Appfolio S-1 Analysis (NASDAQ:APPF)

Exchange: NASDAQ Global Mkt

Proposed Symbol: APPF

CEO: Brian Donahoo

Offer Amount: $80.6 mm

No. of Shares to be sold in IPO: 6.2 mm

No. of Shares Outstanding: 36.17 mm

Price Range: $12-14

Mkt Cap at Midpoint of Proposed range: $420 mm

Expected IPO Date: 06/26/15

Description from S-1: “We provide industry-specific, cloud-based software solutions for SMBs in the property management and legal industries. Our platform is designed to be the system of record to automate essential business processes and the system of engagement to enhance business interactions between our customers and their clients and vendors. Our mobile-optimized software solutions have a user-friendly interface across multiple devices, enabling our customers to work at any time and from anywhere. Our property management software provides small and medium-sized property managers with an end-to-end solution to their business needs, enabling them to manage properties quickly and easily in a single, integrated environment. Our legal software provides solo practitioners and small law firms with a streamlined practice and case management solution, allowing them to manage their practices and case load within a flexible system. We also offer optional, but often mission-critical, Value+ services, such as our professionally designed websites and electronic payment services, which are seamlessly built into our core solutions.”

Underwriters:

  • Lead Underwriter: Morgan Stanley & Co. LLC, Credit Suisse LLC
  • Co Managers: Pacific Crest Securities, William Blair

Competitors: AppFolio, Yardi, Real Page, Rent Manager, Propertyware, Buildium, LexisNexis, Clio, Houzz, MRI Software, Skyline, Promas, Tops, RentPost, Point2 Property Manager

Revenue:

  • 2012 = $12.706 mm
  • 2013 = $26.542
  • 2014 = $47.671 mm
  • 3 months ended 03/31/15 = $15.848 mm
    • 3 months ended 03/31/14 = $9.834 mm

R & D Expenses:

  • 2012 = $4.067 mm
  • 2013 = $5.057 mm
  • 2014 = $6.505 mm
  • 3 months ended 03/31/15 = $2.009 mm
    • 3 months ended 03/31/14 = $1.145 mm

Sales & Marketing Expenses:

  • 2012 = $8.001 mm
  • 2013 = $10.337 mm
  • 2014 = $16.876 mm
  • 3 months ended 03/31/15 = $5.709 mm
    • 3 months ended 03/31/14 = $3.490 mm

Cash:

  • 2012 = $3.943 mm
  • 2013 = $11.269 mm
  • 2014 = $5.412 mm
  • 2015 (as of 3/31) = $12.034 mm

Total Assets:

  • 2012 = $22.109 mm
  • 2013 = $27.707 mm
  • 2014 = $25.434 mm
  • 2015 (as of 3/31) = $36.014 mm

Other Notes

  • Based in Goleta, CA
  • Founded in 2007
  • Appfolio makes software for property management, and software for lawyers through a subsidiary of theirs, myCase, which they acquired in 2012
  • Funding Rounds:
    • Series A: $5 mm
      • 02/20/2007
      • Investors: BV Capital, Cisco, Investment Group of Santa Barbara
    • Series B: $22 mm
      • 06/01/2008
      • Investors: e.ventures, Cisco, Investment Group of Santa Barbara
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