Bearish stock to watch: AppFolio Inc (NASDAQ: APPF)

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AppFolio Inc (NASDAQ: APPF) stock lost over 2% on 3rd March, 2020 (as of 10:51 am GMT-5; Source: Google finance) despite decent results.

The company had reported the GAAP net income of $36.3 million compared to $20 million reported in fiscal 2018. The company had ended fiscal year 2019 with 14,385 real-estate property manager customers, managing the total of 4.64 million units in their portfolios, compared to 13,046 customers and 3.9 million units under management reported one year ago. The year-over-year increase in the average size of net new customer acquired is due to the company’s continued efforts and success acquiring customers with higher unit counts under management. In the legal vertical, the company had ended the year with 10,971 customers, up from 10,279 one year ago. As of December 31st, 2019, the company’s annual dollar base net expansion was 118% for the Property Manager customers and 121% for the law firm customers. This is compared to 116% and 113% respectively in fiscal year 2018.

Meanwhile, the company announced that Klaus Schauser will retire from his position as Chief Strategist, effective as of May 1, 2020. Mr. Schauser will continue to remain a Class II Director on the Company’s Board of Directors.

Moreover, for the fourth quarter, the company has reported 34% rise in the revenue to $67.4 million. The company has posted Core solutions revenue in the fourth quarter of $23.6 million, which represents a 22% increase year-over-year, mainly due to a 19% increase in Property Manager units under management and a 10% increase in the number of Property Manager customers.

Fourth quarter value plus services revenue was $39.6 million, which represents a 37% increase year-over-year. Revenue from each of the value plus services have grown year-over-year. The majority of growth in this area is on the back of increased usage of the electronic payments, screening and insurance services by a larger base of Property Manager customers, as well as a higher number of units under management.

For fiscal year 2020, the company expects revenue to be in the range of $312 million to $320 million.

Additionally, the company had closed the fourth quarter with approximately $50.8 million in cash, cash equivalents and investment securities and $48.8 million of debt. During the fourth quarter of 2019, the company had signed new long-term leases for the majority of the existing Santa Barbara campus in connection with the change in ownership of the building. At year end, the company has approximately $31 million recorded in assets and $36 million in lease liabilities on our balance sheets related to these leases.

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