AppFolio, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue reaching $794.2 million, a 28% increase from $620.4 million in 2023. The company's core solutions generated $180.6 million, up 15% from the previous year, while Value Added Services saw a substantial 33% increase, totaling $605 million. This growth was primarily driven by increased usage of electronic payment, tenant screening, and risk mitigation services, alongside a 6% rise in property management units under management, which reached 8.7 million.
In terms of profitability, AppFolio reported a net income of $204.1 million, a significant recovery from a net income of $2.7 million in 2023. The company also experienced a notable decrease in its effective tax rate, which fell to -35.8% from 66.2% the previous year, largely due to the release of a valuation allowance against deferred tax assets. This positive shift in financial performance reflects the company's strategic focus on enhancing its service offerings and expanding its customer base.
Strategically, AppFolio completed the acquisition of Move EZ, Inc. in October 2024 for $78.5 million, which is expected to enhance its service capabilities in the real estate sector. The acquisition added significant intangible assets, including customer relationships and developed technology, valued at $39 million and $9.8 million, respectively. This move aligns with AppFolio's ongoing efforts to innovate and provide comprehensive solutions to property management customers.
Operationally, AppFolio's customer base grew to 20,784 property management customers, up from 19,737 in 2023. The company also reported an increase in employee headcount, reaching 1,634 as of December 31, 2024. Engagement metrics showed a rise in the adoption of Value Added Services, particularly among residential properties, which typically exhibit higher utilization rates compared to commercial properties. The company continues to focus on enhancing customer experiences and operational efficiencies through its cloud-based platform.
Looking ahead, AppFolio anticipates continued revenue growth for the fiscal year ending December 31, 2025, driven by the addition of new customers and increased adoption of its Value Added Services. The company plans to maintain its investment in product development and customer support to further enhance its competitive position in the real estate technology market.
About APPFOLIO INC
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