AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results

Revenue grows 31% in 2022

SANTA BARBARA, Calif., Jan. 26, 2023 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a leading provider of cloud business management solutions for the real estate industry, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.

“AppFolio continued to show resilience in the changing real estate industry with 2022 revenue growth of 31%. Not only did we successfully grow our payments business, we added new larger customers, current customers expanded their adoption of our value added services and we increased penetration of AppFolio Property Manager Plus,” said Jason Randall, President and CEO, AppFolio. “In 2023 we will continue to focus on expanding our innovative products and services and trusted customer partnerships. Our strong team and culture will continue to focus on driving efficiencies and operational excellence as we introduce new ways to help our customers manage and scale their increasingly complex businesses.”

Financial Highlights

  • Revenue: Total revenue was $124.1 million in the fourth quarter of 2022, a 30% increase from $95.6 million in the fourth quarter of 2021. Total revenue for 2022 grew 31% to $471.9 million from $359.4 million for 2021.
  • Units Served: Total units on the AppFolio Property Manager platform increased to approximately 7.3 million in the fourth quarter of 2022 from approximately 6.3 million at the end of the fourth quarter of 2021.
  • Loss from Operations: GAAP loss from operations in the fourth quarter of 2022 was $20.0 million, or 16.1% of revenue, compared to $7.3 million, or 7.7% of revenue, in the same quarter of 2021. Non-GAAP loss from operations in the fourth quarter of 2022 was $3.4 million, or 2.7% of revenue, compared to Non-GAAP loss from operations of $0.4 million, or 0.4% of revenue, in the fourth quarter of 2021.
  • Cash: Cash, cash equivalents, and investment securities were $185.2 million as of December 31, 2022, compared to $183.5 million as of December 31, 2021. Non-GAAP free cash flow was $1.3 million, or 1.0% of revenue, in the fourth quarter of 2022, compared to $(2.0) million, or (2.1)% of revenue, in the same quarter of 2021. Total non-GAAP free cash flow for 2022 was $4.1 million, or 0.9% of revenue compared to $12.8 million, or 3.6% of revenue in 2021.

Financial Outlook
Based on information available as of January 26, 2023, AppFolio’s outlook for fiscal year 2023 follows:

  • Full year revenue is expected to be in the range of $565 million to $575 million.
  • Full year non-GAAP operating margin as a percentage of revenue is expected to be approximately breakeven.
  • Full year non-GAAP free cash flow margin as a percentage of revenue is expected to be in the range of 2% to 3%.
  • Weighted average shares outstanding are expected to be approximately 35 million for the full year.

Conference Call Information
As previously announced, the Company will host a conference call today, January 26, 2023, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the company’s fourth quarter and year ended 2022 financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/j4kdio9f. To access the call by phone, please go to the following link: https://register.vevent.com/register/BI1a3bcda7808844f6982d79643cf7929a, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events. 

The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio’s disclosure obligations under Regulation FD.

About AppFolio, Inc.
AppFolio is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. For more information about AppFolio, visit www.appfolioinc.com. 

Investor Relations Contact:
Lori Barker
[email protected] 

Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “Statement Regarding the Use of Non-GAAP Financial Measures.”

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts, “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2023 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, and the impact of the Company’s strategic actions and initiatives.

Forward-looking statements represent AppFolio’s current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company’s actual results to materially differ from those expressed or implied by these forward-looking statements are described in our Form 10-Q for the quarter ended September 30, 2022 filed with the SEC on October 28, 2022 and the section entitled “Risk Factors” in AppFolio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 to be filed with the SEC, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward looking statements.

Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)

    December 31,
2022
  December 31,
2021
Assets        
Current assets        
Cash and cash equivalents   $ 70,769   $ 57,847
Investment securities—current     89,297     64,600
Accounts receivable, net     16,503     12,595
Prepaid expenses and other current assets     24,899     23,553
     Total current assets     201,468     158,595
Investment securities—noncurrent     25,161     61,076
Property and equipment, net     26,110     30,479
Operating lease right-of-use assets     23,485     41,710
Capitalized software development costs, net     35,315     41,212
Goodwill     56,060     56,147
Intangible assets, net     4,833     11,711
Other long-term assets     8,785     7,087
     Total assets   $ 381,217   $ 408,017
Liabilities and Stockholders’ Equity        
Current liabilities        
Accounts payable   $ 2,473   $ 1,704
Accrued employee expenses     34,376     30,065
Accrued expenses     15,601     13,284
Other current liabilities     8,893     7,589
     Total current liabilities     61,343     52,642
Operating lease liabilities     50,237     55,733
Other liabilities     4,091     2,261
Stockholders’ equity     265,546     297,381
     Total liabilities and stockholders’ equity   $ 381,217   $ 408,017


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2022       2021       2022       2021  
Revenue(1) $ 124,058     $ 95,600     $ 471,883     $ 359,370  
Costs and operating expenses:              
Cost of revenue (exclusive of depreciation and amortization)(2)   50,342       39,097       191,826       143,944  
Sales and marketing(2)   29,840       19,945       107,398       73,200  
Research and product development(2)   31,152       19,591       111,118       65,980  
General and administrative(2)   24,534       16,308       100,792       57,279  
Depreciation and amortization   8,142       8,001       33,119       30,845  
     Total costs and operating expenses   144,010       102,942       544,253       371,248  
Loss from operations   (19,952 )     (7,342 )     (72,370 )     (11,878 )
Other income, net   213       12,406       4,469       13,111  
Interest income, net   552       328       1,184       501  
(Loss) income before provision for income taxes   (19,187 )     5,392       (66,717 )     1,734  
Provision for income taxes   513       6,723       1,402       706  
Net (loss) income $ (19,700 )   $ (1,331 )   $ (68,119 )   $ 1,028  
               
Net (loss) income per common share:              
Basic $ (0.56 )   $ (0.04 )   $ (1.95 )   $ 0.03  
Diluted $ (0.56 )   $ (0.04 )   $ (1.95 )   $ 0.03  
Weighted average common shares outstanding:              
Basic   35,229       34,738       35,010       34,578  
Diluted   35,229       34,738       35,010       35,701  

(1) The following table presents our revenue categories:

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2022     2021     2022     2021
Core solutions $ 35,378   $ 28,691   $ 132,541   $ 105,148
Value Added Services   86,287     63,754     327,636     241,289
Other   2,393     3,155     11,706     12,933
Total revenue $ 124,058   $ 95,600   $ 471,883   $ 359,370

(2) Includes stock-based compensation expense as follows:

  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2022     2021     2022     2021
Costs and operating expenses:              
Cost of revenue (exclusive of depreciation and amortization) $ 767   $ 515   $ 2,640   $ 2,024
Sales and marketing   3,185     742     8,681     2,329
Research and product development   4,870     1,935     16,030     5,457
General and administrative   3,904     2,096     13,584     5,531
Total stock-based compensation expense $ 12,726   $ 5,288   $ 40,935   $ 15,341

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
    2022       2021       2022       2021  
Cash from operating activities              
Net (loss) income $ (19,700 )   $ (1,331 )   $ (68,119 )   $ 1,028  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation and amortization   7,525       7,488       30,820       29,032  
Amortization of operating lease right-of-use assets   689       887       3,187       3,199  
Impairment, net   2,230             22,022        
Deferred income taxes   399       6,644       (993 )     250  
Stock-based compensation, including as amortized   13,343       5,801       43,234       17,154  
Gain on sale of business               (4,156 )     (380 )
Gain on sale of equity-method investment and recovery of note receivable         (12,767 )     (40 )     (12,767 )
Other   221       160       175       249  
Changes in operating assets and liabilities:              
Accounts receivable   (1,619 )     (753 )     (4,198 )     (2,103 )
Prepaid expenses and other current assets   (2,239 )     1,390       (5,398 )     (2,168 )
Other assets   (254 )     (78 )     (1,883 )     (1,259 )
Accounts payable   945       (887 )     1,176       497  
Accrued employee expenses   5,103       4,929       4,281       11,264  
Accrued expenses   (539 )     (347 )     3,452       (1,773 )
Operating lease liabilities   (776 )     (727 )     (2,524 )     1,268  
Other liabilities   753       (1,477 )     4,329       (8,100 )
   Net cash provided by operating activities   6,081       8,932       25,365       35,391  
Cash from investing activities              
Purchases of available-for-sale investments   (8,845 )     (74,174 )     (79,279 )     (241,215 )
Proceeds from sales of available-for-sale investments   994             994       43,198  
Proceeds from maturities of available-for-sale investments   11,285       33,600       87,883       107,354  
Purchases of property and equipment   (597 )     (2,937 )     (6,540 )     (8,103 )
Capitalization of software development costs   (4,220 )     (6,104 )     (14,688 )     (24,615 )
Proceeds from sale of business, net of cash divested         402       5,124       402  
Proceeds from sale of equity-method investment         12,520       40       12,520  
   Net cash used in investing activities   (1,383 )     (36,693 )     (6,466 )     (110,459 )
Cash from financing activities              
Proceeds from stock option exercises   1,895       1,823       4,474       2,614  
Tax withholding for net share settlement   (3,056 )     (659 )     (10,637 )     (9,962 )
   Net cash (used in) provided by financing activities   (1,161 )     1,164       (6,163 )     (7,348 )
   Net increase (decrease) in cash and cash equivalents and restricted cash   3,537       (26,597 )     12,736       (82,416 )
Cash, cash equivalents and restricted cash              
Beginning of period   67,482       84,880       58,283       140,699  
End of period $ 71,019     $ 58,283     $ 71,019     $ 58,283  


RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(UNAUDITED)
(in thousands, except per share data)

      Three Months Ended
December 31,
  Twelve Months Ended
December 31,
        2022       2021       2022       2021  
Costs and operating expenses:          
  GAAP cost of revenue (exclusive of depreciation and amortization) $ 50,342     $ 39,097     $ 191,826     $ 143,944  
    Less: Stock-based compensation expense   767       515       2,640       2,024  
  Non-GAAP cost of revenue (exclusive of depreciation and amortization) $ 49,575     $ 38,582     $ 189,186     $ 141,920  
  GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   41 %     41 %     41 %     40 %
  Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue   40 %     40 %     40 %     39 %
                   
  GAAP sales and marketing $ 29,840     $ 19,945     $ 107,398     $ 73,200  
    Less: Stock-based compensation expense   3,185       742       8,681       2,329  
  Non-GAAP sales and marketing $ 26,655     $ 19,203     $ 98,717     $ 70,871  
  GAAP sales and marketing as a percentage of revenue   24 %     21 %     23 %     20 %
  Non-GAAP sales and marketing as a percentage of revenue   21 %     20 %     21 %     20 %
                   
  GAAP research and product development $ 31,152     $ 19,591     $ 111,118     $ 65,980  
    Less: Stock-based compensation expense   4,870       1,935       16,030       5,457  
  Non-GAAP research and product development $ 26,282     $ 17,656     $ 95,088     $ 60,523  
  GAAP research and product development as a percentage of revenue   25 %     20 %     24 %     18 %
  Non-GAAP research and product development as a percentage of revenue   21 %     18 %     20 %     17 %
                   
  GAAP general and administrative $ 24,534     $ 16,308     $ 100,792     $ 57,279  
    Less: Stock-based compensation expense   3,904       2,096       13,584       5,531  
    Less: Impairment, net   2,230             22,022        
    Less: Legal costs and insurance recoveries                     (1,900 )
  Non-GAAP general and administrative $ 18,400     $ 14,212     $ 65,186     $ 53,648  
  GAAP general and administrative as a percentage of revenue   20 %     17 %     21 %     16 %
  Non-GAAP general and administrative as a percentage of revenue   15 %     15 %     14 %     15 %
                   
  GAAP depreciation and amortization $ 8,142     $ 8,001     $ 33,119     $ 30,845  
    Less: Amortization of stock-based compensation capitalized in software development costs   618       513       2,299       1,812  
    Less: Amortization of purchased intangibles   977       1,153       4,373       4,647  
  Non-GAAP depreciation and amortization $ 6,547     $ 6,335     $ 26,447     $ 24,386  
  GAAP depreciation and amortization as a percentage of revenue   7 %     8 %     7 %     9 %
  Non-GAAP depreciation and amortization as a percentage of revenue   5 %     7 %     6 %     7 %

      Three Months Ended
December 31,
  Twelve Months Ended
December 31,
        2022     2021(1)     2022     2021(1)
Loss from operations:              
  GAAP loss from operations $ (19,952 )   $ (7,342 )   $ (72,370 )   $ (11,878 )
    Less: Stock-based compensation expense   12,726       5,288       40,935       15,341  
    Less: Amortization of stock-based compensation capitalized in software development costs   618       513       2,299       1,812  
    Less: Amortization of purchased intangibles   977       1,153       4,373       4,647  
    Less: Impairment, net   2,230             22,022        
    Less: Legal costs and insurance recoveries                     (1,900 )
  Non-GAAP (loss) income from operations $ (3,401 )   $ (388 )   $ (2,741 )   $ 8,022  
                   
Operating margin:              
  GAAP operating margin   (16.1 )%      (7.7 )%     (15.3 )%     (3.3 )%
    Stock-based compensation expense as a percentage of revenue   10.3       5.5       8.7       4.3  
    Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue   0.5       0.5       0.5       0.5  
    Amortization of purchased intangibles as a percentage of revenue   0.8       1.2       0.9       1.3  
    Impairment, net as a percentage of revenue   1.8             4.7        
    Legal costs and insurance recoveries as a percentage of revenue                     (0.5 )
  Non-GAAP operating margin   (2.7 )%     (0.4 )%     (0.6 )%     2.2 %
                   
Net (loss) income:              
  GAAP net (loss) income $ (19,700 )   $ (1,331 )   $ (68,119 )   $ 1,028  
    Less: Stock-based compensation expense   12,726       5,288       40,935       15,341  
    Less: Amortization of stock-based compensation capitalized in software development costs   618       513       2,299       1,812  
    Less: Amortization of purchased intangibles   977       1,153       4,373       4,647  
    Less: Impairment, net   2,230             22,022        
    Less: Legal costs and insurance recoveries                     (1,900 )
    Less: Gain on sale of business               (4,156 )      
    Less: Gain on sale of equity-method investment and recovery of note receivable         (12,767 )     (40 )     (12,767 )
    Less: Income tax effect of adjustments   (1,363 )     (6,820 )     (2,087 )     1,300  
  Non-GAAP net (loss) income $ (1,786 )   $ (324 )   $ (599 )   $ 6,861  
                   
Net (loss) income per share, basic:              
  GAAP net (loss) income per share, basic $ (0.56 )   $ (0.04 )   $ (1.95 )   $ 0.03  
    Non-GAAP adjustments to net income   0.51       0.03       1.93       0.17  
  Non-GAAP net (loss) income per share, basic $ (0.05 )   $ (0.01 )   $ (0.02 )   $ 0.20  
                   
Net (loss) income per share, diluted:              
  GAAP net (loss) income per share, diluted $ (0.56 )   $ (0.04 )   $ (1.95 )   $ 0.03  
    Non-GAAP adjustments to net income   0.51       0.03       1.93       0.16  
  Non-GAAP net (loss) income per share, diluted $ (0.05 )   $ (0.01 )   $ (0.02 )   $ 0.19  
                   
  Weighted-average shares used in GAAP per share calculation              
    Basic   35,229       34,738       35,010       34,578  
    Diluted   35,229       34,738       35,010       35,701  
                   
  Weighted-average shares used in non-GAAP per share calculation              
    Basic   35,229       34,738       35,010       34,578  
    Diluted   35,229       34,738       35,010       35,701  

(1) Amounts have been revised from those previously reported to reflect the gain realized on the sale of the SecureDocs, Inc. investment, accounted for under the equity-method of accounting, in the fourth quarter of fiscal year 2021.

      Three Months Ended
December 31,
  Twelve Months Ended
December 31,
        2022       2021       2022       2021  
Free cash flow:        
  GAAP net cash provided by operating activities $ 6,081     $ 8,932     $ 25,365     $ 35,391  
    Purchases of property and equipment   (597 )     (2,937 )     (6,540 )     (8,103 )
    Capitalized software development costs   (4,220 )     (6,104 )     (14,688 )     (24,615 )
    Non-recurring expenses paid related to the sale of MyCase                     7,759  
    Legal costs and insurance recoveries         (1,900 )           2,350  
  Non-GAAP free cash flow $ 1,264     $ (2,009 )   $ 4,137     $ 12,782  
                   
Free cash flow margin:            
  GAAP net cash provided by operating activities as a percentage of revenue   4.9 %     9.3 %     5.4 %     9.8 %
    Purchases of property and equipment as a percentage of revenue   (0.5 )     (3.1 )     (1.4 )     (2.3 )
    Capitalized software development costs as a percentage of revenue   (3.4 )     (6.4 )     (3.1 )     (6.8 )
    Non-recurring expenses paid related to the sale of MyCase as a percentage of revenue                     2.2  
    Legal costs and insurance recoveries as a percentage of revenue         (2.0 )           0.7  
  Non-GAAP free cash flow margin   1.0 %     (2.1 )%     0.9 %     3.6 %

Statement Regarding the Use of Non-GAAP Financial Measures

We disclose the following non-GAAP financial measures in this press release: non-GAAP income (loss) from operations, non-GAAP operating expenses (cost of revenue (exclusive of depreciation and amortization), sales and marketing, research and product development, general and administrative, and depreciation and amortization), non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

  • Non-GAAP presentation of income (loss) from operations, operating expenses, net income (loss), and net income (loss) per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, impairment, net, legal costs and insurance recoveries, gain on sale of business, and the related income tax effect of these adjustments, as applicable and described below.
  • Free cash flow. Free cash flow is defined as net cash from operating activities, less purchases of property and equipment, capitalization of software development costs, and insurance recoveries, plus legal costs and non-recurring expenses paid related to the sale of our wholly owned subsidiary MyCase, Inc. completed on September 30, 2020. We use free cash flow to evaluate our generation of cash from operations that is available for purposes other than capital expenditures and capitalized software development costs. Additionally, we believe that information regarding free cash flow provides investors with a perspective on the cash available to fund ongoing operations, because we review cash flows generated from operations after taking into consideration capital expenditures and the capitalization of software development costs due to the fact that these expenditures are considered to be a necessary component of ongoing operations.

We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these adjustments also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

  • Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.
  • Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.
  • Impairment, net. We believe that impairment charges, net of gains do not reflect future operating expenses, and are generally unrelated to financial and operational performance in any particular period.
  • Significant legal costs and insurance recoveries. Significant legal litigation costs, settlement expenses or proceeds, other associated expenses, and insurance recoveries of such costs do not relate to the ongoing operation of the business and tend to vary significantly based on the circumstances of each transaction. This is not indicative of our core operating performance and may not be meaningful in comparison to our past operating performance.
  • Gains and non-recurring costs related to the sale of businesses. In August 2022 we completed the sale of AppFolio Utility Management, Inc. and in September 2020 we completed the sale of MyCase, Inc., each a former wholly owned subsidiary. We have excluded any gains and charges related to these sales, as we do not consider such amounts to be part of the ongoing operation of our business.
  • Gains related to the sale of equity-method investments. In December 2021 we sold all of our interest in SecureDocs, Inc. an equity-method investment. We have excluded any gains related to this sale, as we do not consider such amounts to be part of the ongoing operation of our business.
  • Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 25%, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

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