AppFolio, Inc., together with its subsidiaries, provides cloud-based platform for the real estate industry in the United States. The company provides a ...
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Operator: Good afternoon, thank you for standing by, and welcome to AppFolio, Inc.'s First Quarter 2026 Financial Results Conference Call. Please be advised today's conference is being recorded, and a replay will be available on AppFolio's Investor Relations website. I would now like to hand the conference over to Lori Barker, Investor Relations. Lori Barker: Thank you, operator. Good afternoon, everyone. I'm Lori Barker, Investor Relations for AppFolio, and I'd like to thank you for joining us today as we report AppFolio's First Quarter 2026 financial results. With me on the call today are Shane Trigg, AppFolio's President and CEO; and Tim Eaton, AppFolio's CFO. This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com. Additionally, an audio replay of the call and a transcript of the prepared comments will be posted to the website. Before we get started, I would like to remind everyone of AppFolio's safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections, future market conditions business performance or future product enhancements or development is a forward-looking statement. AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed on our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements, except as required by law. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 5, 2026. In addition, this call includes non-GAAP financial measures. Reconciliation of these non-GAAP financial measures and the most directly comparable GAAP measures are included in our first quarter earnings release posted on the Investor Relations section of our website. With that, I'll turn the call over to Shane Trigg. Shane, please go ahead. Shane Trigg: Thanks, Lori, and welcome to everyone joining us today. AppFolio is off to a strong start in 2026. First quarter revenue reached $262 million, a 20% year-over-year increase and up from the 16% year-over-year increase we delivered in Q1 2025. Non-GAAP operating income grew 36% and was 27.3% of revenue and GAAP operating income increased 50% and was 19.4% of revenue. We had the best first quarter in company history for residential new business unit acquisition and units on platform grew to $9.5 million, in line with our expectations and typical seasonality. This is an exciting time for our business and our industry. AI is powerful, and we're putting it to work across every dimension of our business, …
Est. EPS $1.79 · Revenue $294.19M · 5 analysts
Est. EPS $1.80 · Revenue $286.89M · 4 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Shane Trigg | President, CEO & Chairman | USD 1,438,597 | Male | 1976 | Active |
Elizabeth Barat | Chief People Officer | USD 798,172 |
| Female |
| 1976 |
| Active |
Timothy Mathias Eaton | Chief Financial Officer & Interim Principal Accounting Officer | USD 787,219 | Male | 1989 | Active |
Evan Pickering | Senior VP, General Counsel & Corporate Secretary | USD 631,398 | Male | 1981 | Active |
Lisa Horner | Chief Marketing Officer | — | Female | — | Active |
Kyle Triplett | Chief Product Officer | — | Male | — | Active |
Matthew Baird | Chief Technology Officer | — | Male | — | Active |
Maryclaire Campbell | Chief Revenue Officer | — | Female | 1959 | Active |
Bill Schroeder | Vice President of Finance | — | — | — | Active |
Steven Biringer | Senior Vice President of Growth Strategy & Development | — | Male | — | Active |
Est. EPS $6.90 · Revenue $1.12B · 6 analysts
Est. EPS $2.00 · Revenue $307.26M · 1 analysts
| $950.8M |
| +19.7% |
| +7.2% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $140.9M | -30.9% | -2.1% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +61.3% | -1.2% | -0.4% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +16.1% | -5.8% | -2.6% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +14.8% | -42.3% | -8.7% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $238.9M | +28.4% | +157.2% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +25.1% | +7.2% | +139.9% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 13.2% | +63.8% | -13.5% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 3.20x | -39.6% | +8.7% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $722.3M | +15.3% | +11.7% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 3.88 vs 5.16 | -24.7% | 1.17 vs 1.79 | -34.5% |
| Revenue Surprise | $950.8M vs $949.1M | +0.2% | $281.1M vs $294.2M | -4.4% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | DUCA MAURICE J | 10 percent owner | Class A Common Stock | D | 92 | $214.73 |
| Aug 21, 2026 | DUCA MAURICE J | 10 percent owner | Class A Common Stock | D | 183 | $216.38 |
| Aug 21, 2026 | DUCA MAURICE J | 10 percent owner | Class A Common Stock | D | 92 | $218.14 |
| Aug 21, 2026 | DUCA MAURICE J | 10 percent owner | Class A Common Stock | D | 365 | $221.37 |
| Aug 21, 2026 | DUCA MAURICE J | 10 percent owner | Class A Common Stock | D | 1,006 | $222.43 |
