AppFolio Inc. (NASDAQ:APPF), a provider of cloud-based business software solutions, concluded its 2024 Annual Meeting of Stockholders on Thursday, where shareholders cast their votes on several key proposals, the company reported in a recent SEC filing.
The Santa Barbara-based company, which specializes in services for the property management and legal sectors, saw the election of three Class III directors, Timothy Bliss, Shane Trigg, and Winifred Webb, to its board. Each will serve a three-year term ending at the company's 2027 Annual Meeting. Bliss received 148,977,337 votes in favor, Trigg 153,811,860, and Webb 150,269,831, with withheld votes and broker non-votes also recorded.
Additionally, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, with an overwhelming 156,524,035 votes in favor.
In advisory votes, the compensation package for AppFolio's named executive officers was approved with 148,843,775 votes in favor. The company also received shareholder approval for the AppFolio, Inc. (NASDAQ:APPF) 2025 Omnibus Incentive Plan and the AppFolio, Inc. 2025 Employee Stock Purchase Plan, which garnered 141,925,449 and 145,050,390 votes for approval, respectively.
The voting took place virtually, with 18,583,162 shares of Class A Common Stock and 13,799,935 shares of Class B Common Stock represented. Class A shares were entitled to one vote per share, while Class B shares carried ten votes each.
This information is based on the company's definitive proxy statement filed with the SEC on April 29, 2024, and the results of the voting process held on June 14, 2024.
In other recent news, AppFolio, Inc. announced robust financial results for Q1 2024, with a noteworthy increase in revenue and improved margins. The company reported a 38% surge in revenue to $187 million, driven by customer and unit expansion, and increased adoption of value-added services. The non-GAAP operating margin rose to 26%, with a free cash flow margin reaching 22%.
In addition to these financial highlights, the company's customer base grew by 6%, and the number of managed units increased by 11%. Revenue from value-added services, such as FolioGuard, payments, and screening, grew by 47%. In light of these results, AppFolio raised its full-year revenue guidance to between $766 million and $774 million.
Furthermore, the company expects continued customer upgrades to premium product tiers and growing usage of value-added services. Full-year non-GAAP operating margin guidance has also been raised to 23% to 24%, with free cash flow margin projections increased to 21% to 23%.
These recent developments indicate a positive trajectory for AppFolio's financial performance in the future.
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