AppFolio CEO Brian Donahoo retiring
Updated at 2:45 p.m.:
AppFolio reported an increase in its net income and the retirement of its president and CEO Brian Donahoo effective Aug. 8.
Donahoo, 53, will be replaced by Jason Randall, who has served as senior vice president for both the company’s Property Manager and MyCase divisions and held leadership and product development roles at other public and private software companies.
“I look forward to the opportunity to lead AppFolio through the next stage of our growth and continue to build on the great progress our team has made to date,” Randall said in a news release. “Our commitment to our customers, our team and to delivering innovative technology to the market will continue to be our priority as we move forward. I’m proud of the company we’ve built and am eager to continue to expand on and leverage our solid foundation as we grow.”
Donahoo, who is eligible to receive a one-time cash bonus of $1.33 million, will remain employed at the Goleta company through the end of the year to aid the transition. Randall, whose base pay will increase from $240,000 per year to $360,000 per year, was also elected to take his position on the board of directors.
“Having worked closely with Jason for many years, I am confident that no one is better suited for this role, and I’m so proud and happy to hand over the steering oar to Jason as he leads our company through our future stages of growth,” he said.
Ida Kane, AppFolio’s chief financial officer, has had her base pay increased from $300,000 to $340,000 per year.
The company achieved profitability during the previous quarter of $660,000, or 2 cents per share. For the second quarter of 2017, net income rose to $2.8 million, or 8 cents per share, compared to a loss of $2.26 million for the same period the prior year.
Revenues shot up to $35.9 million for the quarter and $68 million for the first half of the year, or 37 percent and 18.5 percent, respectively, for the same periods the prior year. Costs and operating expenses increased around 16 percent.
The company had $7.4 million in cash and cash equivalents as of the quarter ended June 30, with $23 million in current liabilities. It increased its revenue projections for the full year to $138 million-$139 million, just shy of $4 per diluted share.
The stock ended Aug. 7 at $35.25, up 47.8 percent year to date.
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