AppFolio, Inc.

Good afternoon. Thank you for standing by and welcome to AppFolio Incorporated's third quarter 2021 financial results conference call. Please be advised, today's conference is being recorded and replay information will be given at the end of the broadcast. If you require operator assistance, please press star zero. I would now like to hand the conference over to Erica Abrams.

Thank you, Emily. Good afternoon, everyone. Thank you for joining us today as we report AppFolio's third quarter of 2021 financial results. With me on the call today are Jason Randall, Appfolio's President and CEO, and Fei-Cien Nguyen, Appfolio's CFO. 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 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 or future market conditions, 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. Please see our filings with the SEC, including our Form 10-Q, which was filed earlier today, for greater detail about risks and uncertainty. With that, I will turn the call over to Jason Randall, AppFolio's President and CEO. Jason, please go ahead.

Thank you, Erica, and welcome to everyone joining us for Appfolio's third quarter of fiscal year 2021 financial results. Our third quarter results reflect our continued focus on delivering foundational software and exceptional experiences to our growing base of customers in the real estate industry. Within Appfolio Property Manager, we are giving our customers the innovative solutions they need to solve their biggest challenges. This includes mobile-first experiences designed to enable seamless business operations, more flexible leasing solutions to accommodate new hybrid modes of operating, and smart automation that can help drive down the time and cost of recurring business operations for the more than 6 million units now on our platform. During the third quarter, we partnered with the National Apartment Association to better understand the top challenges facing property managers today as part of our ongoing commitment to help customers stay at the forefront of the real estate industry's rapid transformation. Many property managers are encountering the same staffing shortages affecting the broader U.S. economy. In fact, the research revealed that HR, staffing, and recruitment is by far the most urgent challenge for property managers, followed by operational efficiency and maximizing revenue and profits. Recruiting and retention challenges make it even more critical for our customers to automate and standardize their processes and systems, enabling them to operate effectively and efficiently amidst staffing constraints. A modern cloud-based solution like Appolio Property Manager addresses many of these challenges and is a competitive differentiator, giving our customers and employees space and time to execute valuable business activities by automating some of the most critical aspects of property management across accounting, financial reporting, maintenance management, and leasing. According to the Chief Operating Officer at Redwood Property Investors, only a property manager does it all. My team feels more empowered and enabled, and our company is undoubtedly a better place to work now. Technology is no longer an excuse. It's an advantage for us. It's even helped us attract new talent. Our customers are in the midst of budget and planning season, a time when they're planning for future growth and optimizing expenses. And one of our customers' biggest optimization opportunities is in the area of maintenance. To that end, this past quarter, we introduced Appolio Smart Maintenance, a modernized version of our maintenance contact center. This maintenance management and vendor dispatch service is designed to meet the high volume needs of our customers with larger portfolios. Appolio Smart Maintenance provides customers with greater speed and accuracy and more consistency for operations. With multi-channel flexibility and smart operations such as AI-powered text and predictive prioritization, our customers can quickly dispatch vendors and reduce resonant hold times. In the third quarter, we also introduced loan tracking and accounting automation, enabling customers to begin tracking loans and mortgages within Appolio Property Manager to further streamline accounting processes, thereby saving time and making it easier for property owners to assess and optimize their debt financing strategy. Additionally, we're making the leasing and renewals flow more convenient and flexible by offering our customers the ability to use any leasing forms of their choosing with the full benefits of our digitized workflow. And we are continuing to invest in mobile optimized experiences and now provide offline accessibility for property inspection workflows. For our customers with more complex portfolios using AppFolio Property Manager Plus, we continue to invest in the areas of corporate accounting and management, leasing workflows, communication automation, and technology integrations to deliver more predictable operations and better resident experiences. According to the president of PCS Property Management, our value to our clients is greatly enhanced by Appolio Property Manager Plus, allowing us to offer more services to our clients and their tenants. Over the past six years, we've achieved growth levels that have surpassed our wildest expectations. Turning to AppFolio Investment Management, we expanded capabilities in the third quarter to allow real estate investment management customers to deliver a modern investor experience while also gathering the insights and maintaining the visibility they need to more effectively manage and grow their business. This includes streamlining investor communication with contact activity history, enhancing our investor portal mobile experience, and enabling 506C fundraising support. We believe being trusted advisors to our customers is key to our success, and we continue to cultivate these partnerships through education, training, and events. The third quarter marked the ninth year of our annual customer conference, which continues to grow and evolve in lockstep with our customers. The virtual conference was available at no charge to all customers, providing a digital space for product showcases, training, and customer research. We highlighted new capabilities across marketing and leasing, maintenance and operations, accounting and budgeting, and customer service. We use opportunities like customer conference to maintain strong customer connections and gather feedback and insights to drive product and service innovation. Finally, since our last update, we've continued to garner industry recognition for our company culture and overall success being recognized by Fortune twice. First as the best workplace for women, marking our fourth consecutive appearance, and second as one of the 100 fastest growing companies for the second consecutive year. This type of recognition is especially meaningful because of our long-held belief that a great workplace and engaged employees are foundations delivering exceptional customer experiences. As we head into the end of 2021 and beyond, I'm grateful for the dedication of our employees to serving the evolving needs of our customers and their ecosystems, leveraging modern experiences and rapid innovation to help them be efficient in new ways and in turn contributing to long-term sustainable growth for our folio. Since our last update, Faye Cieng Nguyen became Chief Financial Officer of Appfolio. Her experience will be instrumental in helping Appfolio execute on our vision to transform the real estate industry. I am pleased to welcome Faye Cieng to the leadership team and believe her experience, commitment to operational excellence, and focus on customer success strongly overlap with our culture and our focus on continued growth. Thank you to Appfolio's finance organization for their support and commitment to the high performance during this transition. I will now turn the call over to Feixian for more detail on Adfolio's financial results.