Good day and thank you for standing by. Welcome to the AppFolio, Inc. First Quarter 2021 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 will now hand it over to the presenter, Ms. Erica Abrams. You may begin your conference.

Thank you, Maria. Good afternoon, ladies and gentlemen, and thank you for joining us today as we report AppFolio's first quarter of 2021 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 Web site at www.appfolioinc.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 contains 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-Q, 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, and welcome to everyone joining us for AppFolio’s first quarter of fiscal year 2021 financial results. For the quarter, we recorded total revenue of $78.9 million, GAAP net income was $479,000 or $0.01 per diluted share. This includes an income tax benefit of $5.5 million. Also included in GAAP net income is $2.8 million in non-cash charges related to stock-based compensation. As Erica mentioned, our Form 10-Q was filed today and includes more details on our results. On the call today, to enhance clarity and comparability, I’ll discuss the results of our continuing real estate business, excluding the impact of the MyCase operations for comparable periods historically. To that end, revenue from our continuing business for the first quarter of 2021 was $78.9 million, which represents an increase of 22% over revenue of $64.9 million over the same period in the prior-year. 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 filing, 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" in our public filings. We generate revenue from our 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 in the first quarter of fiscal 2021 was $24.2 million, an increase of 18% over $20.5 million for the year-ago period. Value+ services revenue from our continuing business was $51.5 million in the first quarter of 2021, an increase of 26% over $40.9 million for the same year-ago period. The…

Thank you, Ida, and thanks to everyone for joining us today. I know the Board and everyone at AppFolio thanks Ida for her contributions to our company over the past six plus years. Through her leadership, we have built a strong finance and corporate development team that will continue its financial discipline and growth mindset together with a new CFO. We have initiated a search for her successor, and Ida and I will work together on a smooth transition. Ida, I will miss working with you, and wish you the best. I know you'll be cheering for AppFolio from the sidelines moving forward. Our first quarter results reflect our continued focus on providing great software and service to a growing customer base. It is our goal to deliver transformational technology and exceptional customer experiences, while nurturing a strong team culture. And we believe these are key pillars on our path to achieve long-term sustainable growth. Our customers continue to rely on our cloud-based software to power their businesses, especially if they adapt to the evolving needs and expectations of their own customers in business ecosystems. AppFolio Software and Solutions are designed to serve as our customers systems of record, system of engagement, and system of intelligence, helping them unlock more value in their business and keep up with the pace of digital transformation across the real estate industry. In the first quarter, we had a new functionality for our AppFolio property manager customers intended to improve virtual experiences and increase efficiency as they prepare for the demands of the upcoming residential leasing season. Product updates focused on helping our customers retain high quality residents increase the ease and automation of turning units and drive leasing demand, recognizing that the number of days it takes to turn a unit and prepare…

And this concludes today's conference call. If you would like to hear the replay of the call, you may do so by dialing 800-585-8367 or 416621464. And the international number is 416-621-4642. You may type in the conference ID 6585354. Again, if you'd like to hear the replay of the call, you may do so by dialing 800-585-8367 or 416621464 and the international number is 416-621-4642. You may type in the conference ID 6585354. Thank you for participating. You may now disconnect your lines. Have a great day. End of Q&A: