AppFolio revenues grow, losses shrink
AppFolio announced an increase in fourth quarter and full year revenues Feb. 27, decreasing its net losses per share by around a third compared to 2015.
The Goleta-based company’s revenues for the quarter ended Dec. 31 grew 37 percent to $28 million, up from $20.4 million during the same period the prior year. Full year revenues grew more than 40 percent to $105.6 million.
Costs and operating expenses grew 20 percent during the quarter to $29.3 million, bringing the company to $114 million in expenses for the year, a 27 percent increase.
Net losses shrank from $3.9 million in the final quarter of 2015, or 12 cents per basic and diluted share, to $1.3 million for the same period in 2016, or 4 cents per share. During the year, the company lost $8.3 million, down from $15.7 million in 2015, for a 25 cent loss per share.
The company had cash and cash equivalents of $10.7 million with outstanding liabilities of $22.9 million. In its earnings statement, the company said it expects full year revenues to reach $136 million to $138 million, a 28 percent jump.
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