RealPage (RP) 8-K RealPage Reports Fourth Quarter and Full Year 2018 Financial Results

EXHIBIT 99.2

RealPage, Inc.
IR Fact Sheet (dated February 25, 2019)
*Please read in conjunction with the company's 10-K previously filed with the Securities and Exchange Commission on March 1, 2018, and the company 10-Q previously filed November 6, 2018, as well as the "Explanation of Non-GAAP Financial Measures".
		Q1 2016			Q2 2016			Q3 2016			Q4 2016		FY 2016				Q1 2017			Q2 2017			Q3 2017			Q4 2017		FY 2017				Q1 2018			Q2 2018			Q3 2018			Q4 2018		FY 2018
Revenue ($000's)
Total GAAP Revenue	$	128,383		$	142,719		$	147,955		$	149,071		$	568,128		$	152,919		$	161,306		$	169,058		$	187,680		$	670,963		$	201,301		$	216,252		$	224,953		$	226,974		$	869,480
Growth %		16	%		24	%		22	%		22	%		21	%		19	%		13	%		14	%		26	%		18	%		32	%		34	%		33	%		21	%		30	%
Acquisition-related and other deferred revenue		(343	)		(258	)		(161	)		(187	)		(949	)		705			945			698			710			3,058			313			103			418			1,056			1,890
Total Non-GAAP Revenue	$	128,040		$	142,461		$	147,794		$	148,884		$	567,179		$	153,624		$	162,251		$	169,756		$	188,390		$	674,021		$	201,614		$	216,355		$	225,371		$	228,030		$	871,370
Growth %		16	%		25	%		22	%		23	%		22	%		20	%		14	%		15	%		27	%		19	%		31	%		33	%		33	%		21	%		29	%
GAAP On Demand Revenue	$	123,411		$	136,610		$	140,883		$	141,627		$	542,531		$	146,213		$	154,727		$	161,578		$	180,104		$	642,622		$	193,300		$	206,945		$	215,413		$	218,051		$	833,709
Growth %		16	%		23	%		21	%		21	%		20	%		18	%		13	%		15	%		27	%		18	%		32	%		34	%		33	%		21	%		30	%
Acquisition-related and other deferred revenue		(343	)		(258	)		(161	)		(187	)		(949	)		705			945			698			710			3,058			313			103			418			1,056			1,890
Non-GAAP On Demand Revenue	$	123,068		$	136,352		$	140,722		$	141,440		$	541,582		$	146,918		$	155,672		$	162,276		$	180,814		$	645,680		$	193,613		$	207,048		$	215,831		$	219,107		$	835,599
Growth %		16	%		24	%		21	%		21	%		21	%		19	%		14	%		15	%		28	%		19	%		32	%		33	%		33	%		21	%		29	%
On Premise Revenue	$	772		$	687		$	682		$	695		$	2,836		$	675		$	659		$	648		$	662		$	2,644		$	650		$	606		$	593		$	571		$	2,420
Professional & Other Revenue	$	4,200		$	5,422		$	6,390		$	6,749		$	22,761		$	6,031		$	5,920		$	6,832		$	6,914		$	25,697		$	7,351		$	8,701		$	8,947		$	8,352		$	33,351
Professional and Other	$	4,972		$	6,109		$	7,072		$	7,444		$	25,597		$	6,706		$	6,579		$	7,480		$	7,576		$	28,341		$	8,001		$	9,307		$	9,540		$	8,923		$	35,771
Expenses ($000's)
Cost of Revenue
GAAP View	$	50,583		$	57,937		$	59,815		$	57,205		$	225,540		$	59,353		$	63,853		$	65,794		$	69,135		$	258,135		$	72,837		$	81,942		$	85,540		$	88,063		$	328,382
Stock-based expense		(751	)		(826	)		(929	)		(804	)		(3,310	)		(853	)		(1,050	)		(1,040	)		(899	)		(3,842	)		(835	)		(1,168	)		(1,146	)		(1,254	)		(4,403	)
Headquarters relocation costs		(584	)		(679	)		(760	)		-			(2,023	)		-			-			-			-			-			-			-			-			-			-
Non-GAAP View	$	49,248		$	56,432		$	58,126		$	56,401		$	220,207		$	58,500		$	62,803		$	64,754		$	68,236		$	254,293		$	72,002		$	80,774		$	84,394		$	86,809		$	323,979
Depreciation		(2,692	)		(3,054	)		(2,834	)		(2,825	)		(11,405	)		(2,883	)		(3,063	)		(2,909	)		(2,935	)		(11,790	)		(2,934	)		(3,099	)		(2,991	)		(3,048	)		(12,072	)
Adjusted EBITDA View	$	46,556		$	53,378		$	55,292		$	53,576		$	208,802		$	55,617		$	59,740		$	61,845		$	65,301		$	242,503		$	69,068		$	77,675		$	81,403		$	83,761		$	311,907
Product Development
GAAP View	$	17,272		$	18,878		$	18,743		$	18,714		$	73,607		$	20,387		$	21,290		$	21,885		$	25,890		$	89,452		$	29,040		$	30,771		$	28,942		$	29,772		$	118,525
Stock-based expense		(1,449	)		(1,897	)		(1,900	)		(1,825	)		(7,071	)		(1,879	)		(2,454	)		(2,098	)		(1,992	)		(8,423	)		(2,163	)		(2,645	)		(2,520	)		(2,595	)		(9,923	)
Asset impairment and loss on disposal of assets		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Headquarters relocation costs		(154	)		(176	)		(211	)		-			(541	)		-			-			-			-			-			-			-			-			-			-
Non-GAAP View	$	15,669		$	16,805		$	16,632		$	16,889		$	65,995		$	18,508		$	18,836		$	19,787		$	23,898		$	81,029		$	26,877		$	28,126		$	26,422		$	27,177		$	108,602
Depreciation		(1,200	)		(1,462	)		(1,502	)		(1,572	)		(5,736	)		(1,530	)		(1,561	)		(1,698	)		(1,819	)		(6,608	)		(1,338	)		(1,557	)		(1,381	)		(1,391	)		(5,667	)
Adjusted EBITDA View	$	14,469		$	15,343		$	15,130		$	15,317		$	60,259		$	16,978		$	17,275		$	18,089		$	22,079		$	74,421		$	25,539		$	26,569		$	25,041		$	25,786		$	102,935
Sales & Marketing
GAAP View	$	29,253		$	31,533		$	30,309		$	30,611		$	121,706		$	31,047		$	34,699		$	36,802		$	37,925		$	140,473		$	37,680		$	40,664		$	43,179		$	45,084		$	166,607
Stock-based expense		(2,974	)		(3,799	)		(1,406	)		(3,185	)		(11,364	)		(3,128	)		(4,266	)		(3,847	)		(3,351	)		(14,592	)		(3,541	)		(4,470	)		(4,242	)		(4,320	)		(16,573	)
Asset impairment		-			-			-			-			-			-			-			-			-			-			-			-			-			(2,720	)		(2,720	)
Headquarters relocation costs		(170	)		(184	)		(220	)		-			(574	)		-			-			-			-			-			-			-			-			-			-
Non-GAAP View	$	26,109		$	27,550		$	28,683		$	27,426		$	109,768		$	27,919		$	30,433		$	32,955		$	34,574		$	125,881		$	34,139		$	36,194		$	38,937		$	38,044		$	147,314
Depreciation		(606	)		(615	)		(593	)		(586	)		(2,400	)		(588	)		(663	)		(601	)		(635	)		(2,487	)		(1,228	)		(1,366	)		(1,069	)		(1,289	)		(4,952	)
Adjusted EBITDA View	$	25,503		$	26,935		$	28,090		$	26,840		$	107,368		$	27,331		$	29,770		$	32,354		$	33,939		$	123,394		$	32,911		$	34,828		$	37,868		$	36,755		$	142,362
General & Administrative
GAAP View	$	18,346		$	21,932		$	21,677		$	23,058		$	85,013		$	24,251		$	27,370		$	31,004		$	30,350		$	112,975		$	27,090		$	28,444		$	30,036		$	32,638		$	118,208
Stock-based expense		(3,217	)		(4,215	)		(4,020	)		(3,655	)		(15,107	)		(4,232	)		(6,106	)		(4,779	)		(3,861	)		(18,978	)		(3,779	)		(5,412	)		(5,571	)		(4,980	)		(19,742	)
Asset impairment and loss on disposal of assets		-			(85	)		(164	)		(248	)		(497	)		(24	)		(63	)		(385	)		(52	)		(524	)		(942	)		(156	)		(341	)		(574	)		(2,013	)
Loss due to cyber incident, net of recoveries		-			-			-			-			-			-			-			-			-			-			-			-			-			(4,952	)		(4,952	)
Acquisition-related income (expense)		57			9			266			(695	)		(363	)		(1,210	)		(1,354	)		(485	)		(2,508	)		(5,557	)		(1,007	)		(1,168	)		(519	)		257			(2,437	)
Cost related to Hart-Scott-Rodino review process		-			-			-			-			-			(481	)		(2,228	)		(5,993	)		(2,310	)		(11,012	)		-			-			(78	)		-			(78	)
Headquarters relocation costs		(117	)		(135	)		(162	)		-			(414	)		-			-			-			-			-			-			-			-			-			-
Non-GAAP View	$	15,069		$	17,506		$	17,597		$	18,460		$	68,632		$	18,304		$	17,619		$	19,362		$	21,619		$	76,904		$	21,362		$	21,708		$	23,527		$	22,389		$	88,986
Depreciation		(998	)		(1,347	)		(1,276	)		(1,404	)		(5,025	)		(1,650	)		(1,579	)		(1,738	)		(1,376	)		(6,343	)		(1,376	)		(1,484	)		(1,504	)		(1,423	)		(5,787	)
Other (income) expense		(11	)		(16	)		(15	)		(25	)		(67	)		(34	)		(18	)		(136	)		(115	)		(303	)		(51	)		(66	)		(58	)		(34	)		(209	)
Adjusted EBITDA View	$	14,060		$	16,143		$	16,306		$	17,031		$	63,540		$	16,620		$	16,022		$	17,488		$	20,128		$	70,258		$	19,935		$	20,158		$	21,965		$	20,932		$	82,990
Profitability ($000's)
GAAP Net Income (Loss)	$	2,996		$	2,083		$	4,210		$	7,361		$	16,650		$	8,195		$	6,213		$	6,834		$	(20,865	)	$	377		$	10,901		$	8,479		$	9,073		$	6,272		$	34,725
Acquisition-related and other deferred revenue		(343	)		(258	)		(161	)		(187	)		(949	)		705			945			698			710			3,058			313			103			418			1,056			1,890
Depreciation, asset impairment, and loss on disposal of assets		5,496			6,563			7,119			6,635			25,813			6,675			6,929			7,331			6,817			27,752			7,818			7,662			9,286			10,445			35,211
Amortization of product technologies and intangible assets		7,111			7,737			7,847			7,573			30,268			7,789			8,227			9,335			14,567			39,918			16,384			17,623			18,684			19,017			71,708
Loss due to cyber incident, net of recoveries		-			-			-			-			-			-			-			-			-			-			-			-			-			4,952			4,952
Impairment of investment		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Acquisition-related expense (income)		(57	)		(9	)		(266	)		695			363			1,210			1,354			485			2,508			5,557			1,007			1,168			519			(257	)		2,437
Cost related to Hart-Scott-Rodino review process		-			-			-			-			-			481			2,228			5,993			2,310			11,012			-			-			78			-			78
Interest expense, net		719			1,090			1,079			937			3,825			1,120			2,804			4,813			6,335			15,072			7,721			8,584			6,874			6,780			29,959
Income tax (benefit) expense		2,114			1,545			3,540			3,637			10,836			811			(3,132	)		(7,273	)		24,458			14,864			(301	)		(189	)		683			(618	)		(425	)
Litigation-related expense		-			-			-			-			-			-			-			-			-			-			-			-			-			-			-
Headquarters relocation costs		1,025			1,174			1,353			-			3,552			-			-			-			-			-			-			-			-			-			-
Stock-based expense		8,391			10,737			8,255			9,469			36,852			10,092			13,876			11,764			10,103			45,835			10,318			13,695			13,479			13,149			50,641
Adjusted EBITDA	$	27,452		$	30,662		$	32,976		$	36,120		$	127,210		$	37,078		$	39,444		$	39,980		$	46,943		$	163,445		$	54,161		$	57,125		$	59,094		$	60,796		$	231,176

Non-GAAP On Demand Revenue Detail ($000's)
Property Management	$	36,282		$	38,467		$	39,023		$	39,118		$	152,890		$	40,341		$	41,404		$	42,175		$	43,082		$	167,002		$	45,319		$	46,522		$	47,307		$	47,826		$	186,974
% of Total		29	%		28	%		28	%		28	%		28	%		27	%		26	%		26	%		24	%		26	%		24	%		22	%		22	%		22	%		22	%
Y-O-Y growth		11	%		14	%		11	%		10	%		11	%		11	%		8	%		8	%		10	%		9	%		12	%		12	%		12	%		11	%		12	%
Resident Services	$	45,071		$	54,613		$	58,351		$	60,062		$	218,097		$	60,968		$	64,860		$	70,527		$	75,822		$	272,177		$	77,175		$	85,329		$	94,084		$	93,865		$	350,453
% of Total		37	%		40	%		41	%		42	%		40	%		42	%		42	%		43	%		42	%		42	%		40	%		41	%		44	%		43	%		42	%
Y-O-Y growth		36	%		60	%		50	%		49	%		49	%		35	%		19	%		21	%		26	%		25	%		27	%		32	%		33	%		24	%		29	%
Leasing and Marketing	$	28,925		$	29,618		$	29,451		$	27,562		$	115,556		$	27,815		$	29,324		$	29,334		$	37,563		$	124,036		$	39,434		$	42,845		$	42,198		$	42,882		$	167,359
% of Total		24	%		22	%		21	%		20	%		22	%		19	%		19	%		18	%		21	%		19	%		20	%		21	%		19	%		19	%		20	%
Y-O-Y growth		-2	%		-3	%		-2	%		-3	%		-3	%		-4	%		-1	%		0	%		36	%		7	%		42	%		46	%		44	%		14	%		35	%
Asset Optimization	$	12,790		$	13,654		$	13,897		$	14,698		$	55,039		$	17,794		$	20,084		$	20,240		$	24,347		$	82,465		$	31,685		$	32,352		$	32,242		$	34,534		$	130,813
% of Total		10	%		10	%		10	%		10	%		10	%		12	%		13	%		13	%		13	%		13	%		16	%		16	%		15	%		16	%		16	%
Y-O-Y growth		18	%		17	%		15	%		20	%		18	%		39	%		47	%		46	%		66	%		50	%		78	%		61	%		59	%		42	%		59	%
Non-GAAP On Demand Revenue Detail ($000's)
Subscription	$	110,464		$	123,404		$	127,155		$	128,455		$	489,478		$	134,325		$	141,459		$	152,564		$	158,958		$	587,306		$	169,687		$	179,082		$	189,458		$	196,799		$	735,026
% of Total		90	%		91	%		90	%		91	%		90	%		91	%		91	%		94	%		88	%		91	%		88	%		86	%		88	%		90	%		88	%
Y-O-Y growth		18	%		27	%		24	%		22	%		23	%		22	%		15	%		20	%		24	%		20	%		26	%		27	%		24	%		24	%		25	%
Transactional	$	12,604		$	12,948		$	13,567		$	12,985		$	52,104		$	12,593		$	14,213		$	9,712		$	21,856		$	58,374		$	23,926		$	27,966		$	26,373		$	22,308		$	100,573
% of Total		10	%		9	%		10	%		9	%		10	%		9	%		9	%		6	%		12	%		9	%		12	%		14	%		12	%		10	%		12	%
Y-O-Y growth		5	%		1	%		3	%		13	%		5	%		0	%		10	%		-28	%		68	%		12	%		90	%		97	%		172	%		2	%		72	%
Annual Contract Value ($000's)
Non-GAAP On Demand Annual Customer Value	$	529,052		$	548,917		$	565,700		$	566,263					$	596,159		$	649,017		$	708,836		$	751,183					$	779,446		$	837,897		$	886,747		$	876,637
Total ACV Growth (QTD)		24	%		21	%		21	%		21	%					13	%		18	%		25	%		33	%					31	%		29	%		25	%		17	%
Organic ACV Growth (QTD)		10	%		11	%		10	%		10	%					11	%		11	%		11	%		11	%					10	%		11	%		12	%		10	%
Unit Trend (000's)
On Demand Units - Ending		10,999			11,141			11,251			10,989						11,112			11,485			12,253			13,003						13,173			15,531			16,073			16,219
Average Unit Renewal Rate
Average Renewal Rate (8 quarters)		96.9	%		97.0	%		97.0	%		96.9	%					96.8	%		96.6	%		96.2	%		96.2	%					96.2	%		96.4	%		96.6	%		96.9	%
RPU
Non-GAAP On Demand RPU (QTD) (whole $)	$	48.10		$	49.27		$	50.28		$	51.53					$	53.65		$	56.51		$	57.85		$	57.77					$	59.17		$	53.95		$	55.17		$	54.05
Top ACV / RPU
Top 100 ACV ($000's)	$	232,031		$	240,850		$	245,947		$	253,206					$	255,262		$	269,154		$	288,315		$	304,601					$	319,642		$	336,943		$	359,144		$	367,017
Top 100 ACV RPU	$	71.02		$	69.68		$	72.63		$	78.32					$	79.59		$	84.92		$	84.11		$	81.78					$	85.64		$	69.48		$	68.61		$	69.00
Top 50 RPU Clients RPU	$	168.58		$	172.32		$	177.21		$	186.47					$	187.48		$	182.61		$	187.66		$	195.30					$	201.45		$	212.30		$	222.23		$	231.15
Headcount
Total Ending RP Headcount		4,445			4,707			4,413			4,410						4,778			5,029			5,231			5,462						5,664			5,958			6,149			6,267
Total International Headcount (included above)		1,694			1,938			1,845			1,880						2,037			2,140			2,206			2,288						2,454			2,558			2,618			2,686
% International Headcount		38	%		41	%		42	%		43	%					43	%		43	%		42	%		42	%					43	%		43	%		43	%		43	%