- Full year revenue is expected to be in the range of $104.0 million to $105.0 million.
- Weighted average common shares outstanding are expected to be approximately 33.6 million for the full year.
SANTA BARBARA, Calif., Nov. 07, 2016 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ:APPF), a leading provider of cloud-based business software solutions, today announced results for the third quarter ended September 30, 2016. Third Quarter 2016 Highlights • Third quarter revenue was $28.2 million, an increase of 39% period-over-period. • Third quarter GAAP net loss was $1.1 million, or a net loss of $0.03 per share; Non-GAAP net income was $0.2 million, or $0.00 per share. • Increased property manager customers 27% year-over-year to 9,612; increased units under management 26% year-over-year to 2.5 million. • Increased law firm customers 40% year-over-year to 7,799. The Company generated approximately $2.3 million in cash from operating activities and reported $2.7 million in Non-GAAP Adjusted EBITDA for the third quarter of 2016. At September 30, 2016, the Company had $49.6 million in cash and cash equivalents and investment securities. "We are pleased with our results in the quarter, achieving strong revenue, increasing units under management and continuing to realize operating leverage," commented Brian Donahoo, President and CEO of AppFolio. "During the quarter we hosted over 700 property manager customers at our Fourth Annual Customer Conference for three days of industry education, networking events, and hands-on product demonstrations and feedback sessions with AppFolio experts. We also announced two new product offerings for our Property Managers customers, including Collections and Revenue Management, which will enhance our platform and further highlight our commitment to helping our customers successfully manage and grow their businesses and expand our market opportunity." Financial Outlook Based on information available as of November 7, 2016, we are updating our outlook for full year 2016 as indicated below.