Good afternoon. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Appfolio, Inc. announces fourth quarter and fiscal year 2018 financial results conference call. All lines have been placed on mute to prevent any background noise. [Operator Instructions] Thank you. Erica Abrams, you may begin your conference.

Thank you, Chris. Good afternoon, ladies and gentlemen. Thank you for joining us today as we report Appfolio's fourth quarter and fiscal year 2018 financial results. I'm joined today by Jason Randall, CEO and Ida Kane of AppFolio, to discuss these 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 and 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 discussed risks and uncertainty 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. And welcome to everyone joining us on the call today for Appfolio's fourth quarter and fiscal year 2018 financial results. We had a strong fiscal year 2018 with full-year total revenue of $190.1 million, a 32% increase year-over-year and full year GAAP net income of $20 million or $0.56 per diluted share compared to $9.7 million and $0.28 per diluted share in fiscal 2017. Included in our 2018 results, is revenue of $400,000 and net loss of $1.4 million attributed to the acquisition of WegoWise. Also included in our fiscal year 2018 results is $6.3 million of non-cash charges related to stock-based compensation. For those of you who track non-GAAP results, our Form 10-K was filed today and includes more detailed financial data points that you may find helpful in calculating non-GAAP results on your own. In addition, as previously disclosed we adopted ASC 606 using the modified retrospective method on January 1, 2018 and our Form 10-K provides the reconciliation of the impact of the adoption on our current year results, which may be helpful. When comparing to prior year results. We ended the year with approximately 13,050 real estate property manager customers, managing an aggregate of 3.91 million units in their portfolios, compared to approximately 11,700 customers and 3.25 million units under management reported a year ago. The year-over-year increase in the average size of net new customers acquired is the result of our continued efforts and success acquiring higher unit count customers. As a reminder, we define our real estate property manager customer base as the number of customers subscribing to our core solution. Legacy legalized customers and the related units are not included in our customer and unit count. In the legal vertical, customer count increased 10% year-over-year to approximately 10,300. As of…

Thanks Ida. Thank you for joining us today, as we report our fourth quarter and fiscal year 2018 financial results. In 2018, we continued on our mission to revolutionize vertical industry businesses by providing great software and service to our customers. We did this through our dedication to delivering outstanding customer experiences, supporting a thriving corporate culture and delivering next generation technologies to the verticals we serve today. In our real estate vertical, we advanced our technology platform and service offerings with the release of new products, Value+ service capabilities and the acquisition of new technologies, which will further enable our customers to digitally transform their business. Increased revenue and efficiency, stay competitive and attract to retain quality owners, investors and residents. To that end, we developed and released APM plus, for tier of our award-winning software design for managing larger businesses with more complex needs. APM plus builds upon the ease of use, functionality and mobility of Appfolio Property Manager and offers our customers the ability to perform data analytics, including real time insights and customizable dashboards, established configurable workflows and complete revenue management and optimization, thereby providing greater visibility to property and employee performance. Chris Inghram, Controller at Chamberlain and Associates, a customer with more than 8,500 units managed, who uses APM plus recently said Appfolio's innovation and improvements and technology have been the most significant differentiators for us as a growing business. We have peace of mind knowing we will always be on the cutting-edge of technology because Appfolio is continually improving and delivering the next big thing in property management. The combination of innovative technology and excellent service is key in our customers' ongoing success with this new offering. In addition to APM plus, we also maintained our fast pace of development and make continuous improvements…

Thank you for participating in today's conference call. This call will be available for replay beginning and 9:30 PM Eastern Time today through 11:59 PM on March 4. The conference ID number for the replay is 5763969. Again the conference ID number for the replay is 5763969. The number to dial for the replay is 800-585-8367. This concludes today's conference call and you may now disconnect. End of Q&A: