AppFolio, Inc. (NASDAQ:APPF) Q2 2024 Earnings Conference Call July 25, 2024 5:00 PM ET

Company Participants

Lori Barker - Investor Relations
Shane Trigg - President & Chief Executive Officer
Fay Sien Goon - Chief Financial Officer

Conference Call Participants

Operator

Good afternoon. Thank you for standing by. Welcome to AppFolio Inc.'s Second Quarter 2024 Financial Results Conference Call. Please be advised that today's conference is being recorded and a replay will be available on AppFolio's Investor Relations website.

I would now like to hand the conference over to Lori Barker, Investor Relations.

Lori Barker

Thank you. Good afternoon, everyone. I'm Lori Barker, Investor Relations for AppFolio. And I'd like to thank you for joining us today as we report AppFolio's second quarter 2024 financial results.

With me on the call today are Shane Trigg, AppFolio's President and CEO, and Fay Sien Goon, AppFolio's Chief Financial Officer. This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com.

Before we get started, I would like to remind everyone of AppFolio's safe Harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

Any statement that refers to expectations, projections or other characterizations of future events, including financial projections, future market conditions or future product enhancements or development is a forward-looking statement. AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed on our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements, except as required by law. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the fiscal year ended, December 31st, 2023, which was filed with the SEC on February 1, 2024. In addition, this call includes non-GAAP financial measures. Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our third quarter earnings release posted on the Investor Relations section of our website.

With that, I will turn the call over to Shane Trigg. Shane, please go ahead.

Shane Trigg

Thanks, Lori, and welcome to everyone joining us for AppFolio's second quarter 2024 financial results. I'm pleased to report that revenue was up 34% year-over-year to $197 million in the second quarter. At the same time, we improved our margins, driving non-GAAP operating margin to 26%, and non-GAAP free cash flow margin to 25%. These results are a testament to our industry leadership. What makes us the leader is how we consistently find ways to meet and exceed our customers' expectations. And there's no better place to connect with current and future customers than the largest multifamily industry event NAA's Apartmentalize, where we announced a number of innovations to advance our product vision.