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 5, 2017. |
AppFolio, Inc. | |||
By: /s/ Ida Kane | |||
Name: Ida Kane | |||
Title: Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release issued on May 5, 2017. |
• | Full year revenue is expected to be in the range of $136 million to $138 million. |
• | Diluted weighted average shares are expected to be approximately 35 million for the full year. |
March 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 7,969 | $ | 10,699 | |||
Investment securities—current | 19,355 | 15,473 | |||||
Accounts receivable, net | 3,815 | 2,511 | |||||
Prepaid expenses and other current assets | 3,135 | 3,537 | |||||
Total current assets | 34,274 | 32,220 | |||||
Investment securities—noncurrent | 24,933 | 26,688 | |||||
Property and equipment, net | 6,635 | 7,077 | |||||
Capitalized software, net | 16,363 | 15,539 | |||||
Goodwill | 6,737 | 6,737 | |||||
Intangible assets, net | 2,756 | 3,105 | |||||
Other assets | 1,196 | 1,217 | |||||
Total assets | $ | 92,894 | $ | 92,583 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 700 | $ | 937 | |||
Accrued employee expenses | 5,626 | 7,550 | |||||
Accrued expenses | 4,520 | 4,044 | |||||
Deferred revenue | 8,697 | 7,638 | |||||
Other current liabilities | 1,402 | 1,192 | |||||
Total current liabilities | 20,945 | 21,361 | |||||
Other liabilities | 1,456 | 1,540 | |||||
Total liabilities | 22,401 | 22,901 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.0001 par value, 25,000 authorized and no shares issued and outstanding as of March 31, 2017 and December 31, 2016 | — | — | |||||
Class A common stock, $0.0001 par value, 250,000 shares authorized as of March 31, 2017 and December 31, 2016; 12,249 and 11,691 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively; | 1 | 1 | |||||
Class B common stock, $0.0001 par value, 50,000 shares authorized as of March 31, 2017 and December 31, 2016; 21,576 and 22,028 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively; | 3 | 3 | |||||
Additional paid-in capital | 146,821 | 146,692 | |||||
Accumulated other comprehensive loss | (29 | ) | (51 | ) | |||
Accumulated deficit | (76,303 | ) | (76,963 | ) | |||
Total stockholders’ equity | 70,493 | 69,682 | |||||
Total liabilities and stockholders’ equity | $ | 92,894 | $ | 92,583 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenue | $ | 32,126 | $ | 23,211 | |||
Costs and operating expenses: | |||||||
Cost of revenue (exclusive of depreciation and amortization) | 12,993 | 10,530 | |||||
Sales and marketing | 7,107 | 7,551 | |||||
Research and product development | 3,629 | 3,043 | |||||
General and administrative | 4,804 | 3,549 | |||||
Depreciation and amortization | 2,996 | 2,117 | |||||
Total costs and operating expenses | 31,529 | 26,790 | |||||
Income (loss) from operations | 597 | (3,579 | ) | ||||
Other expense, net | (28 | ) | (24 | ) | |||
Interest income, net | 102 | 24 | |||||
Income (loss) before provision for income taxes | 671 | (3,579 | ) | ||||
Provision for income taxes | 11 | 24 | |||||
Net income (loss) | $ | 660 | $ | (3,603 | ) | ||
Net income (loss) per common share: | |||||||
Basic | $ | 0.02 | $ | (0.11 | ) | ||
Diluted | $ | 0.02 | $ | (0.11 | ) | ||
Weighted average common shares outstanding: | |||||||
Basic | 33,706 | 33,463 | |||||
Diluted | 34,765 | 33,463 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Costs and operating expenses: | |||||||
Cost of revenue (exclusive of depreciation and amortization) | $ | 129 | $ | 45 | |||
Sales and marketing | 120 | 42 | |||||
Research and product development | 116 | 51 | |||||
General and administrative | 732 | 325 | |||||
Total stock-based compensation expense | $ | 1,097 | $ | 463 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Cash from operating activities | |||||||
Net income (loss) | $ | 660 | $ | (3,603 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 2,996 | 2,117 | |||||
Purchased investment premium, net of amortization | (14 | ) | 145 | ||||
Amortization of deferred financing costs | 16 | 16 | |||||
Loss on disposal of property and equipment | 28 | 29 | |||||
Stock-based compensation | 1,097 | 463 | |||||
Lease abandonment | — | 91 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (1,303 | ) | (594 | ) | |||
Prepaid expenses and other current assets | 402 | (1,281 | ) | ||||
Other assets | 5 | (110 | ) | ||||
Accounts payable | (19 | ) | (653 | ) | |||
Accrued employee expenses | (1,662 | ) | 94 | ||||
Accrued expenses | 473 | 987 | |||||
Deferred revenue | 1,059 | 705 | |||||
Other liabilities | 69 | 858 | |||||
Net cash provided by (used in) operating activities | 3,807 | (736 | ) | ||||
Cash from investing activities | |||||||
Purchases of property and equipment | (392 | ) | (1,891 | ) | |||
Additions to capitalized software | (2,991 | ) | (2,179 | ) | |||
Purchases of investment securities | (6,537 | ) | (9,385 | ) | |||
Sales of investment securities | — | 6,505 | |||||
Maturities of investment securities | 4,445 | 6,830 | |||||
Net cash used in investing activities | (5,475 | ) | (120 | ) | |||
Cash from financing activities | |||||||
Proceeds from stock option exercises | 145 | 80 | |||||
Tax withholding for net share settlement | (1,207 | ) | — | ||||
Principal payments under capital lease obligations | — | (7 | ) | ||||
Proceeds from issuance of debt | 29 | 29 | |||||
Principal payments on debt | (29 | ) | (41 | ) | |||
Net cash (used in) provided by financing activities | (1,062 | ) | 61 | ||||
Net decrease in cash and cash equivalents | (2,730 | ) | (795 | ) | |||
Cash and cash equivalents | |||||||
Beginning of period | 10,699 | 12,063 | |||||
End of period | $ | 7,969 | $ | 11,268 |
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