion, net | 231 | — | ||||||
Other current liabilities | 598 | 2,797 | ||||||
Total current liabilities | 18,059 | 13,528 | ||||||
Long term-debt, net | 9,318 | — | ||||||
Deferred revenue | — | 8 | ||||||
Other liabilities | 440 | 199 | ||||||
Total liabilities | 27,817 | 13,735 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Convertible preferred stock, Series A, B, B-1, B-2 and B-3, $0.0001 par value, 68,027 shares authorized, issued and outstanding as of December 31, 2014. Liquidation preference of $62,020 as of December 31, 2014. | — | 63,166 | ||||||
Stockholders’ (deficit) equity: | ||||||||
Preferred stock, $0.0001 par value, 25,000 authorized and no shares issued and outstanding as of June 30, 2015 | — | — | ||||||
Class A common stock, $0.0001 par value, 250,000 shares authorized at June 30, 2015; 6,225 shares issued and outstanding as of June 30, 2015 | 1 | — | ||||||
Class B common stock, $0.0001 par value, 50,000 and 123,000 shares authorized as of June 30, 2015 and December 31, 2014, respectively; 26,369 and 9,042 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively; | 3 | 1 | ||||||
Additional paid-in capital | 130,507 | 1,546 | ||||||
Accumulated deficit | (60,032) | (53,014) | ||||||
Total stockholders’ equity (deficit) | 70,479 | (51,467) | ||||||
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ | 98,296 | $ | 25,434 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | $ | 18,425 | $ | 11,594 | $ | 34,273 | $ | 21,428 | |||||||
Costs and operating expenses: | |||||||||||||||
Cost of revenue (exclusive of depreciation and amortization) | 8,109 | 5,447 | 15,174 | 10,133 | |||||||||||
Sales and marketing | 6,239 | 3,717 | 11,948 | 7,207 | |||||||||||
Research and product development | 2,154 | 1,576 | 4,163 | 2,721 | |||||||||||
General and administrative | 3,707 | 1,485 | 7,099 | 2,384 | |||||||||||
Depreciation and amortization | 1,431 | 886 | 2,614 | 1,703 | |||||||||||
Total costs and operating expenses | 21,640 | 13,111 | 40,998 | 24,148 | |||||||||||
Operating loss | (3,215 | ) | (1,517 | ) | (6,725 | ) | (2,720 | ) | |||||||
Other expense, net | (5 | ) | (29 | ) | (7 | ) | (97 | ) | |||||||
Interest income (expense), net | (243 | 11 | (275 | 37 | |||||||||||
Loss before provision for income taxes | (3,463 | (1,535 | ) | (7,007 | ) | (2,780 | ) | ||||||||
Provision (benefit) for income taxes | (63 | ) | — | 11 | — | ||||||||||
Net loss | $ | (3,400 | ) | $ | (1,535 | ) | $ | (7,018 | ) | $ | (2,780 | ) | |||
Net loss per share, basic and diluted | $ | (0.36 | ) | $ | (0.18 | ) | $ | (0.77 | ) | $ | (0.32 | ) | |||
Weighted average common shares outstanding, basic and diluted | 9,328 | 8,760 | 9,122 | 8,682 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cash from operating activities | |||||||||||||||
Net loss | $ | (3,400 | ) | $ | (1,535 | ) | $ | (7,018 | ) | $ | (2,780 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 1,431 | 886 | 2,614 | 1,703 | |||||||||||
Amortization of deferred financing costs | 26 | — | 31 | — | |||||||||||
Loss on disposal of property and equipment | 6 | 7 | 13 | 60 | |||||||||||
Noncash interest expense | 223 | — | 223 | — | |||||||||||
Stock-based compensation | 212 | 51 | 345 | 100 | |||||||||||
Change in fair value of contingent consideration | — | 173 | — | 4 | |||||||||||
Loss on equity-method investment | — | 3 | — | 19 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (557) | (175) | (1,222) | (649) | |||||||||||
Prepaid expenses and other current assets | (82) | (117) | (608) | (457) | |||||||||||
Other assets | (39) | (10) | (83) | 12 | |||||||||||
Accounts payable | 674 | 166 | 883 | 781 | |||||||||||
Accrued employee expenses | 163 | (293) | 1,064 | 154 | |||||||||||
Accrued expenses | (240) | (11) | 560 | 322 | |||||||||||
Deferred revenue | 20 | 33 | 475 | 513 | |||||||||||
Other liabilities | (33) | 169 | (84) | 294 | |||||||||||
Net cash provided by (used in) operating activities | (1,596) | (653) | (2,807) | 76 | |||||||||||
Cash from investing activities | |||||||||||||||
Purchases of property and equipment | (789) | (774) | (1,510) | (1,247) | |||||||||||
Additions to capitalized software | (1,924) | (1,171) | (3,155) | (2,036) | |||||||||||
Cash paid in business acquisition, net of cash acquired | (4,039) | — | (4,039) | — | |||||||||||
Purchases of intangible assets | (6) | — | (11) | (6) | |||||||||||
Net cash used in investing activities | (6,758) | (1,945) | (8,715) | (3,289) | |||||||||||
Cash from financing activities | |||||||||||||||
Proceeds from stock option exercises | 250 | 78 | 318 | 144 | |||||||||||
Proceeds from issuance of restricted stock | — | — | 141 | — | |||||||||||
Proceeds from issuance of options | 208 | — | 208 | — | |||||||||||
Principal payments under capital lease obligations | (9) | (6) | (15) | (14) | |||||||||||
Proceeds from initial public offering, net of underwriting discounts | 69,192 | — | 69,192 | — | |||||||||||
Payments of initial public offering costs | (807) | — | (807) | — | |||||||||||
Payment of contingent consideration | (2,429) | — | (2,429) | — | |||||||||||
Proceeds from issuance of debt | — | — | 10,000 | — | |||||||||||
Principal payments on debt | (42) | — | (42) | — | |||||||||||
Payment of debt issuance costs | (119) | — | (532) | — | |||||||||||
Net cash provided by financing activities | 66,244 | 72 | 76,034 | 130 | |||||||||||
Net cash increase (decrease) in cash and cash equivalents | 57,890 | (2,526) | 64,512 | (3,083) | |||||||||||
Cash and cash equivalents | |||||||||||||||
Beginning of period | 12,034 | 10,712 | 5,412 | 11,269 | |||||||||||
End of period | $ | 69,924 | $ | 8,186 | $ | 69,924 | $ | 8,186 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Costs and operating expenses: | ||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization) | $ | 27 | $ | 16 | $ | 51 | $ | 32 | ||||||||
Sales and marketing | 28 | 10 | 51 | 20 | ||||||||||||
Research and product development | 7 | 7 | 12 | 14 | ||||||||||||
General and administrative | 150 | 17 | 231 | 33 | ||||||||||||
Total stock-based compensation expense | $ | 212 | $ | 50 | $ | 345 | $ | 99 |
Three Months Ended June 30, 2015 | |||
GAAP net loss | $ | 3,400 | |
Stock-based compensation expense | 212 | ||
Non-GAAP net loss | $ | 3,188 |
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