| RealPage, Inc. |
| IR Fact Sheet (as of 2/27/2017) |
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| *Please read in conjunction with the Company's Quarterly Report on Form 10-Q previously filed with the Securities and Exchange Commission on November 8, 2016 as well as the "Explanation of Non-GAAP Financial Measures" posted to the Company's IR website. |
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| | | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 |
| Revenue ($000's) | | | | | | | | | | | |
| Total GAAP Revenue | $ | 404,551 | | $ | 110,470 | | $ | 114,762 | | $ | 121,588 | | $ | 121,700 | | $ | 468,520 | | $ | 128,383 | | $ | 142,719 | | $ | 147,955 | | $ | 149,071 | | $ | 568,128 | |
| Growth % | | 7 | % | | 10 | % | | 21 | % | | 16 | % | | 16 | % | | 16 | % | | 16 | % | | 24 | % | | 22 | % | | 22 | % | | 21 | % |
| | | | | | | | | | | | | |
| | Acquisition-related and other deferred revenue | | 435 | | | (466 | ) | | (532 | ) | | (614 | ) | | (545 | ) | | (2,157 | ) | | (343 | ) | | (258 | ) | | (161 | ) | | (187 | ) | | (949 | ) |
| Total Non-GAAP Revenue | $ | 404,986 | | $ | 110,004 | | $ | 114,230 | | $ | 120,974 | | $ | 121,155 | | $ | 466,363 | | $ | 128,040 | | $ | 142,461 | | $ | 147,794 | | $ | 148,884 | | $ | 567,179 | |
| Growth % | | 7 | % | | 8 | % | | 21 | % | | 16 | % | | 16 | % | | 15 | % | | 16 | % | | 25 | % | | 22 | % | | 23 | % | | 22 | % |
| | | | | | | | | | | | | |
| GAAP On Demand Revenue | $ | 390,622 | | $ | 106,460 | | $ | 110,640 | | $ | 116,772 | | $ | 117,090 | | $ | 450,962 | | $ | 123,411 | | $ | 136,610 | | $ | 140,883 | | $ | 141,627 | | $ | 542,531 | |
| Growth % | | 8 | % | | 10 | % | | 21 | % | | 16 | % | | 16 | % | | 15 | % | | 16 | % | | 23 | % | | 21 | % | | 21 | % | | 20 | % |
| | | | | | | | | | | | | |
| | Acquisition-related and other deferred revenue | | 435 | | | (466 | ) | | (532 | ) | | (614 | ) | | (545 | ) | | (2,157 | ) | | (343 | ) | | (258 | ) | | (161 | ) | | (187 | ) | | (949 | ) |
| Non-GAAP On Demand Revenue | $ | 391,057 | | $ | 105,994 | | $ | 110,108 | | $ | 116,158 | | $ | 116,545 | | $ | 448,805 | | $ | 123,068 | | $ | 136,352 | | $ | 140,722 | | $ | 141,440 | | $ | 541,582 | |
| Growth % | | 7 | % | | 8 | % | | 20 | % | | 16 | % | | 15 | % | | 15 | % | | 16 | % | | 24 | % | | 21 | % | | 21 | % | | 21 | % |
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| On Premise Revenue | $ | 3,094 | | $ | 741 | | $ | 726 | | $ | 834 | | $ | 669 | | $ | 2,970 | | $ | 772 | | $ | 687 | | $ | 682 | | $ | 695 | | $ | 2,836 | |
| Professional & Other Revenue | $ | 10,835 | | $ | 3,269 | | $ | 3,396 | | $ | 3,982 | | $ | 3,941 | | $ | 14,588 | | $ | 4,200 | | $ | 5,422 | | $ | 6,390 | | $ | 6,749 | | $ | 22,761 | |
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| Expenses ($000's) | | | | | | | | | | | |
| Cost of Revenue | | | | | | | | | | | |
| GAAP View | $ | 174,871 | | $ | 47,562 | | $ | 48,493 | | $ | 51,740 | | $ | 50,818 | | $ | 198,613 | | $ | 54,748 | | $ | 62,078 | | $ | 64,111 | | $ | 61,364 | | $ | 242,301 | |
| | Stock-based expense | | (3,826 | ) | | (1,234 | ) | | (1,216 | ) | | (817 | ) | | (779 | ) | | (4,046 | ) | | (751 | ) | | (826 | ) | | (929 | ) | | (804 | ) | | (3,310 | ) |
| | Amortization of intangible assets | | (10,712 | ) | | (2,814 | ) | | (3,276 | ) | | (4,052 | ) | | (4,071 | ) | | (14,213 | ) | | (4,165 | ) | | (4,141 | ) | | (4,296 | ) | | (4,159 | ) | | (16,761 | ) |
| | Headquarters relocation costs | | - | | | - | | | - | | | - | | | - | | | - | | | (584 | ) | | (679 | ) | | (760 | ) | | - | | | (2,023 | ) |
| Non-GAAP View | $ | 160,333 | | $ | 43,514 | | $ | 44,001 | | $ | 46,871 | | $ | 45,968 | | $ | 180,354 | | $ | 49,248 | | $ | 56,432 | | $ | 58,126 | | $ | 56,401 | | $ | 220,207 | |
| | Depreciation | | (8,512 | ) | | (2,405 | ) | | (2,433 | ) | | (2,431 | ) | | (2,533 | ) | | (9,802 | ) | | (2,692 | ) | | (3,054 | ) | | (2,834 | ) | | (2,825 | ) | | (11,405 | ) |
| Adjusted EBITDA View | $ | 151,821 | | $ | 41,109 | | $ | 41,568 | | $ | 44,440 | | $ | 43,435 | | $ | 170,552 | | $ | 46,556 | | $ | 53,378 | | $ | 55,292 | | $ | 53,576 | | $ | 208,802 | |
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| Product Development | | | | | | | | | | | |
| GAAP View | $ | 64,418 | | $ | 17,977 | | $ | 18,084 | | $ | 16,858 | | $ | 15,880 | | $ | 68,799 | | $ | 17,272 | | $ | 18,878 | | $ | 18,743 | | $ | 18,714 | | $ | 73,607 | |
| | Stock-based expense | | (8,637 | ) | | (2,719 | ) | | (2,572 | ) | | (1,759 | ) | | (1,535 | ) | | (8,585 | ) | | (1,449 | ) | | (1,897 | ) | | (1,900 | ) | | (1,825 | ) | | (7,071 | ) |
| | Asset impairment and loss on disposal of assets | | - | | | (599 | ) | | (202 | ) | | (532 | ) | | (85 | ) | | (1,418 | ) | | - | | | - | | | - | | | - | | | - | |
| | Headquarters relocation costs | | - | | | - | | | - | | | - | | | - | | | - | | | (154 | ) | | (176 | ) | | (211 | ) | | - | | | (541 | ) |
| Non-GAAP View | $ | 55,781 | | $ | 14,659 | | $ | 15,310 | | $ | 14,567 | | $ | 14,260 | | $ | 58,796 | | $ | 15,669 | | $ | 16,805 | | $ | 16,632 | | $ | 16,889 | | $ | 65,995 | |
| | Depreciation | | (4,908 | ) | | (1,256 | ) | | (1,415 | ) | | (1,201 | ) | | (1,407 | ) | | (5,279 | ) | | (1,200 | ) | | (1,462 | ) | | (1,502 | ) | | (1,572 | ) | | (5,736 | ) |
| Adjusted EBITDA View | $ | 50,873 | | $ | 13,403 | | $ | 13,895 | | $ | 13,366 | | $ | 12,853 | | $ | 53,517 | | $ | 14,469 | | $ | 15,343 | | $ | 15,130 | | $ | 15,317 | | $ | 60,259 | |
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| Sales & Marketing | | | | | | | | | | | |
| GAAP View | $ | 111,563 | | $ | 29,113 | | $ | 30,887 | | $ | 32,698 | | $ | 30,410 | | $ | 123,108 | | $ | 32,199 | | $ | 35,129 | | $ | 33,860 | | $ | 34,025 | | $ | 135,213 | |
| | Stock-based expense | | (12,966 | ) | | (3,789 | ) | | (3,843 | ) | | (3,118 | ) | | (2,246 | ) | | (12,996 | ) | | (2,974 | ) | | (3,799 | ) | | (1,406 | ) | | (3,185 | ) | | (11,364 | ) |
| | Amortization of intangible assets | | (11,500 | ) | | (2,766 | ) | | (2,803 | ) | | (2,875 | ) | | (2,720 | ) | | (11,164 | ) | | (2,946 | ) | | (3,596 | ) | | (3,551 | ) | | (3,414 | ) | | (13,507 | ) |
| | Headquarters relocation costs | | - | | | - | | | - | | | - | | | - | | | - | | | (170 | ) | | (184 | ) | | (220 | ) | | - | | | (574 | ) |
| Non-GAAP View | $ | 87,097 | | $ | 22,558 | | $ | 24,241 | | $ | 26,705 | | $ | 25,444 | | $ | 98,948 | | $ | 26,109 | | $ | 27,550 | | $ | 28,683 | | $ | 27,426 | | $ | 109,768 | |
| | Depreciation | | (1,919 | ) | | (499 | ) | | (556 | ) | | (538 | ) | | (577 | ) | | (2,170 | ) | | (606 | ) | | (615 | ) | | (593 | ) | | (586 | ) | | (2,400 | ) |
| Adjusted EBITDA View | $ | 85,178 | | $ | 22,059 | | $ | 23,685 | | $ | 26,167 | | $ | 24,867 | | $ | 96,778 | | $ | 25,503 | | $ | 26,935 | | $ | 28,090 | | $ | 26,840 | | $ | 107,368 | |
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| General & Administrative | | | | | | | | | | | |
| GAAP View | $ | 69,202 | | $ | 18,336 | | $ | 20,037 | | $ | 13,424 | | $ | 17,017 | | $ | 68,814 | | $ | 18,346 | | $ | 21,932 | | $ | 21,677 | | $ | 23,058 | | $ | 85,013 | |
| | Stock-based expense | | (11,621 | ) | | (3,005 | ) | | (3,619 | ) | | (2,975 | ) | | (2,896 | ) | | (12,495 | ) | | (3,217 | ) | | (4,215 | ) | | (4,020 | ) | | (3,655 | ) | | (15,107 | ) |
| | Amortization of intangible assets | | (192 | ) | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | Asset impairment and loss on disposal of assets | | (386 | ) | | 7 | | | (1,482 | ) | | (160 | ) | | (17 | ) | | (1,652 | ) | | - | | | (85 | ) | | (164 | ) | | (248 | ) | | (497 | ) |
| | Acquisition-related income (expense) | | (1,987 | ) | | (1,092 | ) | | (565 | ) | | 3,310 | | | 188 | | | 1,841 | | | 57 | | | 9 | | | 266 | | | (695 | ) | | (363 | ) |
| | Headquarters relocation costs | | - | | | - | | | - | | | - | | | - | | | - | | | (117 | ) | | (135 | ) | | (162 | ) | | - | | | (414 | ) |
| | Litigation-related expense | | (4,915 | ) | | (2 | ) | | - | | | - | | | - | | | (2 | ) | | - | | | - | | | - | | | - | | | - | |
| Non-GAAP View | $ | 50,101 | | $ | 14,244 | | $ | 14,371 | | $ | 13,599 | | $ | 14,292 | | $ | 56,506 | | $ | 15,069 | | $ | 17,506 | | $ | 17,597 | | $ | 18,460 | | $ | 68,632 | |
| | Depreciation | | (3,561 | ) | | (871 | ) | | (780 | ) | | (816 | ) | | (796 | ) | | (3,263 | ) | | (998 | ) | | (1,347 | ) | | (1,276 | ) | | (1,404 | ) | | (5,025 | ) |
| | Other (income) expense | | (15 | ) | | - | | | 82 | | | - | | | - | | | 82 | | | (11 | ) | | (16 | ) | | (15 | ) | | (25 | ) | | (67 | ) |
| Adjusted EBITDA View | $ | 46,525 | | $ | 13,373 | | $ | 13,673 | | $ | 12,783 | | $ | 13,496 | | $ | 53,325 | | $ | 14,060 | | $ | 16,143 | | $ | 16,306 | | $ | 17,031 | | $ | 63,540 | |
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| Profitability ($000's) | | | | | | | | | | | |
| GAAP Net Income (Loss) | $ | (10,274 | ) | $ | (1,608 | ) | $ | (3,318 | ) | $ | (8,192 | ) | $ | 3,900 | | $ | (9,218 | ) | $ | 2,996 | | $ | 2,083 | | $ | 4,210 | | $ | 7,361 | | $ | 16,650 | |
| | Acquisition-related and other deferred revenue | | 435 | | | (466 | ) | | (532 | ) | | (614 | ) | | (545 | ) | | (2,157 | ) | | (343 | ) | | (258 | ) | | (161 | ) | | (187 | ) | | (949 | ) |
| | Depreciation, asset impairment, and loss on disposal of assets | | 19,288 | | | 6,150 | | | 6,868 | | | 25,952 | | | 5,415 | | | 44,385 | | | 5,496 | | | 6,563 | | | 7,119 | | | 6,635 | | | 25,813 | |
| | Amortization of intangible assets | | 22,404 | | | 5,580 | | | 6,079 | | | 6,927 | | | 6,791 | | | 25,377 | | | 7,111 | | | 7,737 | | | 7,847 | | | 7,573 | | | 30,268 | |
| | Acquisition-related expense (income) | | 1,987 | | | 1,092 | | | 565 | | | (3,310 | ) | | (188 | ) | | (1,841 | ) | | (57 | ) | | (9 | ) | | (266 | ) | | 695 | | | 363 | |
| | Interest expense, net | | 1,117 | | | 267 | | | 308 | | | 391 | | | 401 | | | 1,367 | | | 719 | | | 1,090 | | | 1,079 | | | 937 | | | 3,825 | |
| | Income tax (benefit) expense | | (6,333 | ) | | (1,704 | ) | | 189 | | | (5,605 | ) | | 3,274 | | | (3,846 | ) | | 2,114 | | | 1,545 | | | 3,540 | | | 3,637 | | | 10,836 | |
| | Litigation-related expense | | 4,915 | | | 2 | | | - | | | - | | | - | | | 2 | | | - | | | - | | | - | | | - | | | - | |
| | Headquarters relocation costs | | - | | | - | | | - | | | - | | | - | | | - | | | 1,025 | | | 1,174 | | | 1,353 | | | - | | | 3,552 | |
| | Stock-based expense | | 37,050 | | | 10,747 | | | 11,250 | | | 8,669 | | | 7,456 | | | 38,122 | | | 8,391 | | | 10,737 | | | 8,255 | | | 9,469 | | | 36,852 | |
| Adjusted EBITDA | $ | 70,589 | | $ | 20,060 | | $ | 21,409 | | $ | 24,218 | | $ | 26,504 | | $ | 92,191 | | $ | 27,452 | | $ | 30,662 | | $ | 32,976 | | $ | 36,120 | | $ | 127,210 | |
| Margin | | 17 | % | | 18 | % | | 19 | % | | 20 | % | | 22 | % | | 20 | % | | 21 | % | | 22 | % | | 22 | % | | 24 | % | | 22 | % |
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| Non-GAAP On Demand Revenue Detail ($000's) | | | | | | | | | | | |
| Property Management | $ | 121,433 | | $ | 32,731 | | $ | 33,736 | | $ | 35,224 | | $ | 35,548 | | $ | 137,239 | | $ | 36,282 | | $ | 38,467 | | $ | 39,023 | | $ | 39,117 | | $ | 152,889 | |
| | % of Total | | 31 | % | | 31 | % | | 30 | % | | 30 | % | | 31 | % | | 31 | % | | 29 | % | | 28 | % | | 28 | % | | 28 | % | | 28 | % |
| | Y-O-Y growth | | 12 | % | | 13 | % | | 14 | % | | 13 | % | | 12 | % | | 13 | % | | 11 | % | | 14 | % | | 11 | % | | 10 | % | | 11 | % |
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| Resident Services | $ | 110,106 | | $ | 33,064 | | $ | 34,037 | | $ | 38,775 | | $ | 40,262 | | $ | 146,138 | | $ | 45,071 | | $ | 54,613 | | $ | 58,351 | | $ | 60,062 | | $ | 218,097 | |
| | % of Total | | 28 | % | | 31 | % | | 31 | % | | 33 | % | | 35 | % | | 33 | % | | 37 | % | | 40 | % | | 41 | % | | 42 | % | | 40 | % |
| | Y-O-Y growth | | 15 | % | | 23 | % | | 50 | % | | 34 | % | | 27 | % | | 33 | % | | 36 | % | | 60 | % | | 50 | % | | 49 | % | | 49 | % |
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| Lease Management | $ | 118,183 | | $ | 29,369 | | $ | 30,690 | | $ | 30,115 | | $ | 28,523 | | $ | 118,697 | | $ | 28,925 | | $ | 29,618 | | $ | 29,451 | | $ | 27,562 | | $ | 115,556 | |
| | % of Total | | 30 | % | | 28 | % | | 28 | % | | 26 | % | | 24 | % | | 26 | % | | 24 | % | | 22 | % | | 21 | % | | 20 | % | | 22 | % |
| | Y-O-Y growth | | -5 | % | | -9 | % | | 6 | % | | 1 | % | | 6 | % | | 0 | % | | -2 | % | | -3 | % | | -2 | % | | -3 | % | | -3 | % |
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| Asset Optimization | $ | 41,335 | | $ | 10,830 | | $ | 11,645 | | $ | 12,044 | | $ | 12,212 | | $ | 46,731 | | $ | 12,790 | | $ | 13,654 | | $ | 13,897 | | $ | 14,698 | | $ | 55,039 | |
| | % of Total | | 11 | % | | 10 | % | | 11 | % | | 11 | % | | 10 | % | | 10 | % | | 10 | % | | 10 | % | | 10 | % | | 10 | % | | 10 | % |
| | Y-O-Y growth | | 13 | % | | 7 | % | | 14 | % | | 16 | % | | 15 | % | | 13 | % | | 18 | % | | 17 | % | | 15 | % | | 20 | % | | 18 | % |
| Non-GAAP On Demand Revenue Detail ($000's) | | | | | | | | | | | |
| Subscription | $ | 343,884 | | $ | 93,984 | | $ | 97,256 | | $ | 102,946 | | $ | 105,025 | | $ | 399,211 | | $ | 110,464 | | $ | 123,404 | | $ | 127,155 | | $ | 128,455 | | $ | 489,478 | |
| | % of Total | | 88 | % | | 89 | % | | 88 | % | | 89 | % | | 90 | % | | 89 | % | | 90 | % | | 91 | % | | 90 | % | | 91 | % | | 90 | % |
| | Y-O-Y growth | | 15 | % | | 14 | % | | 18 | % | | 18 | % | | 14 | % | | 16 | % | | 18 | % | | 27 | % | | 24 | % | | 22 | % | | 23 | % |
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| Transactional | $ | 47,173 | | $ | 12,010 | | $ | 12,852 | | $ | 13,212 | | $ | 11,520 | | $ | 49,594 | | $ | 12,604 | | $ | 12,948 | | $ | 13,567 | | $ | 12,985 | | $ | 52,104 | |
| | % of Total | | 12 | % | | 11 | % | | 12 | % | | 11 | % | | 10 | % | | 11 | % | | 10 | % | | 9 | % | | 10 | % | | 9 | % | | 10 | % |
| | Y-O-Y growth | | -29 | % | | -26 | % | | 43 | % | | -1 | % | | 33 | % | | 5 | % | | 5 | % | | 1 | % | | 3 | % | | 13 | % | | 5 | % |
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| Annual Contract Value ($000's) | | | | | | | | | | | |
| Non-GAAP On Demand Annual Customer Value | | $ | 427,091 | | $ | 453,700 | | $ | 466,917 | | $ | 469,748 | | | $ | 529,052 | | $ | 548,917 | | $ | 565,700 | | $ | 566,263 | | |
| Total ACV Growth (QTD) | | | 7 | % | | 24 | % | | 16 | % | | 16 | % | | | 24 | % | | 21 | % | | 21 | % | | 21 | % | |
| Organic ACV Growth (QTD) | | | 6 | % | | 19 | % | | 13 | % | | 13 | % | | | 10 | % | | 11 | % | | 10 | % | | 13 | % | |
| Unit Trend (000's) | | | | | | | | | | | |
| On Demand Units - Ending | | | 9,700 | | | 10,302 | | | 10,406 | | | 10,568 | | | | 10,999 | | | 11,141 | | | 11,251 | | | 10,989 | | |
| Average Unit Renewal Rate | | | | | | | | | | | |
| Average Renewal Rate (8 quarters) | | | 95.6 | % | | 95.8 | % | | 96.3 | % | | 96.6 | % | | | 96.9 | % | | 97.0 | % | | 97.0 | % | | 96.9 | % | |
| RPU | | | | | | | | | | | | | |
| Non-GAAP On Demand RPU (QTD) (whole $) | | $ | 44.03 | | $ | 44.04 | | $ | 44.87 | | $ | 44.45 | | | $ | 48.10 | | $ | 49.27 | | $ | 50.28 | | $ | 51.53 | | |
| Top ACV / RPU | | | | | | | | | | | |
| Top 100 ACV ($000's) | | $ | 187,650 | | $ | 197,036 | | $ | 202,882 | | $ | 204,175 | | | $ | 232,031 | | $ | 240,850 | | $ | 245,947 | | $ | 253,206 | | |
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| Top 100 ACV RPU | | $ | 59.99 | | $ | 60.07 | | $ | 62.17 | | $ | 62.96 | | | $ | 71.02 | | $ | 69.68 | | $ | 72.63 | | $ | 78.32 | | |
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| Top 50 RPU Clients RPU | | $ | 150.03 | | $ | 157.46 | | $ | 161.12 | | $ | 162.25 | | | $ | 168.58 | | $ | 172.32 | | $ | 177.21 | | $ | 186.47 | | |
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| Industry Data (1) | | | | | | | | | | | |
| Occupancy | | | 95.5 | % | | 96.0 | % | | 96.2 | % | | 95.9 | % | | | 95.8 | % | | 96.2 | % | | 96.5 | % | | 96.1 | % | |
| | | | | | | | | | | | | |
| Annual Change in effective rents | | | 4.5 | % | | 4.9 | % | | 5.6 | % | | 4.8 | % | | | 5.0 | % | | 4.5 | % | | 4.0 | % | | 3.7 | % | |
| | | | | | | | | | | | | |
| Ongoing construction (thousands of units) | | | 524.1 | | | 562.9 | | | 567.6 | | | 582.4 | | | | 598.8 | | | 605.7 | | | 592.4 | | | 539.4 | | |
| | | | | | | | | | | | | |
| Supply | | | 276.3 | | | 255.3 | | | 249.4 | | | 241.4 | | | | 244.0 | | | 265.4 | | | 267.1 | | | 289.3 | | |
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| Headcount | | | | | | | | | | | | |
| Total Ending RP Headcount | | | 3,898 | | | 3,936 | | | 4,051 | | | 4,122 | | | | 4,445 | | | 4,707 | | | 4,413 | | | 4,410 | | |
| | | | | | | | | | | | | |
| Total International Headcount (included above) | | | 1,393 | | | 1,425 | | | 1,585 | | | 1,647 | | | | 1,694 | | | 1,938 | | | 1,845 | | | 1,880 | | |
| % International Headcount | | | 36 | % | | 36 | % | | 39 | % | | 40 | % | | | 38 | % | | 41 | % | | 42 | % | | 43 | % | |
| | | | | | | | | | | | | |
| (1) Based on information from MPF Research. Numbers can fluctuate based on data revisions/reclassifications as well as shifts in construction start or finish dates. |
