Consistency Continues with 19% Revenue Growth and Expanding Profitability
SANTA BARBARA, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a technology leader powering the future of the real estate industry, today announced its financial results for the third quarter ended September 30, 2026.
“Q3 reflects the strength and durability of our business, as new and existing customers continue to adopt our performance platform,” said Shane Trigg, Chairman and CEO. “The promise of Real Estate Performance Management is helping create a future of winning with our customers, turning performance into a competitive advantage that compounds over time.”
Financial Highlights for Third Quarter of 2026
- Revenue grew 19% year-over-year to $296 million.
- Total units under management grew 8% year-over-year to 9.8 million.
- GAAP operating income grew 64% to $57 million, or 19.4% of revenue, compared to $35 million, or 14.1% of revenue in Q3 2025.
- Non-GAAP operating income grew 38% to $81 million, or 27.3% of revenue, compared to $59 million, or 23.5% of revenue in Q3 2025.
- Net cash provided by operating activities was $97 million, or 32.7% of revenue, compared to $86 million, or 34.5% of revenue in Q3 2025.
Financial Outlook
Based on information available as of October 22, 2026, AppFolio’s outlook for fiscal year 2026 follows:
- Full year revenue range is increasing to $1.122 – $1.127 billion.
- Full year non-GAAP operating margin range as a percentage of revenue is now 26.5% – 27.5%.
- Diluted weighted average shares outstanding are expected to be approximately 36 million for the full year.
Conference Call Infor
mation
As previously announced, the Company will host a conference call today, October 22, 2026, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s third quarter financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/jcjgqabv. To access the call by phone, please go to the following link: https://register-conf.media-server.com/register/BI59a3520d44444834b693d21914243efb, 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
AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.
Investor Relations Contact:
Lori Barker
[email protected]
Use of Non-GAAP Financial Measures
Reconciliations of current and historical 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 entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”
AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
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,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “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 2026 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the potential benefits and effect of AI and its impact on the Company’s plans, objectives, expectations and capabilities.
Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to 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. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 5, 2026, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, 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.
The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) |
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September 30, 2026 |
December 31, 2025 |
|||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 258,536 | $ | 106,967 | ||
| Investment securities—current | 48,740 | 144,256 | ||||
| Accounts receivable, net | 52,535 | 36,873 | ||||
| Prepaid expenses and other current assets | 47,561 | 65,218 | ||||
| Total current assets | 407,372 | 353,314 | ||||
| Property and equipment, net | 20,316 | 23,228 | ||||
| Operating lease right-of-use assets | 14,227 | 15,924 | ||||
| Capitalized software development costs, net | 11,122 | 11,324 | ||||
| Goodwill | 96,410 | 96,410 | ||||
| Intangible assets, net | 31,153 | 38,826 | ||||
| Deferred income taxes | 32,210 | 58,823 | ||||
| Long-term investments | 87,668 | 77,033 | ||||
| Other long-term assets | 15,193 | 14,085 | ||||
| Total assets | $ | 715,671 | $ | 688,967 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 5,656 | $ | 4,123 | ||
| Accrued employee expenses | 43,071 | 59,774 | ||||
| Accrued expenses | 28,679 | 20,829 | ||||
| Other current liabilities | 24,476 | 22,121 | ||||
| Total current liabilities | 101,882 | 106,847 | ||||
| Operating lease liabilities | 24,876 | 33,287 | ||||
| Other liabilities | 6,399 | 6,254 | ||||
| Total liabilities | 133,157 | 146,388 | ||||
| Stockholders’ equity | 582,514 | 542,579 | ||||
| Total liabilities and stockholders’ equity | $ | 715,671 | $ | 688,967 | ||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenue(1) | $ | 295,691 | $ | 249,353 | $ | 839,029 | $ | 702,630 | |||||
| Costs and operating expenses: | |||||||||||||
| Cost of revenue (exclusive of depreciation and amortization)(2) | 105,580 | 91,476 | 303,150 | 254,801 | |||||||||
| Sales and marketing(2) | 48,623 | 35,912 | 130,068 | 103,745 | |||||||||
| Research and product development(2) | 53,128 | 54,037 | 153,754 | 144,469 | |||||||||
| General and administrative(2) | 25,953 | 27,446 | 75,920 | 72,733 | |||||||||
| Depreciation and amortization | 4,996 | 5,436 | 15,001 | 17,541 | |||||||||
| Total costs and operating expenses | 238,280 | 214,307 | 677,893 | 593,289 | |||||||||
| Income from operations | 57,411 | 35,046 | 161,136 | 109,341 | |||||||||
| Other (loss) income, net | (1 | ) | (4 | ) | 567 | 41 | |||||||
| Interest income, net | 2,204 | 1,690 | 5,423 | 6,109 | |||||||||
| Income before provision for income taxes | 59,614 | 36,732 | 167,126 | 115,491 | |||||||||
| Provision for income taxes | 13,636 | 3,086 | 37,180 | 14,482 | |||||||||
| Net income | $ | 45,978 | $ | 33,646 | $ | 129,946 | $ | 101,009 | |||||
| Net income per common share: | |||||||||||||
| Basic | $ | 1.30 | $ | 0.94 | $ | 3.66 | $ | 2.80 | |||||
| Diluted | $ | 1.29 | $ | 0.93 | $ | 3.65 | $ | 2.78 | |||||
| Weighted average common shares outstanding | |||||||||||||
| Basic | 35,436 | 35,889 | 35,507 | 36,036 | |||||||||
| Diluted | 35,578 | 36,259 | 35,616 | 36,368 | |||||||||
(1) The following table presents our revenue categories:
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | ||||||||
| Subscription Services | $ | 61,525 | $ | 53,752 | $ | 179,547 | $ | 155,738 | |||
| Value Added Services | 231,948 | 192,092 | 652,778 | 536,943 | |||||||
| Other | 2,218 | 3,509 | 6,704 | 9,949 | |||||||
| Total revenue | $ | 295,691 | $ | 249,353 | $ | 839,029 | $ | 702,630 | |||
(2) Includes stock-based compensation expense as follows:
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Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Costs and operating expenses: | |||||||||||
| Cost of revenue (exclusive of depreciation and amortization) | $ | 1,315 | $ | 1,241 | $ | 3,649 | $ | 3,947 | |||
| Sales and marketing | 3,586 | 3,443 | 10,559 | 9,336 | |||||||
| Research and product development | 8,839 | 9,076 | 25,639 | 24,182 | |||||||
| General and administrative | 6,860 | 7,033 | 19,213 | 17,998 | |||||||
| Total stock-based compensation expense | $ | 20,600 | $ | 20,793 | $ | 59,060 | $ | 55,463 | |||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash from operating activities | |||||||||||||||
| Net income | $ | 45,978 | $ | 33,646 | $ | 129,946 | $ | 101,009 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 4,996 | 5,436 | 15,001 | 17,541 | |||||||||||
| Amortization of operating lease right-of-use assets | 572 | 517 | 1,698 | 1,525 | |||||||||||
| Gain on lease termination and modification | (1,547 | ) | — | (1,547 | ) | — | |||||||||
| Amortization of costs capitalized to obtain revenue contracts, net | 3,428 | 2,768 | 9,896 | 8,187 | |||||||||||
| Deferred income taxes | 10,609 | 30,303 | 26,613 | 17,118 | |||||||||||
| Stock-based compensation, including as amortized | 20,600 | 20,793 | 59,060 | 55,463 | |||||||||||
| Other | 3 | (233 | ) | (520 | ) | (1,281 | ) | ||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | (2,094 | ) | (1,803 | ) | (16,012 | ) | (10,000 | ) | |||||||
| Prepaid expenses and other assets | 160 | (4,251 | ) | (9,933 | ) | (15,677 | ) | ||||||||
| Accounts payable | 881 | 894 | 1,534 | 1,746 | |||||||||||
| Operating lease liabilities | (4,941 | ) | (1,075 | ) | (7,325 | ) | (3,177 | ) | |||||||
| Accrued expenses and other liabilities | 18,121 | (988 | ) | 10,257 | 4,661 | ||||||||||
| Net cash provided by operating activities | 96,766 | 86,007 | 218,668 | 177,115 | |||||||||||
| Cash from investing activities | |||||||||||||||
| Purchases of available-for-sale investments | (46,195 | ) | (102,541 | ) | (92,135 | ) | (166,575 | ) | |||||||
| Proceeds from sales of available-for-sale investments | — | — | 140,154 | 202,662 | |||||||||||
| Proceeds from maturities of available-for-sale investments | 1,810 | 32,800 | 47,400 | 76,620 | |||||||||||
| Purchases of property and equipment | (14 | ) | (1,336 | ) | (242 | ) | (1,841 | ) | |||||||
| Proceeds from sale of property and equipment | 75 | — | 75 | — | |||||||||||
| Capitalization of software development costs | (983 | ) | (936 | ) | (3,537 | ) | (2,414 | ) | |||||||
| Purchases of long-term investments | — | — | (10,000 | ) | (75,000 | ) | |||||||||
| Cash paid in business acquisition, net of cash acquired | — | — | — | (906 | ) | ||||||||||
| Net cash (used in) provided by investing activities | (45,307 | ) | (72,013 | ) | 81,715 | 32,546 | |||||||||
| Cash from financing activities | |||||||||||||||
| Proceeds from stock option exercises and the issuance of common stock under the Employee Stock Purchase Plan | 1,084 | 953 | 2,082 | 1,081 | |||||||||||
| Tax withholding for net share settlement | (7,228 | ) | (12,332 | ) | (21,706 | ) | (31,430 | ) | |||||||
| Purchase of common stock | (4,180 | ) | — | (129,190 | ) | (145,723 | ) | ||||||||
| Net cash used in financing activities | (10,324 | ) | (11,379 | ) | (148,814 | ) | (176,072 | ) | |||||||
| Net increase in cash, cash equivalents and restricted cash | 41,135 | 2,615 | 151,569 | 33,589 | |||||||||||
| Cash, cash equivalents and restricted cash | |||||||||||||||
| Beginning of period | 217,651 | 73,728 | 107,217 | 42,754 | |||||||||||
| End of period | $ | 258,786 | $ | 76,343 | $ | 258,786 | $ | 76,343 | |||||||
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RECONCILIATION FROM GAAP TO NON-GAAP RESULTS (UNAUDITED) (in thousands, except per share data) |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Costs and operating expenses: | |||||||||||||||||
| GAAP cost of revenue (exclusive of depreciation and amortization) | $ | 105,580 | $ | 91,476 | $ | 303,150 | $ | 254,801 | |||||||||
| Stock-based compensation expense | (1,315 | ) | (1,241 | ) | (3,649 | ) | (3,947 | ) | |||||||||
| Non-GAAP cost of revenue (exclusive of depreciation and amortization) | $ | 104,265 | $ | 90,235 | $ | 299,501 | $ | 250,854 | |||||||||
| GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue | 36 | % | 37 | % | 36 | % | 36 | % | |||||||||
| Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue | 35 | % | 36 | % | 36 | % | 36 | % | |||||||||
| GAAP sales and marketing | $ | 48,623 | $ | 35,912 | $ | 130,068 | $ | 103,745 | |||||||||
| Stock-based compensation expense | (3,586 | ) | (3,443 | ) | (10,559 | ) | (9,336 | ) | |||||||||
| Non-GAAP sales and marketing | $ | 45,037 | $ | 32,469 | $ | 119,509 | $ | 94,409 | |||||||||
| GAAP sales and marketing as a percentage of revenue | 16 | % | 14 | % | 16 | % | 15 | % | |||||||||
| Non-GAAP sales and marketing as a percentage of revenue | 15 | % | 13 | % | 14 | % | 13 | % | |||||||||
| GAAP research and product development | $ | 53,128 | $ | 54,037 | $ | 153,754 | $ | 144,469 | |||||||||
| Stock-based compensation expense | (8,839 | ) | (9,076 | ) | (25,639 | ) | (24,182 | ) | |||||||||
| Non-GAAP research and product development | $ | 44,289 | $ | 44,961 | $ | 128,115 | $ | 120,287 | |||||||||
| GAAP research and product development as a percentage of revenue | 18 | % | 22 | % | 18 | % | 21 | % | |||||||||
| Non-GAAP research and product development as a percentage of revenue | 15 | % | 18 | % | 15 | % | 17 | % | |||||||||
| GAAP general and administrative | $ | 25,953 | $ | 27,446 | $ | 75,920 | $ | 72,733 | |||||||||
| Stock-based compensation expense | (6,860 | ) | (7,033 | ) | (19,213 | ) | (17,998 | ) | |||||||||
| Non-GAAP general and administrative | $ | 19,093 | $ | 20,413 | $ | 56,707 | $ | 54,735 | |||||||||
| GAAP general and administrative as a percentage of revenue | 9 | % | 11 | % | 9 | % | 10 | % | |||||||||
| Non-GAAP general and administrative as a percentage of revenue | 6 | % | 8 | % | 7 | % | 8 | % | |||||||||
| GAAP depreciation and amortization | $ | 4,996 | $ | 5,436 | $ | 15,001 | $ | 17,541 | |||||||||
| Amortization of stock-based compensation capitalized in software development costs | (153 | ) | (241 | ) | (634 | ) | (723 | ) | |||||||||
| Amortization of purchased intangibles | (2,558 | ) | (2,558 | ) | (7,673 | ) | (7,673 | ) | |||||||||
| Non-GAAP depreciation and amortization | $ | 2,285 | $ | 2,637 | $ | 6,694 | $ | 9,145 | |||||||||
| GAAP depreciation and amortization as a percentage of revenue | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||
| Non-GAAP depreciation and amortization as a percentage of revenue | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Income from operations: | |||||||||||||||||
| GAAP income from operations | $ | 57,411 | $ | 35,046 | $ | 161,136 | $ | 109,341 | |||||||||
| Stock-based compensation expense | 20,600 | 20,793 | 59,060 | 55,463 | |||||||||||||
| Amortization of stock-based compensation capitalized in software development costs | 153 | 241 | 634 | 723 | |||||||||||||
| Amortization of purchased intangibles | 2,558 | 2,558 | 7,673 | 7,673 | |||||||||||||
| Non-GAAP income from operations | $ | 80,722 | $ | 58,638 | $ | 228,503 | $ | 173,200 | |||||||||
| Operating margin: | |||||||||||||||||
| GAAP operating margin | 19.4 | % | 14.1 | % | 19.2 | % | 15.6 | % | |||||||||
| Stock-based compensation expense as a percentage of revenue | 7.0 | 8.3 | 7.0 | 7.9 | |||||||||||||
| Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue | — | 0.1 | 0.1 | 0.1 | |||||||||||||
| Amortization of purchased intangibles as a percentage of revenue | 0.9 | 1.0 | 0.9 | 1.1 | |||||||||||||
| Non-GAAP operating margin | 27.3 | % | 23.5 | % | 27.2 | % | 24.7 | % | |||||||||
| Net income (loss): | |||||||||||||||||
| GAAP net income | $ | 45,978 | $ | 33,646 | $ | 129,946 | $ | 101,009 | |||||||||
| Stock-based compensation expense | 20,600 | 20,793 | 59,060 | 55,463 | |||||||||||||
| Amortization of stock-based compensation capitalized in software development costs | 153 | 241 | 634 | 723 | |||||||||||||
| Amortization of purchased intangibles | 2,558 | 2,558 | 7,673 | 7,673 | |||||||||||||
| Income tax effect of adjustments | (4,608 | ) | (9,582 | ) | (14,408 | ) | (23,182 | ) | |||||||||
| Non-GAAP net income | $ | 64,681 | $ | 47,656 | $ | 182,905 | $ | 141,686 | |||||||||
| Net income per share, basic: | |||||||||||||||||
| GAAP net income per share, basic | $ | 1.30 | $ | 0.94 | $ | 3.66 | $ | 2.80 | |||||||||
| Non-GAAP adjustments to net income | 0.53 | 0.39 | 1.49 | 1.13 | |||||||||||||
| Non-GAAP net income per share, basic | $ | 1.83 | $ | 1.33 | $ | 5.15 | $ | 3.93 | |||||||||
| Net income per share, diluted: | |||||||||||||||||
| GAAP net income per share, diluted | $ | 1.29 | $ | 0.93 | $ | 3.65 | $ | 2.78 | |||||||||
| Non-GAAP adjustments to net income | 0.53 | 0.38 | 1.49 | 1.12 | |||||||||||||
| Non-GAAP net income per share, diluted | $ | 1.82 | $ | 1.31 | $ | 5.14 | $ | 3.90 | |||||||||
| Weighted-average shares used in GAAP and non-GAAP per share calculation | |||||||||||||||||
| Basic | 35,436 | 35,889 | 35,507 | 36,036 | |||||||||||||
| Diluted | 35,578 | 36,259 | 35,616 | 36,368 | |||||||||||||
Statement Regarding the Use of Non-GAAP Financial Measures
We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
- Non-GAAP presentation of income from operations, costs and operating expenses, operating margin, net income, and net income 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, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income from operations as a percentage of revenue.
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 non-GAAP financial measures 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.
- 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 22% and 21% for 2026 and 2025, respectively, 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.
