AppFolio beat revenue estimates but slightly missed net-loss-per-share estimates when it reported first quarter earnings results May 9.
AppFolio, a Goleta-based developer of property management software for small-to-medium sized property managers, posted revenues of $23.2 million during the first quarter, up from $15.8 million in 2015 and slightly trumping analysts’ estimates of $22.23 million, according to S&P Capital IQ. Appfolio reported a net loss of $3.6 million, which is the same net loss it recorded during the first quarter of 2015.
AppFolio reported net-losses-per-share of 11 cents, far smaller than the 41 cents per share it loss last year but still larger than the loss of 10 cents per share analysts predicted.
Property management customers increased 36 percent, the company said in a news release. Law firms using AppFolio increased 61 percent over the same quarter last year.
“We had a strong start to the year,” said Ida Kane, AppFolio chief financial officer, on a first quarter earnings call May 9.
Kane and CEO Brian Donahoo sounded optimistic on a first quarter earnings call, saying for the first time when the company may become profitable.
Donahoo said the company has a goal of reaching positive adjusted earnings before interest, tax, depreciation and amortization by early 2017.
Kane said the company still intends to make investments from time to time that can help its shareholders, even if that impacts the company’s bottom line during one or two quarters.
“We continue to make decisions to grow,” Kane said. “As revenue grows we’ll continue to have some third party costs that will grow directional to revenue.
• Contact Philip Joens at [email protected].