Good afternoon. Thank you for standing by, and welcome to AppFolio, Inc.’s Conference Call. Please be advised that today’s conference is being recorded and a replay will be available on AppFolio’s Investor Relations website. I would now like to hand the conference over to Lori Barker, Investor Relations.

Thank you. Good afternoon, everyone. I’m Lori Barker, Investor Relations for AppFolio and I'd like to thank you for joining us today as we report AppFolio's First Quarter 2023 financial results. With me on the call today are Shane Trigg, AppFolio's President and CEO; and Fay Sien Goon, AppFolio's Chief Financial Officer. This call is being simultaneously webcast on the Investor Relations section of our website at www.appfolioinc.com. Before we get started, I’d like to remind everyone of AppFolio's Safe Harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections, or other characterizations of future events, including financial projections, future market conditions or future product enhancements or development 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. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2022, which was filed with SEC on February 9, 2023. In addition, this call includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our first quarter earnings release posted on our Investor Relations section of our website. With that, I will turn the call over to Shane Trigg. Shane, please go ahead.

Thanks, Lori, and welcome everyone to our first quarter 2023 earnings call, and my first as President and CEO of AppFolio. Before we move through our discussion on the quarter and our strategy, I'd like to take a moment to acknowledge Jason Randall's accomplishments and wish him the very best. I have immense gratitude for Jason in all past and present AppFolioant’s who have helped grow the company and I'm honored to have this opportunity to lead AppFolio into what I'm confident is a bright future for our customers, employees and shareholders. I joined this organization three years ago to guide our real estate business with a mission to make AppFolio the leading property management platform. Today, we're making rapid progress towards that goal through a differentiated product vision and a go-to-market strategy that inspires customers to choose and grow with AppFolio. Results from the first quarter of 2023 demonstrate that we're right on track. I'm pleased to say first quarter revenue grew 29% year-over-year to $136 million. We now have more than 7.5 million units on platform and our total number of customers has expanded to nearly 19,000. We continue to see strong growth in our payments business, contributing to growing ARPU and we're pleased with the continued adoption of AppFolio Property Manager Plus. One of the first things I did stepping in to the CEO role was to reflect on the strength of our strategy. I believe the real estate industry needs AppFolio today more than ever. I also believe that our strategy built on three key pillars uniquely positions us and our customers for success. The first pillar of our strategy is creating truly differentiated experiences that solve the challenges our customers are facing and help them better achieve their goals. Continuously listening to our customers helps…

Thank you, and welcome, Shane. I look forward to partnering with you during AppFolio's next phase. We are pleased with our continued strong revenue growth rate in this quarter. We delivered revenue growth of 29% year-over-year to $136.1 million. Core Solutions revenue was $37.2 million in Q1, another strong quarter and a 21% year-over-year increase driven by new customers and additional units on platforms along with continued adoption of AppFolio Property Manager Plus or APM Plus, particularly as we move upmarket. At the end of the first quarter, we managed approximately 7.5 property management units from 18,834 property management customers compared to 6.6 million property management units from 17,550 property management customers earlier. This represents a 7% increase in customers and a 14% increase in our ending property management units. For value added services, revenue in Q1 continued to grow 35% year-over-year to $96.8 million. While very attractive, the payments business growth rate was more moderate than in the previous few quarters. As we indicated in last quarter's call, our 2023 guidance assumes that the high adoption rate of cards for payments will normalize in 2023. Also, we saw increased adoption and utilization of our risk mitigation product called [indiscernible] and screening services as well as a continued benefit from the rise in property management units under management. Turning to spending. Headcount grew 6% over the first quarter of 2022 to 1,759 at the end of the first quarter of 2023. Headcount dipped 1.5% from first quarter due to normal attrition and a slower hiring rates. In Q1 of 2023 and 2022, the non-GAAP cost of revenue exclusive of depreciation and amortization was 41% of revenue. Our product mix has continued to shift due to an increasing mix of value added services revenue. However, the related increase in expenses for…