AppFolio, Inc. today announced its financial results for the first quarter ended March 31, 2025, reporting total revenue of $217.7 million, a 16% increase year-over-year. Despite the revenue growth, the company reported a GAAP operating margin of 24% and a Non-GAAP operating margin of 24.3%, both down slightly from 25.7% in Q1 2024.
Net income for the quarter was $31.4 million, a decrease from $38.7 million in the prior year, and non-GAAP earnings per share of $1.21 fell short of Wall Street expectations. Management attributed increased operating expenses to higher third-party service provider costs and personnel growth across sales, marketing, and research and product development.
Despite the margin contraction and EPS miss, AppFolio management reiterated its full-year 2025 guidance, expecting annual revenue between $920 million and $940 million and a Non-GAAP operating margin between 24.5% and 26.5%. Additionally, the Board of Directors authorized a new $300.0 million share repurchase program, replacing the substantially exhausted previous program, demonstrating a commitment to shareholder returns.
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