AppFolio Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $205.7 million for the three months ended September 30, 2024, marking a 24% increase from $165.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $590.5 million, up 32% from $448.6 million year-over-year. This growth was driven by increased usage of Value Added Services, particularly in payment services, tenant screening, and risk mitigation, alongside a 9% rise in property management units under management.
The company's income from operations for the third quarter was $42.6 million, a substantial recovery from a slight loss of $67,000 in the same quarter of the previous year. For the nine-month period, income from operations totaled $112.7 million, compared to a loss of $27.3 million in 2023. Net income for the third quarter was $33.0 million, up from $26.4 million in the prior year, while net income for the nine months was $101.3 million, a significant turnaround from a loss of $27.6 million in 2023.
AppFolio's total assets increased to $523.3 million as of September 30, 2024, compared to $408.9 million at the end of 2023. Cash and cash equivalents rose to $62.4 million, up from $49.5 million, and investment securities increased to $269.0 million from $162.2 million. The company also reported a total stockholders' equity of $412.8 million, up from $297.3 million at the end of 2023.
In terms of expenses, AppFolio saw a decrease in sales and marketing expenses, which fell by $3.7 million for the third quarter and $7.2 million for the nine months, primarily due to reduced personnel-related costs following a workforce reduction of 149 employees announced in August 2023. General and administrative expenses also decreased significantly, reflecting lower personnel-related costs associated with severance from the former CEO's separation.
On the strategic front, AppFolio announced the acquisition of Move EZ, Inc. for approximately $80 million in cash, which is expected to enhance its service offerings. The company continues to manage a growing customer base, with 20,403 property management customers as of September 30, 2024, up from 19,418 a year earlier.
Overall, AppFolio's financial performance reflects a robust recovery and strategic growth, positioning the company favorably for future developments.
About APPFOLIO INC
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