Good afternoon. My name is Kelly, and I will be your conference operator today. At this time, I'd like to welcome everyone to the AppFolio First Quarter of 2019 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, Kelly. Good afternoon, ladies and gentlemen. Thank you for joining us today as we report AppFolio's first quarter 2019 financial results. I'm joined today by Jason Randall, CEO; and Ida Kane, CFO of AppFolio, to discuss these results. This call is simultaneously being 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 risk 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 first quarter of fiscal year 2019 financial results. Top line revenue growth accelerated in our first quarter of 2019 with revenue increasing 35% year-over-year to $57.1 million. GAAP net income was $3.7 million or $0.11 per diluted share during the quarter compared to $4.3 million and $0.12 per diluted share in the first quarter of last year, reflecting higher investments in growth initiatives that we believe will positively impact long-term shareholder value. Those investments include: first, the WegoWise acquisition completed in August 2018, which served as a foundation for our AppFolio utility management Value+ service that is now being used by AppFolio Property Manager customers; second, the development and launch of AppFolio Property Manager Plus in September 2018 to serve larger property manager customers; third, the January 2019 acquisition of Dynasty and its advanced artificial intelligence solutions for the real estate vertical; and finally, the development and recent launch of AppFolio investment management to serve real estate investment managers, which Jason will discuss further in a few minutes. Also included in our first quarter results is $1.6 million in non-cash charges related to stock-based compensation. For those of you who track non-GAAP results, our Form 10-Q was filed today and includes more detailed financial data points that you might find helpful in calculating non-GAAP results on your own. We closed the first quarter with 13,409 property manager customers managing 4.08 million units. These metrics reflect our continued efforts and success in 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 solutions. Customers that are not subscribing to our core solutions are not included in our customer and unit…

Thanks, Ida, and thanks, everyone, for joining us today as we report our first quarter 2019 financial results. In the first quarter of 2019, we continued on our mission to revolutionize vertical industry businesses by providing great software and service to our expanding customer base. To that end, we invested in innovation, our technology platforms and product improvements designed to further deliver value to our customers. We remain focused on our customers' experiences and on our talented team and culture, which we believe is a key element of our success. We remain committed to our long-term strategy of sustainable growth. On the topic of innovation, we released AppFolio investment management, which empowers real estate investment managers with a modern solution that streamlines fund and syndication management. We worked on this product in close cooperation with key customers, such as Northwest Commercial Real Estate. Northwest's principal of Morris Coverman wanted to connect his investors to investment and they recently told us, AppFolio investment management offers our investors more transparency and more information on their investments. The AppFolio investor portal provides easy access to statements, appraisals, property information cash flows, K-1s and more, making it a very effective and modern way to communicate with our investors. AppFolio investment management is designed to enable investors to more efficiently manage their business, all within the simplicity of a single solution. We believe this innovation will transform customers' businesses, improve processes and streamline investors' experiences. In the first quarter, we expanded the capabilities of AppFolio Property Manager Plus, a tier of our award-winning software designed for managing larger businesses with more complex needs. This offering released late last year builds upon the functionality of AppFolio Property Manager and includes performance insights, configurable workflows, revenue management and expanded data access. During the quarter, we continued to…

Ladies and gentlemen, that concludes our conference call for today. If you would like to listen to the replay of the call, please dial 855-859-2056, and reference ID number 809-6079. It will be available starting 7:30 Eastern Time. You may now disconnect.