Ladies and gentlemen, thank you for standing by and welcome to the AppFolio, Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Erica Abrams. Thank you. Please go ahead.

Thank you, Kristine. Good afternoon, ladies and gentlemen, and thank you for joining us today as we report AppFolio's fourth quarter and fiscal year 2020 financial results. With me on the call today are Jason Randall, AppFolio's President and CEO; and Ida Kane, AppFolio's Chief Financial Officer. This call is simultaneously being webcast on the Investor Relations section of our website at www.appfolio.com. Before we get started, I would like to remind everyone that AppFolio's safe harbor policy – comments made during this conference call and webcast containing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subjects to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement. AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason including those listed in our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements except as required by law. Please see our filings with the SEC, including our Form 10-K, which was filed earlier today for greater detail about risks and uncertainties. With that, I'll turn the call over to Ida Kane, CFO. Ida, please go ahead.

Thank you, Erica. Welcome to everyone joining us for AppFolio's fourth quarter and fiscal year 2020 financial results. We reported total revenue of $310.1 million for fiscal year 2020. GAAP net income was $158.4 million or $4.44 per diluted share. This includes a pretax gain of $187.7 million related to the sale of MyCase offset by a net tax expense of $51.3 million. For fiscal year 2020, we recorded income tax expense of $38.4 million. Also included in GAAP net income is $9 million in non-cash charges related to stock-based compensation. Our Form 10-K was filed today and includes more details on our results. On the call today to enhance clarity and comparability, I will discuss the results of our continuing real estate business, excluding the impact of the MyCase operation. To that end, revenue from our continuing business for fiscal year 2020 was $284.7 million, which represents an increase of 23% over revenue of $231.1 million in the year ago period. As you know, we provide innovative software, services and data analytics to customers in the real estate industry. Our solutions are used by property managers, whom we refer to as customers in our public filings and also by numerous other constituencies in the property management business ecosystem. These other constituencies include property owners, rental prospects, tenants, and service providers, whom we collectively refer to as users. We generate revenue from customers and from these users as our software and services aim to serve the full business ecosystem. Core solutions revenue derived from subscriptions to our customers in our continuing business and fiscal year 2020 was $86.5 million, an increase of 19% over $72.6 million for the year ago period. Value+ services revenue from our continuing business was $184.2 million in fiscal year 2020, an increase of 27% over…

Thanks, Ida, and thank you all for joining us today as we share our fourth quarter and fiscal year 2020 results. Our financial performance in 2020 is a testament to our steadfast focus on three areas. First, innovating to better enable our customers to automate essential business processes, enhanced business interactions and leverage data to predict and optimize business workflows. Second, delivering an exceptional customer experience and third, enabling a thriving company culture. 2020 was a year filled with challenges, but also adaptability, innovation and resilience. Entering 2021 with more than 5 million units now under management on our property management platform, we remain focused on positioning our company for long-term sustainable growth. As we've discussed in previous calls, the pandemic has spurred changes to the way our customers do business. We believe there is a continued need for digital transformation across the real estate industry, and AppFolio customers are well-equipped to navigate this transformation with our software and services at the foundation of their business. AppFolio software and solutions are designed to serve as our customer systems of record, engagement and intelligence, enabling exceptional customer experiences and increasing efficiency across our customer's businesses. Throughout the fiscal year 2020, we evolved in lockstep with our customers, unlocking value and delivering capabilities that enabled our customers to focus on their customers and business ecosystems, so they can spend more time on strategic work and less time on repetitive tasks. At the beginning of the pandemic, we heard from customers that maintaining high resident service levels to enhanced digital communications was a priority. We delivered the ability to post custom announcements across resident, homeowner and owner portals and added functionality to the maintenance workflow to enable property managers to post important safety announcements. We also introduced new and expanded functionality across one…

Thank you for participating in today's conference call. This call will be available for replay beginning at 7:30 Eastern Standard Time today through 11:59 PM Eastern Standard Time on March 4, 2021. The conference ID number for replay is 8438087. Again, the conference ID number for replay is 8438087. The number to dial for the replay is 1800-585-8367. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.