Ladies and gentlemen, thank you for standing by and welcome to the AppFolio, Inc. First Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Erica Abrams. Please go ahead.

Thank you, Josh. Good afternoon, ladies and gentlemen. And thank you for joining us today as we report AppFolio's first quarter 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.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 may be forward-looking statements within the meaning of the federal securities laws that are subject to considerable risks and uncertainties. Actual results or performance may be materially different from any results or performance expressed or implied by the forward-looking statements. Forward-looking statements, including any such statements referring to the potential effects or impacts of the COVID-19 pandemic upon AppFolio’s business may relate to future plans and financial conditions, results of operations, business forecasts and plans, strategic plans and objectives and product development plans. Please see our filings with the SEC including our Form 10-Q which was filed earlier today for greater detail about risks and uncertainties. Forward-looking statements are based on reasonable 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, unless required by law. 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 2020 financial results. First and foremost with regards to the COVID-19 pandemic, we hope all of you and your families are staying safe during this unprecedented time. We continue to work hard to best ensure the health and welfare of our employees, our customers, and our surrounding communities. To mitigate the adverse impact COVID-19 may have on our business and operations, we have implemented a number of measures to protect the health and safety of our employees, as well as to strengthen our financial position. These efforts include increasing our available cash position and eliminating, reducing or deferring non-essential expenditures, as well as adopting local and state government recommendations to protect our workforce. Beginning in mid-March, we transitioned our all 1,300 employees to remote work environment, restricted non-essential employee travel, and minimized costs associated with running our facilities. We continue to closely monitor trends in our business and the broader markets to determine what additional steps may be necessary for our employees, customers, and operations. In addition, we've taken strategic steps designed not only to protect AppFolio in this period of uncertainty, but also to ensure that we're able to capitalize on new and existing opportunities as we move forward. Turning to the first quarter, we had healthy demand for our products and services. We reported total revenue of $72.5 million, a 27% increase year-over-year. GAAP net income was $2 million, or $0.06 per diluted share during the quarter, compared to GAAP net income of $3.7 million, or $0.11 per diluted share in the first quarter of last year. Also included in our first quarter results is $1.9 million in non-cash charges related to stock-based compensation. For those of you…

Thank you, Ida, and thanks to everyone for joining us today. In the first quarter of 2020 we continued on our mission to revolutionize vertical industry businesses by providing great software and service to our expanding customer base. As COVID-19 rapidly changed our lives and those of our customers, we work quickly and strategically to bring value and education to our customers and ensure the safety and wellbeing of our employees. Our technology serves as the systems of record, engagement and intelligence for our customers and delivers mission-critical end-to-end customer experiences. As a result, our customers rely on our cloud-based software to run their businesses and have been able to maintain business continuity and continue to serve their customers. In our real estate vertical, property managers and owners are focused on keeping their residents, vendors, teams and homeowners safe while maintaining business operations. Alethea Parker, President of Artcraft Management and AppFolio Property Manager PLUS customer with over 4,500 units recently told us “I am so thankful that we run our business on AppFolio.” We could not have taken the steps to protect our office, maintenance and corporate teams without AppFolio Property Manager PLUS, as it lets residents make payments and submit work orders online while our team can communicate with our residents and pay vendors remotely. We have expanded the functionality of AppFolio AI Leasing Assistant, Lisa, to include virtual showings providing end-to-end AI-powered virtual leasing experience. This enables customers to maintain their leasing operations by hosting live video walkthroughs with prospective residents, allowing leasing teams to show available units and sign new leases without any in-person contact. [Rosen Hartman], COO of Fairline Management, managing over 2,800 units and an early user of AppFolio virtual showings recently expressed how AppFolio Property Manager has worked to support her team and business.…

As a reminder, a replay of this conference will be available starting at 7:30 PM Eastern time. In order to listen to the replay, please dial (800) 585-8367 and enter your conference ID code you use to access the event today, which is 1898165. Thanks very much. Have a great day. End of Q&A: