AppFolio’s net income continues to climb
Goleta-based AppFolio’s net income continued its upward trajectory, reaching $3.68 million during the quarter ended Sept. 30, compared to $2.26 million in the previous quarter and a loss of $1.13 million for the third quarter of 2016.
Revenue climbed to $37.9 million, up 34.6 percent from the same period last year, primarily due to an increase in the company’s “Value+” services. Operating expenses grew 16.9 percent to $34.3 million.
Net income rose to 10 cents per diluted share for the quarter, bringing it up to 20 cents per diluted share for the first nine months of 2017. The company once again increased its full-year revenue projections, stating expectations of $140 million to $141 million, around 2 percent higher than its outlook the previous quarter.
The outlook includes some expected impacts from fourth quarter seasonality, Chief Financial Officer Ida Kane said on an earnings call Nov. 6. Fewer people tend to move late in the year, resulting in less payment and screening revenue from new tenant applications, Kane said, and AppFolio expects that trend to persist this year.
With around $14.8 million in cash and cash equivalents on hand, the company had around $1.16 million in current liabilities. Shares ended Nov. 6 at $46.45 ahead of the earnings announcement, up 1.4 percent.
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