RealPage Reports Second Quarter 2014 Financial Results

  RealPage Reports Second Quarter 2014 Financial Results

Business Wire

CARROLLTON, Texas -- August 4, 2014

RealPage, Inc. (NASDAQ:RP), a leading provider of on demand software and
software-enabled services to the rental housing industry, today announced
financial results for its second quarter ended June 30, 2014.

“Our revenue and profit results for the second quarter were below our
expectations,” said Steve Winn, Chairman and CEO of RealPage. “Our revenue
shortfall was primarily driven by less demand for our leasing and marketing
solutions and lower than expected revenue from our renter’s insurance
solutions. The shortfall in our leasing and marketing solutions was primarily
attributed to a rental housing environment where we believe demand has
significantly outpaced supply, driving resident renewal rates to some of the
highest levels we have seen in five years.”

“Our subscription revenue excluding leasing and marketing solutions, which
accounts for the majority of total revenue, grew nearly 14% during the second
quarter compared to the prior year period,” Mr. Winn continued. “Our strategy
will focus on creating incremental demand for all solutions through the
addition of new features and functionality, pricing strategies, partnerships,
continued investment in the sales force and our implementation
infrastructure.”

Second Quarter 2014 Financial Highlights

  *Non-GAAP total revenue was $94.8 million, flat year-over-year, while GAAP
    total revenue was $95.0 million, an increase of 1% year-over-year;
  *Non-GAAP on demand revenue was $91.4 million, an increase of 1%
    year-over-year, while GAAP on demand revenue was $91.6 million, an
    increase of 1% year-over-year;
  *Adjusted EBITDA was $12.5 million, a decrease of 41% year-over-year;
  *Non-GAAP net income was $4.6 million, or $0.06 per diluted share, a
    year-over-year decrease of 56% and 57%, respectively; and
  *GAAP net loss was $6.3 million, or $0.08 per diluted share, compared to
    GAAP net income of $4.6 million, or $0.06 per diluted share, in the prior
    year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its third
quarter ended September 30, 2014:

  *Non-GAAP total revenue is expected to be in the range of $101.0 million to
    $103.0 million;
  *Adjusted EBITDA is expected to be in the range of $16.0 million to $17.0
    million; and
  *Non-GAAP net income per diluted share is expected to be in the range of
    $0.08 to $0.09.

RealPage management expects to achieve the following results during its
calendar year ended December 31, 2014:

  *Non-GAAP total revenue is expected to be in the range of $400.0 million to
    $405.0 million;
  *Adjusted EBITDA is expected to be in the range of $70.0 million to $73.0
    million; and
  *Non-GAAP net income per diluted share is expected to be in the range of
    $0.37 to $0.40.

Please note that the above statements are forward looking and that Non-GAAP
total revenue includes an adjustment for the effect of acquisition-related and
other deferred revenue. In addition, the above statements also include the
impact of acquisitions. Actual results may differ materially. Please reference
the information under the caption "Non-GAAP Financial Measures” as well as
reconciliation tables of GAAP financial measures to non-GAAP financial
measures as set forth in this press release.

Conference Call and Webcast

The Company will host a conference call onAugust 4, 2014at5 p.m. EDTto
discuss its financial results. Participants are encouraged to listen to the
presentation via a live Web broadcast on the Investor Relations section. In
addition, a live dial-in is available domestically at 866-743-9666 and
internationally at 760-298-5103. A replay will be available at 855-859-2056 or
404-537-3406, passcode 76947839, untilAugust 10, 2014.

AboutRealPage

RealPage, Inc.is a leading provider of comprehensive property management
software solutions for the multifamily, commercial, single-family and vacation
rental housing industries. These solutions help property owners increase
efficiency, decrease expenses, enhance the resident experience and generate
more revenue. Using its innovativeSaaSplatform,RealPage'son-demand
software enables easy system integration and streamlines online property
management. Its product line covers the full spectrum of property management
solutions, including leasing, accounting, revenue management, marketing
solutions, resident services, renter insurance, utility management, spend
management and apartment market research. Founded in 1998 and headquartered
inCarrollton, Texas.RealPagecurrently serves over 10,000 clients worldwide
from offices inNorth America, EuropeandAsia. For more information about the
company, visithttp://www.realpage.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking" statements relating toRealPage,
Inc.'s expected, possible or assumed future results and RealPage, Inc.’s
strategic focus on creating incremental demand for all solutions through the
addition of new features and functionality, pricing strategies, partnerships,
continued investment in sales force and implementation infrastructure. These
forward-looking statements are based on management's beliefs and assumptions
and on information currently available to management. Forward-looking
statements include all statements that are not historical facts and may be
identified by terms such as "expects," "believes," "plans," or similar
expressions and the negatives of those terms. Those forward-looking statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
the forward-looking statements. The Company may be required to revise its
results upon finalizing its review of second quarter results, which could
cause or contribute to such differences. Additional factors that could cause
or contribute to such differences include, but are not limited to, the
following: (a) the possibility that general economic conditions, including
leasing velocity or uncertainty cause information technology spending,
particularly in the rental housing industry, to be reduced or purchasing
decisions to be delayed; (b) an increase in insurance claims; (c) an increase
in customer cancellations; (d) the inability to increase sales to existing
customers and to attract new customers; (e)RealPage, Inc.'s failure to
integrate acquired businesses and any future acquisitions successfully; (f)
the timing and success of new product introductions byRealPage, Inc.or its
competitors; (g) changes inRealPage, Inc.'s pricing policies or those of its
competitors; (h) litigation; (i) inability to complete the integration of our
LeaseStar products and deliver enhanced functionality on a timely basis; (j)
the ability to enable margin expansion; and (k) such other risks and
uncertainties described more fully in documents filed with or furnished to
theSecurities and Exchange Commission ("SEC") byRealPage Inc., including its
Quarterly Report on Form 10-Q previously filed with theSEConMay 12, 2014.
All information provided in this release is as of the date hereof andRealPage
Inc.undertakes no duty to update this information except as required by law.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. These measures differ
from GAAP in that they include acquisition-related and other deferred revenue
and exclude amortization of intangible assets, stock-based compensation
expenses, any impact related to the Yardi litigation (including related
insurance litigation and settlement costs), and acquisition related expenses
(including any purchase accounting adjustments) and include income taxes at a
sustainable effective rate, which excludes the reversal of valuation
allowances due to expected or realization of deferred tax assets.

We define non-GAAP total revenue as total revenue plus acquisition-related and
other deferred revenue adjustment. We also define non-GAAP on demand revenue
as on demand revenue plus acquisition-related and other deferred revenue
adjustment. Non-GAAP net income is defined as net (loss) income plus
acquisition-related and other deferred revenue adjustment, amortization of
intangible assets, stock-based compensation expense, acquisition-related
expense, any impact related to Yardi litigation (including related insurance
litigation and settlement costs), loss on disposal of assets, and an
adjustment to income tax expense (benefit) to reflect our effective tax rate.

We define Adjusted EBITDA as net (loss) income plus acquisition-related and
other deferred revenue adjustment, depreciation and asset impairment,
amortization of intangible assets, net interest expense, income tax expense
(benefit), stock-based compensation expense, any impact related to Yardi
litigation (including related insurance litigation and settlement costs), and
acquisition-related expenses.

We believe that the use of Adjusted EBITDA is useful to investors and other
users of our financial statements in evaluating our operating performance
because it provides them with an additional tool to compare business
performance across companies and across periods. We believe that:

  *Adjusted EBITDA provides investors and other users of our financial
    information consistency and comparability with our past financial
    performance, facilitates period-to-period comparisons of operations and
    facilitates comparisons with our peer companies, many of which use similar
    non-GAAP financial measures to supplement their GAAP results;
  *it is useful to exclude certain non-cash charges, such as depreciation and
    asset impairment, amortization of intangible assets and stock-based
    compensation and non-core operational charges, such as acquisition-related
    expenses and any impact related to the Yardi litigation (including related
    insurance litigation and settlement costs), from Adjusted EBITDA because
    the amount of such expenses in any specific period may not directly
    correlate to the underlying performance of our business operations and
    these expenses can vary significantly between periods as a result of new
    acquisitions, full amortization of previously acquired tangible and
    intangible assets or the timing of new stock-based awards, as the case may
    be; and
  *it is useful to include deferred revenue written down for GAAP purposes
    under purchase accounting rules and revenue deferred due to a lack of
    historical experience determining the settlement of the contractual
    obligation in order to appropriately measure the underlying performance of
    our business operations in the period of activity and associated expense.

We use Adjusted EBITDA in conjunction with traditional GAAP operating
performance measures as part of our overall assessment of our performance, for
planning purposes, including the preparation of our annual operating budget,
to evaluate the effectiveness of our business strategies and to communicate
with our board of directors concerning our financial performance.

We do not place undue reliance on Adjusted EBITDA as our only measure of
operating performance. Adjusted EBITDA should not be considered as a
substitute for other measures of liquidity or financial performance reported
in accordance with GAAP. There are limitations to using non-GAAP financial
measures, including that other companies may calculate these measures
differently than we do, that they do not reflect our capital expenditures or
future requirements for capital expenditures and that they do not reflect
changes in, or cash requirements for, our working capital. We compensate for
the inherent limitations associated with using Adjusted EBITDA measures
through disclosure of these limitations, presentation of our financial
statements in accordance with GAAP and reconciliation of Adjusted EBITDA to
the most directly comparable GAAP measure, net (loss) income.

                                                             
Condensed Consolidated Balance Sheets
At June 30, 2014 and December 31, 2013
(unaudited, in thousands except share data)
                                                                  
                                                    June 30,      December 31,
                                                     2014         2013    
Assets
Current assets:
  Cash and cash equivalents                         $ 39,217      $  34,502
  Restricted cash                                     46,927         71,941
  Accounts receivable, less allowance for
  doubtful accounts of $2,137 and $914 at
          June 30, 2014 and December 31, 2013,        59,979         66,635
          respectively
  Deferred tax asset, net                             6,836          3,284
  Other current assets                               8,308        7,453   
          Total current assets                        161,267        183,815
Property, equipment and software, net                 66,515         54,775
Goodwill                                              197,658        152,422
Identified intangible assets, net                     106,382        108,815
Other assets                                         4,167        3,386   
          Total assets                              $ 535,989    $  503,213 
Liabilities and stockholders' equity
Current liabilities:
  Accounts payable                                  $ 21,579      $  11,978
  Accrued expenses and other current liabilities      27,436         23,122
  Current portion of deferred revenue                 66,695         66,085
  Customer deposits held in restricted accounts      46,895       71,910  
          Total current liabilities                   162,605        173,095
Deferred revenue                                      6,838          5,671
Deferred tax liability, net                           1,081          1,379
Revolving credit facility                             25,000         -
Other long-term liabilities                          14,647       8,564   
          Total liabilities                           210,171        188,709
Stockholders' equity:
  Preferred stock, $0.001 par value, 10,000,000
  shares authorized and zero shares
  issued and outstanding at June 30, 2014 and         -              -
  December 31, 2013, respectively
  Common stock, $0.001 par value per share:
  125,000,000 shares authorized,
  82,016,928 and 80,511,791 shares issued and
  79,082,594 and 78,433,626 shares
  outstanding at June 30, 2014 and December 31,       82             81
  2013, respectively
  Additional paid-in capital                          415,127        390,854
  Treasury stock, at cost: 2,934,334 and
  2,078,165 shares at June 30, 2014 and
  December 31, 2013, respectively                     (17,007 )      (11,183 )
  Accumulated deficit                                 (72,213 )      (65,086 )
  Accumulated other comprehensive loss               (171    )     (162    )
          Total stockholders' equity                 325,818      314,504 
          Total liabilities and stockholders'       $ 535,989    $  503,213 
          equity

                                                            
Condensed Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands except per share data)
                                                                   
                           Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                            2014       2013       2014        2013    
Revenue:
    On demand              $ 91,606     $ 90,825     $ 188,614     $ 176,147
    On premise               826          1,011        1,691         1,961
    Professional and        2,556      2,615      5,246       5,324   
    other
         Total revenue       94,988       94,451       195,551       183,432
Cost of revenue             42,115     37,340     82,042      72,704  
Gross profit                 52,873       57,111       113,509       110,728
Operating expense:
    Product development      15,941       11,727       30,782        23,765
    Sales and marketing      28,030       23,924       54,021        46,826
    General and             16,819     12,819     37,748      29,326  
    administrative
         Total operating    60,790     48,470     122,551     99,917  
         expense
Operating income (loss)      (7,917 )     8,641        (9,042  )     10,811
Interest expense and        (204   )    (596   )    (426    )    (685    )
other income, net
Income (loss) before         (8,121 )     8,045        (9,468  )     10,126
income taxes
Income tax expense          (1,830 )    3,435      (2,341  )    4,498   
(benefit)
Net income (loss)          $ (6,291 )   $ 4,610     $ (7,127  )   $ 5,628   
                                                                   
Net income (loss) per
share
         Basic             $ (0.08  )   $ 0.06       $ (0.09   )   $ 0.08
         Diluted           $ (0.08  )   $ 0.06       $ (0.09   )   $ 0.07
Weighted average shares
used in
computing net income
(loss) per share
         Basic               77,283       74,541       77,004        74,278
         Diluted             77,283       75,781       77,004        75,665

                                                            
  Condensed Consolidated Statements of Cash Flows
  For the Three and Six Months Ended June 30, 2014 and 2013
  (unaudited, in thousands)
                                                                     
                            Three Months Ended         Six Months Ended
                            June 30,                   June 30,
                             2014        2013       2014        2013    
  Cash flows from
  operating activities:
    Net income (loss)       $ (6,291  )   $ 4,610      $ (7,127  )   $ 5,628
    Adjustments to
    reconcile net income
    (loss) to net cash
      provided by
      operating
      activities:
      Depreciation and        10,067        7,420        19,571        15,218
      amortization
      Deferred tax            (2,859  )     2,361        (3,850  )     3,046
      expense (benefit)
      Stock-based             10,033        6,061        19,258        13,306
      compensation
      Loss on disposal of     -             270          20            273
      assets
      Acquisition-related
      contingent              (233    )     (1,193 )     (66     )     1,445
      consideration
      Changes in assets
      and liabilities,
      net of assets
      acquired
         and liabilities
         assumed in           8,405         (2,151 )     14,942        (4,333  )
         business
         combinations:
                                                                  
         Net cash
         provided by         19,122      17,378     42,748      34,583  
         operating
         activities
  Cash flows from
  investing activities:
    Purchases of
    property, equipment       (11,873 )     (5,669 )     (19,135 )     (13,393 )
    and software, net
    Acquisition of
    businesses, net of        (34,874 )     (146   )     (42,053 )     (10,196 )
    cash acquired
    Intangible asset         -           -          -           (600    )
    additions
         Net cash used by
         investing           (46,747 )    (5,815 )    (61,188 )    (24,189 )
         activities
  Cash flows from
  financing activities:
    Payments on and
    proceeds from debt,       24,859        (137   )     24,720        (10,273 )
    net
    Payments of deferred
    acquisition-related       (28     )     (179   )     (748    )     (486    )
    consideration
    Issuance of common        3,741         1,469        5,016         2,993
    stock
    Purchase of treasury     (3,831  )    (1,132 )    (5,824  )    (2,065  )
    stock
         Net cash
         provided by
         (used in)           24,741      21         23,164      (9,831  )
         financing
         activities
         Net increase
         (decrease) in        (2,884  )     11,584       4,724         563
         cash and cash
         equivalents
         Effect of
         exchange rate on     5             (26    )     (9      )     (48     )
         cash
  Cash and cash
  equivalents:
    Beginning of period      42,096      22,761     34,502      33,804  
    End of period           $ 39,217     $ 34,319    $ 39,217     $ 34,319  

                                                              
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands)
                                                                   
                           Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                            2014       2013       2014        2013    
Non-GAAP revenue:
Revenue (GAAP)             $ 94,988     $ 94,451     $ 195,551     $ 183,432
Acquisition-related and     (207   )    -          1,117       2       
other deferred revenue
Non-GAAP revenue           $ 94,781    $ 94,451    $ 196,668    $ 183,434 
                                                                   
                           Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                            2014       2013       2014        2013    
Adjusted gross profit:
Gross profit (GAAP)        $ 52,873     $ 57,111     $ 113,509     $ 110,728
Acquisition-related and      (207   )     -            1,117         2
other deferred revenue
Depreciation                 2,013        1,444        3,871         3,287
Amortization of              2,447        2,028        4,870         3,995
intangible assets
Stock-based compensation    866        676        1,873       1,426   
expense
Adjusted gross profit      $ 57,992    $ 61,259    $ 125,240    $ 119,438 
                                                                   
Adjusted gross profit        61.2   %     64.9   %     63.7    %     65.1    %
margin
                                                                   
                           Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                            2014       2013       2014        2013    
Adjusted EBITDA:
Net income (loss) (GAAP)   $ (6,291 )   $ 4,610      $ (7,127  )   $ 5,628
Acquisition-related and      (207   )     -            1,117         2
other deferred revenue
Depreciation, asset
impairment and loss on       4,581        3,398        8,790         7,086
disposal of asset
Amortization of              5,486        4,292        10,801        8,405
intangible assets
Interest expense, net        207          606          431           963
Income tax expense           (1,830 )     3,435        (2,341  )     4,498
(benefit)
Litigation-related           168          (353   )     4,845         53
expense
Stock-based compensation     10,033       6,061        19,258        13,306
expense
Acquisition related         357        (949   )    1,238       1,825   
expense
Adjusted EBITDA            $ 12,504    $ 21,100    $ 37,012     $ 41,766  
                                                                   
Adjusted EBITDA margin       13.2   %     22.3   %     18.8    %     22.8    %
                                                                   
                           Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                            2014       2013       2014        2013    
Non-GAAP total product
development:
Product development        $ 15,941     $ 11,727     $ 30,782      $ 23,765
(GAAP)
Less: Amortization of        1            1            3             1
intangible assets
Stock-based compensation    2,144      721        4,056       1,852   
expense
Non-GAAP total product     $ 13,796    $ 11,005    $ 26,723     $ 21,912  
development:
                                                                   
Non-GAAP total product
development as % of          14.6   %     11.7   %     13.6    %     11.9    %
non-GAAP revenue:

                                                               
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands)
                                                                    
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                             2014       2013       2014        2013   
Non-GAAP total sales and
marketing:
Sales and marketing         $ 28,030     $ 23,924     $ 54,021      $ 46,826
(GAAP)
Less: Amortization of         2,847        2,264        5,739         4,410
intangible assets
Stock-based compensation     3,101      2,004      6,244       5,205  
expense
Non-GAAP total sales and    $ 22,082    $ 19,656    $ 42,038     $ 37,211 
marketing:
                                                                    
Non-GAAP total sales and
marketing as % of             23.3   %     20.8   %     21.4    %     20.3   %
non-GAAP revenue:
                                                                    
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                             2014       2013       2014        2013   
Non-GAAP total general
and administrative:
General and                 $ 16,819     $ 12,819     $ 37,748      $ 29,326
administrative (GAAP)
Less: Amortization of         192          -            192           -
intangible assets
Acquisition related           357          (949   )     1,238         1,825
expense
Stock-based compensation      3,922        2,660        7,085         4,823
expense
Litigation related           168        (353   )    4,845       53     
expense
Non-GAAP total general      $ 12,180    $ 11,461    $ 24,388     $ 22,625 
and administrative:
                                                                    
Non-GAAP total general
and administrative as %       12.9   %     12.1   %     12.4    %     12.3   %
of non-GAAP revenue:
                                                                    
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                             2014       2013       2014        2013   
Non-GAAP total operating
expense:
Operating expense (GAAP)    $ 60,790     $ 48,470     $ 122,551     $ 99,917
Less: Amortization of         3,040        2,264        5,934         4,410
intangible assets
Acquisition related
expense                       357          (949   )     1,238         1,825


Stock-based compensation      9,167        5,385        17,385        11,880
expense
Litigation related           168        (353   )    4,845       53     
expense
Non-GAAP total operating    $ 48,058    $ 42,123    $ 93,149     $ 81,749 
expense:
                                                                    
Non-GAAP total operating
expense as % of non-GAAP      50.7   %     44.6   %     47.4    %     44.6   %
revenue:
                                                                    
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                             2014       2013       2014        2013   
Non-GAAP operating
income:
Operating income (loss)     $ (7,917 )   $ 8,641      $ (9,042  )   $ 10,811
(GAAP)
Acquisition-related and       (207   )     -            1,117         2
other deferred revenue
Amortization of               5,486        4,292        10,801        8,405
intangible assets
Stock-based compensation      10,033       6,061        19,258        13,306
expense
Acquisition related           357          (949   )     1,238         1,825
expense
Litigation related           168        (353   )    4,845       53     
expense
Non-GAAP operating income   $ 7,920     $ 17,692    $ 28,217     $ 34,402 
                                                                    
Non-GAAP operating margin     8.4    %     18.7   %     14.3    %     18.8   %

                                                                   
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2014 and 2013
(unaudited, in thousands except per share data)
        
                               Three Months Ended          Six Months Ended
                               June 30,                    June 30,
                                2014        2013        2014        2013    
  Non-GAAP net income:
       Net income (loss)       $ (6,291  )   $ 4,610       $ (7,127  )   $ 5,628
       (GAAP)
         Acquisition-related
         and other deferred      (207    )     -             1,117         2
         revenue
         Amortization of         5,486         4,292         10,801        8,405
         intangible assets
         Stock-based
         compensation            10,033        6,061         19,258        13,306
         expense
         Acquisition related     357           (949    )     1,238         1,825
         expense
         Litigation related      168           (353    )     4,845         53
         expense
         Loss on disposal of    -           270         20          273     
         assets
             Subtotal of tax
             deductible          15,837        9,321         37,279        23,864
             items
                                                                         
         Tax impact of tax
         deductible              (6,335  )     (3,728  )     (14,912 )     (9,546  )
         items^(1)
         Tax expense
         resulting from         1,418       217         1,446       448     
         applying effective
         tax rate^(2)
       Non-GAAP net income     $ 4,629       $ 10,420      $ 16,686      $ 20,394
                                                                         
       Non-GAAP net income     $ 0.06        $ 0.14        $ 0.21        $ 0.27
       per share - diluted
                                                                         
       Weighted average          77,283        75,781        77,004        75,665
       shares - diluted
         Weighted average
         effect of dilutive     912         -           1,016       -       
         securities
       Non-GAAP weighted
       average shares -          78,195        75,781        78,020        75,665
       diluted
                                                              
  ^(1) Reflects the removal of the tax benefit associated with the amortization of
       intangible assets,
       stock-based compensation expense, Acquisition related deferred revenue
       adjustment and
       Acquisition related expense.
  ^(2) Represents adjusting to a normalized effective tax rate of 40%.
                                                                         
                               Three Months Ended          Six Months Ended
                               June 30,                    June 30,
                                2014        2013        2014        2013    
  Annualized Non-GAAP on
  demand revenue per average
  on demand unit:
       On demand revenue       $ 91,606      $ 90,825      $ 188,614     $ 176,147
       (GAAP)
         Acquisition-related
         and other deferred     (207    )    -           1,117       2       
         revenue
       Non-GAAP on demand      $ 91,399      $ 90,825      $ 189,731     $ 176,149
       revenue
                                                                         
       Ending on demand          9,371         8,616         9,371         8,616
       units
       Average on demand         9,328         8,580         9,241         8,455
       units
                                                                      
       Annualized Non-GAAP
       on demand revenue per   $ 39.19      $ 42.34      $ 41.06      $ 41.67   
       average on demand
       unit
                                                                         
       Annual customer value
       of on demand            $ 367,249     $ 364,801
       revenue^(1)
                                                              
  ^(1) This metric represents management's estimate for the current annual run-rate
       value of on demand customer
       relationships. This metric is calculated by multiplying ending on demand
       units times annualized Non-GAAP on
       demand revenue per average on demand unit for the periods presented.

Contact:

RealPage, Inc.
Rhett Butler, 972-820-3773
rhett.butler@realpage.com
 
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