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 May 9, 2016. |
AppFolio, Inc. | |||
By: /s/ Ida Kane | |||
Name: Ida Kane | |||
Title: Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release issued on May 9, 2016. |
• | First quarter revenue was $23.2 million, an increase of 46% period-over-period. |
• | First quarter GAAP net loss was $3.6 million, or a net loss of $0.11 per share; Non-GAAP net loss was $3.1 million, or a net loss of $0.09 per share. |
• | Increased property manager customers 36% year-over-year to 8,816; increased units under management 27% year-over-year to 2.3 million. |
• | Increased law firm customers 61% year-over-year to 6,834. |
• | Full year revenue is expected to be in the range of $100.0 million to $104.0 million. |
• | Weighted average common shares outstanding are expected to be approximately 33.7 million for the full year. |
March 31, 2016 | December 31, 2015 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 11,268 | $ | 12,063 | ||||
Investment securities—current | 9,947 | 10,235 | ||||||
Accounts receivable, net | 2,642 | 2,048 | ||||||
Prepaid expenses and other current assets | 4,440 | 3,160 | ||||||
Total current assets | 28,297 | 27,506 | ||||||
Investment securities—noncurrent | 30,910 | 34,417 | ||||||
Property and equipment, net | 6,964 | 6,107 | ||||||
Capitalized software, net | 11,239 | 10,022 | ||||||
Goodwill | 6,737 | 6,737 | ||||||
Intangible assets, net | 4,160 | 4,516 | ||||||
Other assets | 1,273 | 1,176 | ||||||
Total assets | $ | 89,580 | $ | 90,481 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,470 | $ | 2,369 | ||||
Accrued employee expenses | 5,518 | 5,159 | ||||||
Accrued expenses | 4,053 | 3,340 | ||||||
Deferred revenue | 5,658 | 4,953 | ||||||
Other current liabilities | 1,135 | 1,084 | ||||||
Total current liabilities | 17,834 | 16,905 | ||||||
Other liabilities | 1,746 | 879 | ||||||
Total liabilities | 19,580 | 17,784 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value, 25,000 authorized and no shares issued and outstanding as of March 31, 2016 and December 31, 2015 | — | — | ||||||
Class A common stock, $0.0001 par value, 250,000 shares authorized as of March 31, 2016 and December 31, 2015; 10,707 and 9,005 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively; | 1 | 1 | ||||||
Class B common stock, $0.0001 par value, 50,000 shares authorized as of March 31, 2016 and December 31, 2015; 22,887 and 24,541 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively; | 3 | 3 | ||||||
Additional paid-in capital | 142,134 | 141,528 | ||||||
Accumulated other comprehensive gain (loss) | 147 | (153 | ) | |||||
Accumulated deficit | (72,285 | ) | (68,682 | ) | ||||
Total stockholders’ equity | 70,000 | 72,697 | ||||||
Total liabilities and stockholders’ equity | $ | 89,580 | $ | 90,481 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenue | $ | 23,211 | $ | 15,848 | |||
Costs and operating expenses: | |||||||
Cost of revenue (exclusive of depreciation and amortization) | 10,530 | 7,065 | |||||
Sales and marketing | 7,551 | 5,709 | |||||
Research and product development | 3,043 | 2,009 | |||||
General and administrative | 3,549 | 3,392 | |||||
Depreciation and amortization | 2,117 | 1,183 | |||||
Total costs and operating expenses | 26,790 | 19,358 | |||||
Loss from operations | (3,579 | ) | (3,510 | ) | |||
Other expense, net | (24 | ) | (2 | ) | |||
Interest income (expense), net | 24 | (32 | ) | ||||
Loss before provision for income taxes | (3,579 | ) | (3,544 | ) | |||
Provision for income taxes | 24 | 74 | |||||
Net loss | $ | (3,603 | ) | $ | (3,618 | ) | |
Net loss per share, basic and diluted | (0.11 | ) | (0.41 | ) | |||
Weighted average common shares outstanding, basic and diluted | 33,463 | 8,913 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Core solutions | $ | 9,763 | $ | 7,134 | ||||
Value+ services | 12,255 | 7,703 | ||||||
Other | 1,193 | 1,011 | ||||||
Total revenues | $ | 23,211 | $ | 15,848 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cash from operating activities | |||||||
Net loss | $ | (3,603 | ) | $ | (3,618 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 2,117 | 1,183 | |||||
Purchased investment premium, net of amortization | 145 | — | |||||
Amortization of deferred financing costs | 16 | 5 | |||||
Loss on disposal of property and equipment | 29 | 7 | |||||
Stock-based compensation | 463 | 133 | |||||
Lease abandonment | 91 | — | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (594 | ) | (665 | ) | |||
Prepaid expenses and other current assets | (1,281 | ) | (526 | ) | |||
Other assets | (110 | ) | (44 | ) | |||
Accounts payable | (653 | ) | 209 | ||||
Accrued employee expenses | 94 | 901 | |||||
Accrued expenses | 987 | 800 | |||||
Deferred revenue | 705 | 455 | |||||
Other liabilities | 858 | (51 | ) | ||||
Net cash used in operating activities | (736 | ) | (1,211 | ) | |||
Cash from investing activities | |||||||
Purchases of property and equipment | (1,891 | ) | (721 | ) | |||
Additions to capitalized software | (2,179 | ) | (1,231 | ) | |||
Purchases of investment securities | (9,385 | ) | — | ||||
Sales and calls of investment securities | 11,005 | — | |||||
Maturities of investment securities | 2,330 | — | |||||
Purchases of intangible assets | — | (5 | ) | ||||
Net cash used in investing activities | (120 | ) | (1,957 | ) | |||
Cash from financing activities | |||||||
Proceeds from stock option exercises | 80 | 68 | |||||
Proceeds from issuance of restricted stock | — | 141 | |||||
Principal payments under capital lease obligations | (7 | ) | (6 | ) | |||
Proceeds from issuance of debt | 29 | 10,000 | |||||
Principal payments on debt | (41 | ) | — |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Payment of debt issuance costs | — | (413 | ) | ||||
Net cash provided by financing activities | 61 | 9,790 | |||||
Net cash (decrease) increase in cash and cash equivalents | (795 | ) | 6,622 | ||||
Cash and cash equivalents | |||||||
Beginning of period | 12,063 | 5,412 | |||||
End of period | 11,268 | 12,034 |
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Costs and operating expenses: | ||||||||
Cost of revenue (exclusive of depreciation and amortization) | $ | 45 | $ | 24 | ||||
Sales and marketing | 42 | 23 | ||||||
Research and product development | 51 | 5 | ||||||
General and administrative | 325 | 81 | ||||||
Total stock-based compensation expense | $ | 463 | $ | 133 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net loss | $ | (3,603 | ) | $ | (3,618 | ) | |
Stock-based compensation expense | 463 | 133 | |||||
Non-GAAP net loss | $ | (3,140 | ) | $ | (3,485 | ) | |
Non-GAAP net loss per share, basic and diluted | $ | (0.09 | ) | $ | (0.39 | ) | |
Weighted average common shares outstanding, basic and diluted | 33,463 | 8,913 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net loss | $ | (3,603 | ) | $ | (3,618 | ) | |
Depreciation and amortization | 2,117 | 1,183 | |||||
Stock-based compensation expense | 463 | 133 | |||||
Provision for income taxes | 24 | 74 | |||||
Other expense, net | 24 | 2 | |||||
Interest (income) expense, net | (24 | ) | 32 | ||||
Non-GAAP Adjusted EBITDA | $ | (999 | ) | $ | (2,194 | ) |
2016 | 2015 | 2014 | |||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||
Property manager customers | 8,816 | 8,218 | 7,561 | 7,016 | 6,491 | 5,885 | |||||||||||
Property manager units under management (in millions) | 2.30 | 2.15 | 2.01 | 1.92 | 1.81 | 1.68 | |||||||||||
Legal customers | 6,834 | 6,145 | 5,566 | 4,891 | 4,253 | 3,658 |
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