Ladies and gentlemen, thank you for standing by and welcome to AppFolio Inc. Announces Third Quarter 2020 Financial Results. [Operator Instructions] I would now like to hand the conference over to Erica Abrams. Thank you. Please go ahead.

Thank you, Chris. Good afternoon, ladies and gentlemen, and thank you for joining us today as we report AppFolio's third 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 maybe 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 on AppFolio's business may relate to future plans and financial conditions, results of operations, business forecasts and plans, strategic plans and objectives, product development plans, trends affecting our business and industry and the economy as a whole, capital needs and financing plans and various commitments and contingencies, including with respect to the outcome of legal proceedings or regulatory matters. Please see our filings with the SEC, including our Form 10-Q which was filed earlier today for greater detail about risks and uncertainty. 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 will turn the call over to Ida Kane, CFO. Ida please go ahead.

Thank you, Erica, and welcome to everyone joining us on the call today for AppFolio's third quarter of fiscal year 2020 financial results. First I want to thank all AppFolians for their continued dedication to our business and customer success during the challenging time. We believe our people and culture are the heart of our success and the current environment has only amplified that belief. The commitment of our workforce to developing and supporting our product and service offerings is reflected on the numbers and the moral and focus of our team remains high even more working remotely. Turning to the numbers. We reported total revenue of $84.1 million for the third quarter, a 24% increase year-over-year. GAAP net income for the quarter was $137.7 million or $3.86 per diluted share. This includes a pre-tax gain of $187.6 million related to the sale of MyCase offset by a net tax expense of $48.9 million. Also included in GAAP net income is $3.1 million of 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 details that you may find helpful in calculating non-GAAP results on your own. Total third quarter revenue from core solutions increased 21% to $27.1 million primarily driven by 16% growth in the average number of property management units under management resulting from a 9% increase in the average number of property management customers. Third quarter Value Plus services revenue was $53.4 million a 28% increase year-over-year also driven by the increase in property management customers and units. The majority of our Value Plus services comes directly and indirectly from our customers uses of our electronic payment services, tenant screening services and insurance services. Our electronic payment services continue to experience increased demand as…

Thank you Ida and thanks to everyone for joining us today. Throughout the year one of our most important goals has been to continue to find new and innovative ways to stay connected to and engage with our customers in the current environment. In the third quarter we hosted our 8th Annual AppFolio customer conference with over 5,400 customers registered for the first time completely virtually online. The conference was available in no charge to all AppFolio property manager, AppFolio Property Manager Plus and investment management customers; providing a digital space for inspiring keynotes, networking and training sessions ranging in scope from industry best practices to trends and technology. We received positive messages from customers who appreciated the opportunity to learn and network and we heard important feedback that will drive continued product and service innovation going forward. As COVID-19 accelerated the need for digital transformation across the real estate industry, AppFolio customers have been well equipped to navigate these challenging times with our software as the foundation of their business. Brad Clegg senior vice president for Redrock Royalty Group recently said AppFolio has completely revolutionized our processes and moved all operations digital. COVID-19 has been a positive for us because we went completely digital with invoice approvals and especially with leasing where 99% of residents apply online, pay online and sign a digital lease. Online leasing was huge and COVID-19 helped push us to do it. Our technology helps ensure that customers can successfully operate in this new normal of working remotely by serving their customers virtually and maximizing the use of technology. In our last call I discussed the release of virtual showings and 3D tours that enable our customers to show units and fill vacancies without in-person contact which not only has a positive impact on property…