Good day, ladies and gentlemen and welcome to the Fourth Quarter and Fiscal Year 2016 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the call over to Erica Abrams. Please go ahead.

Thank you. Good afternoon, ladies and gentlemen. Thank you for joining us today as we report AppFolio’s fourth quarter and fiscal year 2016 financial results. I’m joined today by Brian Donahoo, CEO and Ida Kane, CFO of AppFolio to discuss results. This call is being simultaneously webcast on the Investor Relations section of our website at www.appfolioinc.com. Before we get started, I would like to call everyone’s attention to our Safe Harbor policy. Please note that certain statements made on this call will be forward-looking statements which are subject to considerable risks and uncertainties. These forward-looking statements may relate to future plans and financial conditions, results of operations, business forecasts and plans, strategic plans and objectives and product development plans. Forward-looking statements involve numerous risks and uncertainties that may cause actual results or performance to be materially different from any results or performance expressed or implied by the forward-looking statements. We discuss risks and uncertainties in greater detail in the Risk Factors section of our filings with the SEC. Forward-looking statements are based on assumptions as of today and we assume no obligation to update any forward looking statements after today even if new information becomes available in the future. With that, I’ll turn the call over to Ida. Ida, please go ahead.

Thank you, Erica. Hello. And thank you for all of you joining us today as we discuss our fourth quarter and fiscal year 2016 results. Before I get into more details about our performance, you may have noticed the different format to our press release today. Beginning in 2017, including on this call today, we are evolving the format and forum for our discussion of our results with our stockholders and investment community in an effort to increase access to management insights and availability of information equally across our stockholder base. Today I will only discuss GAAP-based financial results followed by remarks from Brian Donahoo, our CEO. For those who track non-GAAP results, we filed our annual report on Form 10-K today, which includes various financial data points we may make to calculate the non-GAAP results on your own. We have also moved our customer metrics to our Form 10-K filing as well. After Brian’s prepared remarks, we will conclude the call today and encourage your written questions via e-mail to ir@appfolio.com. We intend to respond to questions submitted in writing and make those questions and answers available on our website and via our Form 8-K. Now let me turn back to the results for the quarter and fiscal year. Total revenue for the quarter was $28 million, up 37% from $20.4 million reported one year ago. Fourth quarter GAAP net loss was $1.3 million or net loss of $0.04 per share, an improvement over a year-ago loss of $3.9 million and $0.12 per share. Included in our cost and operating expenses for the fourth quarter is $1.5 million of stock-based compensation. Our core solution revenue was $12.1 million in the fourth quarter, up 35% from one year ago, primarily from the 22% increase in property manager customers, with 25%…

Thanks Ida. As you just heard some of our financial results, the fourth quarter wrapped up a productive 2016. We continue to build on our long-term strategy at sustainable growth funding leverage and efficiency across our business. We remain focused on our customers’ success products and technology innovation and investing in our talented and committed team. As a reminder, our growth strategy is to provide increasingly valuable cloud-based business management software solutions to SMBs within each vertical we target today and in the future. We've managed and plan to continue to manage our business towards the achievement of long-term growth that we believe will positively impact stockholder value. As you might recall, AppFolio Business System or ABS is our approach to addressing similar fundamental business needs of SMBs across different verticals. It acts as our playbook for our technology platform, product development processes, marketing, sales and customer interactions. And we continue to advance this playbook in 2017. In property management, we increased total customer count and expanded units under management. We focused on better serving, larger SMB customers and as a result, continue to grow net new units per customer throughout 2016. We continue to innovate in the property management vertical and we released several major product enhancements, including the expansion of our feature set designs for HOA and commercial markets, growth in our mobile capabilities, as well as releasing two new Value+ services platforms and the continued enhancements of our payment platform. These new or expanded services enabled customers to better manage their growing portfolio of properties and increase AppFolio Property Managers’ applicability for a wider variety of property types. In addition to product development, our team works with customers every day. This customer feedback loop is a key part of our customer satisfaction equation. I'm always pleased to…

Thank you. Ladies and gentlemen, that does conclude our conference for today. If you would like to access the replay for this conference, you may dial 855-859-2056 and enter conference ID: 57609689 and is available until the end of day March 3, 2016. Thank you and have a good day.