8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________

FORM 8-K
______________

CURRENT REPORTPursuant to Section 13 or 15(d) ofThe Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)May 5, 2015
______________

REALPAGE, INC.
(Exact name of registrant as specified in its charter)
______________

Delaware	001-34846	75-2788861
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4000 International Parkway
Carrollton, Texas 75007
(Address of principal executive offices, including zip code)

(972) 820-3000
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02           Results of Operations and Financial Condition.

On May 5, 2015, RealPage, Inc. (the “Company”) issued a press release reporting its financial results for its fiscal quarter ended March 31, 2015. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01           Regulation FD Disclosure.

IR Fact Sheet

On May 5, 2015, the Company published an updated IR Fact Sheet on the Investor Relations section of the Company’s website located at http://investor.realpage.com/.  A copy of the IR Fact Sheet is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.  

Item 8.01           Other Events.

Stock Repurchase Program

On May 5, 2015, the Company announced that its board of directors authorized the Company to purchase up to $50 million of its outstanding shares of common stock over the next 12 months.  Such purchases would be incremental to the $23.5 million in shares purchased by the Company since May 2014.  Under the repurchase program, the Company is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may choose to suspend or discontinue the repurchase program at any time. Any repurchased shares will be retired to the status of authorized and unissued shares.  

Item 9.01           Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	RealPage, Inc. Press Release dated May 5, 2015 reporting financial results for its fiscal quarter ended March 31, 2015.
99.2	RealPage, Inc. IR Fact Sheet dated May 5, 2015.

The information furnished by this Current Report on Form 8-K under Items 2.02 and 7.01 and the Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		REALPAGE, INC.
	By:	/s/ Stephen T. Winn
		Stephen T. Winn
		Chief Executive Officer, President and
		Chairman
Date: May 5, 2015

EXHIBIT INDEX

Exhibit Number	Description
99.1	RealPage, Inc. Press Release dated May 5, 2015 reporting financial results for its fiscal quarter ended March 31, 2015.
99.2	RealPage, Inc. IR Fact Sheet dated May 5, 2015.

EX-99.1

Exhibit 99.1

RealPage Reports First Quarter 2015 Financial Results

• Q1’15 total GAAP revenue of $110.5 million, representing 10% year-over-year growth
• Q1’15 Adjusted EBITDA of $20.1 million
• Q1’15 Non-GAAP net income per diluted share of $0.11

CARROLLTON, Texas--(BUSINESS WIRE)--May 5, 2015--RealPage, Inc. (NASDAQ:RP), a leading provider of on demand software and software-enabled solutions to the rental housing industry, today announced financial results for its first quarter ended March 31, 2015.

“First quarter financial results exceeded our expectations driven by strong demand for our platform of solutions,” said Steve Winn, Chairman and CEO of RealPage. “Our leasing and marketing solutions continue to experience headwinds related to lower leasing velocity but grew sequentially compared to the fourth quarter of 2014. Our resident services, property management and asset optimization solutions all achieved solid growth for the quarter. Our 2014 investments in our SaaS delivery and data infrastructure, product development and sales force were important factors contributing to the growth within these product families.”

“We are pleased with our Adjusted EBITDA performance and the sequential margin expansion of 160 basis points achieved during the first quarter,” said Bryan Hill, CFO and Treasurer of RealPage. “In addition to accelerating revenue growth, we continue to be focused on improving our efficiency to drive margin expansion.”

The company announced that its board of directors authorized the company to purchase up to $50 million of its outstanding shares of common stock over the next 12 months. Such purchases would be incremental to the $23.5 million in shares purchased by the company since May 2014. “The Board’s decision to extend and expand our stock repurchase program reflects continued confidence in the long-term outlook of the company,” said Mr. Winn.

First Quarter 2015 Financial Highlights

• Total GAAP revenue of $110.5 million, an increase of 10% year-over-year;
• Non-GAAP revenue of $110.0 million, an increase of 8% year-over-year;
• Adjusted EBITDA of $20.1 million, a decrease of 18% year-over-year;
• Non-GAAP net income of $8.9 million, or $0.11 per diluted share, a year-over-year decrease of 27% and 27%, respectively; and
• GAAP net loss of $1.6 million, or $0.02 per diluted share, compared to a GAAP net loss of $0.8 million, or $0.01 per diluted share, in the prior year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its second quarter ended June 30, 2015:

• Total revenue is expected to be in the range of $112.0 million to $114.0 million;
• Adjusted EBITDA is expected to be in the range of $20.5 million to $21.5 million;
• Non-GAAP net income per diluted share is expected to be in the range of $0.11 to $0.12;
• Non-GAAP tax rate is expected to be approximately 40%; and
• Weighted average shares outstanding are expected to be approximately 78.8 million.

RealPage management expects to achieve the following results during its calendar year ended December 31, 2015:

• Total revenue is expected to be in the range of $453.0 million to $461.0 million;
• Adjusted EBITDA is expected to be in the range of $83.0 million to $87.0 million;
• Non-GAAP net income per diluted share is expected to be in the range of $0.44 to $0.47;
• Non-GAAP tax rate is expected to be approximately 40%; and
• Weighted average shares outstanding are expected to be approximately 79.2 million.

Please note that the above statements are forward looking and that total revenue may exclude certain adjustments and 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 on May 5, 2015 at 5 p.m. EDT to discuss its financial results. Participants are encouraged to listen to the presentation via a live Web broadcast at http://www.realpage.com 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 40326118, until May 9, 2015.

About RealPage

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 innovative SaaS platform, RealPage's on demand software enables easy system integration and streamlines online property management. Its product line covers the full spectrum of property management, leasing and marketing, asset optimization, and resident services solutions. Founded in 1998 and headquartered in Carrollton, Texas, RealPage currently serves over 10,000 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit http://www.realpage.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking" statements relating to RealPage, Inc.'s expected, possible or assumed future results. 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 first 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 by RealPage, Inc. or its competitors; (g) changes in RealPage, Inc.'s pricing policies or those of its competitors; (h) legal or regulatory proceedings; (i) the inability to complete the integration of our LeaseStar products and deliver enhanced functionality on a timely basis; (j) the inability to achieve revenue growth or to enable margin expansion; and (k) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC") by RealPage Inc., including its Annual Report on Form 10-K previously filed with the SEC on March 2, 2015. All information provided in this release is as of the date hereof and RealPage 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 adjustments, exclude depreciation, loss on impairment and disposal of assets, 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 the Yardi litigation (including related insurance litigation and settlement costs), loss on impairment and disposal of assets, and an adjustment to income tax expense (benefit) to reflect our effective tax rate. Other non-GAAP measures such as non-GAAP product development, non-GAAP sales and marketing, non-GAAP general and administrative, and non-GAAP operating expense and income exclude amortization of intangibles, litigation related expense, loss on impairment and disposal of assets, and stock-based compensation when calculating their composition.

Adjusted gross profit is defined as gross profit plus acquisition-related and other deferred revenue adjustments, depreciation and amortization of intangible assets, and stock-based compensation.

We define Adjusted EBITDA as net (loss) income plus acquisition-related and other deferred revenue adjustments, depreciation and asset impairment, loss on sale of assets, amortization of intangible assets, net interest expense, income tax expense (benefit), stock-based compensation expense, any impact related to the 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
(in thousands, except share amounts)
(Unaudited)
	March 31,			December 31,
		2015			2014
Assets
Current assets:
Cash and cash equivalents	$	27,787		$	26,936
Restricted cash		104,207			85,543
Accounts receivable, less allowance for doubtful accounts of $2,759 and $2,363 at March 31, 2015 and December 31, 2014, respectively		60,805			64,845
Prepaid expenses		8,737			7,647
Deferred tax asset, net		11,089			10,996
Other current assets		1,928			1,848
Total current assets		214,553			197,815
Property, equipment and software, net		73,142			72,616
Goodwill		193,385			193,378
Identified intangible assets, net		94,757			100,085
Deferred tax asset, net		3,952			2,537
Other assets		4,889			5,059
Total assets	$	584,678		$	571,490
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	15,647		$	14,830
Accrued expenses and other current liabilities		25,250			22,905
Current portion of deferred revenue		72,161			73,485
Customer deposits held in restricted accounts		104,145			85,489
Total current liabilities		217,203			196,709
Deferred revenue		7,000			6,903
Deferred tax liability, net		4,596			5,196
Revolving credit facility		15,000			20,000
Other long-term liabilities		12,135			13,902
Total liabilities		255,934			242,710
Stockholders’ equity:
Preferred stock, $0.001 par value: 10,000,000 shares authorized and zero shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively		-			-
Common stock, $0.001 par value: 125,000,000 shares authorized, 84,478,005 and 83,211,650 shares issued and 79,671,681 and 79,037,351 shares outstanding at March 31, 2015 and December 31, 2014, respectively		84			83
Additional paid-in capital		449,165			437,664
Treasury stock, at cost: 4,806,324 and 4,174,299 shares at March 31, 2015 and December 31, 2014, respectively		(43,164	)		(33,398	)
Accumulated deficit		(76,968	)		(75,360	)
Accumulated other comprehensive loss		(373	)		(209	)
Total stockholders’ equity		328,744			328,780
Total liabilities and stockholders’ equity	$	584,678		$	571,490

Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Revenue:
On demand	$	106,460		$	97,008
On premise		741			865
Professional and other		3,269			2,690
Total revenue		110,470			100,563
Cost of revenue(1)		47,724			39,927
Gross profit		62,746			60,636
Operating expense:
Product development(1)		17,977			14,841
Sales and marketing(1)		28,951			25,991
General and administrative(1)		18,863			20,929
Total operating expense		65,791			61,761
Operating loss		(3,045	)		(1,125	)
Interest expense and other, net		(267	)		(222	)
Loss before income taxes		(3,312	)		(1,347	)
Income tax benefit		(1,704	)		(511	)
Net loss	$	(1,608	)	$	(836	)
Net loss per share
Basic	$	(0.02	)	$	(0.01	)
Diluted	$	(0.02	)	$	(0.01	)
Weighted average shares used in computing net loss per share
Basic		76,956			76,722
Diluted		76,956			76,722
(1) Includes stock-based compensation expense as follows:
	Three Months Ended
	March 31,
		2015			2014
Cost of revenue	$	1,234		$	1,007
Product development		2,719			1,912
Sales and marketing		3,789			3,143
General and administrative		3,005			3,163
	$	10,747		$	9,225

Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Cash flows from operating activities:
Net loss	$	(1,608	)	$	(836	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		10,611			9,504
Deferred tax benefit		(2,108	)		(991	)
Stock-based compensation		10,747			9,225
Loss on disposal and impairment of assets		1,119			20
Acquisition-related contingent consideration		377			167
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations		3,360			6,537
Net cash provided by operating activities		22,498			23,626
Cash flows from investing activities:
Purchases of property, equipment and software		(6,182	)		(7,262	)
Acquisition of businesses, net of cash acquired		-			(7,179	)
Net cash used in investing activities		(6,182	)		(14,441	)
Cash flows from investing activities:
Payments on and proceeds from debt, net		(5,151	)		(139	)
Payments of deferred acquisition-related consideration		(1,139	)		(720	)
Issuance of common stock		755			1,275
Purchase of treasury stock		(9,766	)		(1,993	)
Net cash used in financing activities		(15,301	)		(1,577	)
Net increase in cash and cash equivalents		1,015			7,608
Effect of exchange rate on cash		(164	)		(14	)
Cash and cash equivalents:
Beginning of period		26,936			34,502
End of period	$	27,787		$	42,096

Reconciliation of GAAP to Non-GAAP Measures
(in thousands except per share data)
(Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP Revenue:
Total Revenue (GAAP)	$	110,470		$	100,563
Acquisition-related and other deferred revenue		(466	)		1,324
Non-GAAP revenue	$	110,004		$	101,887
	Three Months Ended
	March 31,
		2015			2014
Adjusted gross profit:
Gross profit (GAAP)	$	62,746		$	60,636
Acquisition-related and other deferred revenue		(466	)		1,324
Depreciation		2,405			1,858
Amortization of intangible assets		2,814			2,423
Stock-based compensation expense		1,234			1,007
Adjusted gross profit	$	68,733		$	67,248
Adjusted gross profit margin		62.5	%		66.0	%
	Three Months Ended
	March 31,
		2015			2014
Adjusted EBITDA:
Net loss (GAAP)	$	(1,608	)	$	(836	)
Acquisition-related and other deferred revenue		(466	)		1,324
Depreciation		5,031			4,189
Loss on impairment and disposal of assets		1,119			20
Amortization of intangible assets		5,580			5,315
Interest expense, net		267			224
Income tax benefit		(1,704	)		(511	)
Litigation-related expense		2			4,677
Stock-based compensation expense		10,747			9,225
Acquisition-related expense		1,092			881
Adjusted EBITDA	$	20,060		$	24,508
Adjusted EBITDA margin		18.2	%		24.1	%

Reconciliation of GAAP to Non-GAAP Measures
(in thousands except per share data)
(Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP total product development:
Product development (GAAP)	$	17,977		$	14,841
Less: Loss on impairment and disposal of assets		599			-
Stock-based compensation expense		2,719			1,912
Non-GAAP total product development:	$	14,659		$	12,929
Non-GAAP total product development as percent of non-GAAP revenue		13.3	%		12.7	%
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP total sales and marketing:
Sales and marketing (GAAP)	$	28,951		$	25,991
Less: Amortization of intangible assets		2,766			2,892
Stock-based compensation expense		3,789			3,143
Non-GAAP total sales and marketing:	$	22,396		$	19,956
Non-GAAP total sales and marketing as a percent of non-GAAP revenue		20.4	%		19.6	%
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP total general and administrative:
General and administrative (GAAP)	$	18,863		$	20,929
Less: Loss on impairment and disposal of assets		520			20
Litigation-related expense		2			4,677
Stock-based compensation expense		3,005			3,163
Acquisition-related expense		1,092			881
Non-GAAP total general and administrative:	$	14,244		$	12,188
Non-GAAP total general and administrative as a percent of non-GAAP		12.9	%		12.0	%
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP total operating expense:
Operating expense (GAAP)	$	65,791		$	61,761
Less: Loss on impairment and disposal of assets		1,119			20
Amortization of intangible assets		2,766			2,892
Litigation-related expense		2			4,677
Stock-based compensation expense		9,513			8,218
Acquisition-related expense		1,092			881
Non-GAAP total operating expense:	$	51,299		$	45,073
Non-GAAP total operating expense as a percent of non-GAAP revenue		46.6	%		44.2	%

Reconciliation of GAAP to Non-GAAP Measures (in thousands except per share data) (Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP operating income:
Operating loss	$	(3,045	)	$	(1,125	)
Acquisition-related and other deferred revenue		(466	)		1,324
Loss on impairment and disposal of assets		1,119			20
Amortization of intangible assets		5,580			5,315
Litigation-related expense		2			4,677
Stock-based compensation expense		10,747			9,225
Acquisition-related expense		1,092			881
Non-GAAP total operating income:	$	15,029		$	20,317
Non-GAAP total operating income as a percent of non-GAAP revenue		13.7	%		19.9	%
	Three Months Ended
	March 31,
		2015			2014
Non-GAAP net income:
Net loss (GAAP)	$	(1,608	)	$	(836	)
Tax deductible items:
Acquisition-related and other deferred revenue		(466	)		1,324
Amortization of intangible assets		5,580			5,315
Loss on impairment and disposal of assets		1,119			20
Stock-based compensation expense		10,747			9,225
Litigation-related expense		2			4,677
Acquisition-related expense		1,092			881
Subtotal of tax deductible items		18,074			21,442
Tax impact of tax deductible items(1)		(7,230	)		(8,577	)
Tax expense resulting from applying effective tax rate(2)		(379	)		28
Non-GAAP net income	$	8,857		$	12,057
Non-GAAP net income per share - diluted	$	0.11		$	0.16
Weighted average shares - basic		76,956			76,722
Weighted average effect of dilutive securities - Non-GAAP		831			746
Non-GAAP weighted average shares - diluted		77,787			77,468
(1) Reflects the removal of the tax benefit associated with the amortization of intangible assets, stock-based compensation expense, acquisition-related deferred revenue adjustments and acquisition-related expense.
(2) Represents adjusting to a normalized effective tax rate of 40%.

Reconciliation of GAAP to Non-GAAP Measures (in thousands except per share data) (Unaudited)
	Three Months Ended
	March 31,
		2015			2014
Annualized Non-GAAP on demand revenue per average on demand unit:
On demand revenue (GAAP)	$	106,460		$	97,008
Less:Acquisition-related and other deferred revenue		(466	)		1,324
Non-GAAP on demand revenue		105,994			98,332
Ending on demand units		9,700			9,285
Average on demand units		9,630			9,154
Annualized Non-GAAP on demand revenue per average on demand unit	$	44.03		$	42.97
Annual customer value of on demand revenue(1)	$	427,091		$	398,976
(1) This metric represents management's estimate of the current annual run-rate value of on demand customer relationships. This metric is calculated by multiplying ending on demand units by the annualized Non-GAAP on demand revenue per average on demand unit for the periods presented.

CONTACT:
RealPage, Inc.
Investor Relations
Rhett Butler, 972-820-3773
rhett.butler@realpage.com

EX-99.2

Exhibit 99.2

RealPage, Inc.
Fact Sheet
			Q1 2013			Q2 2013			Q3 2013			Q4 2013			FY 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014			FY 2014			Q1 2015
Revenue ($000's)
	Total GAAP Revenue		$	88,981		$	94,451		$	98,071		$	95,519		$	377,022		$	100,563		$	94,988		$	104,536		$	104,464		$	404,551		$	110,470
	Growth %			20	%		20	%		18	%		11	%		17	%		13	%		1	%		7	%		9	%		7	%		10	%
	Total NON GAAP Revenue		$	88,983		$	94,451		$	99,864		$	96,441		$	379,739		$	101,887		$	94,781		$	104,144		$	104,174		$	404,986		$	110,004
	Growth %			19	%		20	%		20	%		12	%		18	%		15	%		0	%		4	%		8	%		7	%		8	%
	GAAP On Demand Revenue		$	85,322		$	90,825		$	94,084		$	92,081		$	362,312		$	97,008		$	91,606		$	100,747		$	101,261		$	390,622		$	106,460
	Growth %			21	%		21	%		19	%		13	%		18	%		14	%		1	%		7	%		10	%		8	%		10	%
	NON GAAP On Demand Revenue		$	85,324		$	90,825		$	95,877		$	93,003		$	365,029		$	98,332		$	91,399		$	100,355		$	100,971		$	391,057		$	105,994
	Growth %			21	%		21	%		21	%		14	%		19	%		15	%		1	%		5	%		9	%		7	%		8	%
	On Premise Revenue		$	950		$	1,011		$	838		$	892		$	3,691		$	865		$	826		$	755		$	648		$	3,094		$	741
	Professional & Other Revenue		$	2,709		$	2,615		$	3,149		$	2,546		$	11,019		$	2,690		$	2,556		$	3,034		$	2,555		$	10,835		$	3,269
Expenses ($000's)
Cost of Revenue
	GAAP View		$	35,364		$	37,340		$	38,111		$	37,506		$	148,321		$	39,927		$	42,115		$	46,311		$	46,518		$	174,871		$	47,724
		Stock-based compensation		(750	)		(676	)		(785	)		(900	)		(3,111	)		(1,007	)		(866	)		(1,141	)		(812	)		(3,826	)		(1,234	)
		Amortization		(1,967	)		(2,028	)		(1,656	)		(2,062	)		(7,713	)		(2,423	)		(2,447	)		(2,982	)		(2,860	)		(10,712	)		(2,814	)
	Non GAAP		$	32,647		$	34,636		$	35,670		$	34,544		$	137,497		$	36,497		$	38,802		$	42,188		$	42,846		$	160,333		$	43,676
		Depreciation		(1,843	)		(1,444	)		(1,480	)		(1,800	)		(6,567	)		(1,858	)		(2,013	)		(2,311	)		(2,330	)		(8,512	)		(2,405	)
	Adjusted EBITDA View		$	30,804		$	33,192		$	34,190		$	32,744		$	130,930		$	34,639		$	36,789		$	39,877		$	40,516		$	151,821		$	41,271
Product Development
	GAAP View		$	12,038		$	11,727		$	13,232		$	13,641		$	50,638		$	14,841		$	15,941		$	17,528		$	16,108		$	64,418		$	17,977
		Stock-based compensation		(1,131	)		(721	)		(1,271	)		(1,665	)		(4,788	)		(1,912	)		(2,144	)		(2,707	)		(1,874	)		(8,637	)		(2,719	)
		Asset Impairment		-			-			-			-			-			-			-			-			-			-			(599	)
	Non GAAP View		$	10,907		$	11,006		$	11,961		$	11,976		$	45,850		$	12,929		$	13,797		$	14,821		$	14,234		$	55,781		$	14,659
		Depreciation		(754	)		(632	)		(749	)		(909	)		(3,044	)		(1,043	)		(1,171	)		(1,319	)		(1,375	)		(4,908	)		(1,256	)
	Adjusted EBITDA View		$	10,153		$	10,374		$	11,212		$	11,067		$	42,806		$	11,886		$	12,626		$	13,502		$	12,859		$	50,873		$	13,403
Sales & Marketing
	GAAP View		$	22,902		$	23,924		$	25,166		$	23,902		$	95,894		$	25,991		$	28,030		$	29,949		$	27,593		$	111,563		$	28,951
		Stock-based compensation		(3,201	)		(2,004	)		(2,686	)		(3,102	)		(10,993	)		(3,143	)		(3,101	)		(3,774	)		(2,948	)		(12,966	)		(3,789	)
		Amortization		(2,146	)		(2,264	)		(2,586	)		(2,939	)		(9,935	)		(2,892	)		(2,847	)		(2,875	)		(2,886	)		(11,500	)		(2,766	)
	Non GAAP View		$	17,555		$	19,656		$	19,894		$	17,861		$	74,966		$	19,956		$	22,082		$	23,300		$	21,759		$	87,097		$	22,396
		Depreciation		(319	)		(244	)		(263	)		(323	)		(1,149	)		(407	)		(479	)		(555	)		(478	)		(1,919	)		(499	)
	Adjusted EBITDA View		$	17,236		$	19,412		$	19,631		$	17,538		$	73,817		$	19,549		$	21,603		$	22,745		$	21,281		$	85,178		$	21,897
General & Administrative
	GAAP View		$	16,507		$	12,819		$	15,554		$	15,730		$	60,610		$	20,929		$	16,819		$	15,443		$	16,011		$	69,202		$	18,863
		Stock-based compensation		(2,163	)		(2,660	)		(2,994	)		(2,988	)		(10,805	)		(3,163	)		(3,922	)		(1,914	)		(2,622	)		(11,621	)		(3,005	)
		Amortization		-			-			-			-			-			-			(192	)		-			-			(192	)		-
		Asset Disposal/Impairment		(3	)		(270	)		(37	)		(4	)		(314	)		(20	)		-			(16	)		(350	)		(386	)		(520	)
		Acquisition-Related Expense		(2,774	)		949			(288	)		(1,156	)		(3,269	)		(881	)		(357	)		(860	)		111			(1,987	)		(1,092	)
		Litigation-related expense		(406	)		353			(278	)		(330	)		(661	)		(4,677	)		(168	)		(39	)		(31	)		(4,915	)		(2	)
	Non GAAP View		$	11,161		$	11,191		$	11,957		$	11,252		$	45,561		$	12,188		$	12,180		$	12,614		$	13,119		$	50,101		$	14,244
		Depreciation		(769	)		(808	)		(871	)		(889	)		(3,337	)		(880	)		(917	)		(920	)		(844	)		(3,561	)		(871	)
		Other (Income)/Expense		(268	)		(10	)		-			(72	)		(350	)		(3	)		(4	)		(4	)		(4	)		(15	)		-
	Adjusted EBITDA View		$	10,124		$	10,373		$	11,086		$	10,291		$	41,874		$	11,305		$	11,259		$	11,690		$	12,271		$	46,525		$	13,373
Earnings
	Adjusted EBITDA ($000's)		$	20,666		$	21,100		$	23,745		$	24,801		$	90,312		$	24,508		$	12,504		$	16,330		$	17,247		$	70,589		$	20,060
	Margin			23	%		22	%		24	%		26	%		24	%		24	%		13	%		16	%		17	%		17	%		18	%
	Non-GAAP Net Income ($000's)		$	9,975		$	10,420		$	12,087		$	12,391		$	44,873		$	12,057		$	4,629		$	6,526		$	7,130		$	30,342		$	8,857
	Margin			11	%		11	%		12	%		13	%		12	%		12	%		5	%		6	%		7	%		7	%		8	%
	Non-GAAP EPS		$	0.13		$	0.14		$	0.16		$	0.16		$	0.59		$	0.16		$	0.06		$	0.08		$	0.09		$	0.39		$	0.11
	Growth			30	%		27	%		33	%		14	%		26	%		23	%		-57	%		-50	%		-44	%		-34	%		-31	%
On Demand Revenue Detail ($000's)
	Leasing and Marketing		$	29,499		$	30,858		$	33,599		$	30,484		$	124,440		$	32,427		$	28,945		$	29,805		$	27,006		$	118,183		$	29,369
		% of Total		35	%		34	%		35	%		33	%		34	%		33	%		32	%		30	%		27	%		30	%		28	%
		Y-O-Y growth		16	%		15	%		18	%		9	%		14	%		10	%		-6	%		-11	%		-11	%		-5	%		-9	%
	Property Management		$	25,189		$	26,626		$	28,379		$	28,336		$	108,530		$	28,868		$	29,622		$	31,260		$	31,683		$	121,433		$	32,731
		% of Total		30	%		29	%		30	%		30	%		30	%		29	%		32	%		31	%		31	%		31	%		31	%
		Y-O-Y growth		13	%		15	%		20	%		13	%		15	%		15	%		11	%		10	%		12	%		12	%		13	%
	Resident Services		$	22,155		$	24,451		$	24,476		$	24,513		$	95,595		$	26,910		$	22,626		$	28,898		$	31,672		$	110,106		$	33,064
		% of Total		26	%		27	%		26	%		26	%		26	%		27	%		25	%		29	%		31	%		28	%		31	%
		Y-O-Y growth		31	%		34	%		25	%		17	%		26	%		21	%		-7	%		18	%		29	%		15	%		23	%
	Asset Optimization		$	8,481		$	8,890		$	9,423		$	9,670		$	36,464		$	10,127		$	10,206		$	10,392		$	10,610		$	41,335		$	10,830
		% of Total		10	%		10	%		10	%		10	%		10	%		10	%		11	%		10	%		11	%		11	%		10	%
		Y-O-Y growth		39	%		33	%		31	%		22	%		31	%		19	%		15	%		10	%		10	%		13	%		7	%
On Demand Revenue Detail ($000's)
	Subscription		$	69,361		$	73,440		$	76,435		$	79,082		$	298,318		$	82,126		$	82,420		$	87,012		$	92,326		$	343,884		$	93,983
		% of Total		81	%		81	%		80	%		85	%		82	%		84	%		90	%		87	%		91	%		88	%		89	%
		Y-O-Y growth		20	%		22	%		21	%		17	%		20	%		18	%		12	%		14	%		17	%		15	%		14	%
	Transactional		$	15,963		$	17,385		$	19,442		$	13,921		$	66,711		$	16,206		$	8,979		$	13,343		$	8,645		$	47,173		$	12,011
		% of Total		19	%		19	%		20	%		15	%		18	%		16	%		10	%		13	%		9	%		12	%		11	%
		Y-O-Y growth		22	%		20	%		23	%		-4	%		15	%		2	%		-48	%		-31	%		-38	%		-29	%		-26	%
ACV
	Non-GAAP On Demand Annual Customer Value ($000's)		$	350,174		$	364,801		$	386,039		$	378,131					$	398,976		$	367,249		$	404,055		$	405,248					$	427,091
	Total ACV Growth (QTD)			23	%		21	%		20	%		14	%					14	%		1	%		5	%		7	%					7	%
	Organic ACV Growth (QTD)			20	%		20	%		19	%		11	%					13	%		-1	%		3	%		6	%					6	%
Unit Trend
	On Demand Units - Ending (000's)			8,545			8,616			8,730			9,022						9,285			9,371			9,496			9,560						9,700
Average Unit Renewal Rate
	Average Renewal Rate (8 quarters)			95.3	%		95.5	%		95.4	%		95.3	%					95.2	%		95.2	%		95.3	%		95.3	%					95.6	%
RPU
	NON GAAP On Demand RPU (QTD) (whole $)		$	40.98		$	42.34		$	44.22		$	41.91					$	42.97		$	39.19		$	42.55		$	42.39					$	44.03
Top ACV / RPU
	Top 100 ACV ($000's)		$	163,454		$	164,474		$	172,727		$	177,723					$	184,204		$	184,181		$	187,588		$	183,478					$	187,650
	Top 100 ACV RPU		$	54.88		$	55.85		$	57.85		$	58.71					$	57.48		$	59.12		$	60.68		$	59.30					$	59.99
	Top 50 RPU Clients ACV ($000's)		$	48,478		$	43,784		$	44,352		$	46,896					$	45,375		$	44,641		$	46,876		$	45,984					$	50,167
	Top 50 RPU Clients RPU		$	126.50		$	132.80		$	133.70		$	135.60					$	136.60		$	141.90		$	142.10		$	146.71					$	150.03
Industry Data
	Occupancy			94.9	%		95.3	%		95.4	%		95.0	%					95.0	%		95.6	%		95.7	%		95.3	%					95.5	%
	Annual Change in effective rents			2.6	%		3.1	%		3.2	%		2.8	%					2.9	%		3.5	%		3.7	%		4.6	%					4.6	%
	Supply (trailing-twelve month)												163.2															232.0						240.0
Headcount
Total Ending RP Headcount				3,217			3,396			3,320			3,337						3,506			3,758			3,757			3,875						3,898
Total International Headcount (included above)				682			799			858			900						977			1,153			1,216			1,363						1,393
% International Headcount				21	%		24	%		26	%		27	%					28	%		31	%		32	%		35	%					36	%
(1) Based on information from MPF Research.
Definitions
*Please read in conjunction with the Company's Annual Report on Form 10-K previously filed with the Securities and Exchange Commission on March 2, 2015 as well as the explanation of Non-GAAP measures posted to the Company's IR website.
**Please note that amounts in prior periods are reclassified whenever necessary to conform to the current period presentation.
Subscription on demand revenue: Represents revenue from products related to license and subscription fees comprised of a charge billed at the initial order date and monthly or annual subscription fees for accessing our on demand software solutions. The license fee billed at the initial order date is recognized as revenue on a straight-line basis over the longer of the contractual term or the period in which the customer is expected to benefit, which we consider to be three years. Recognition starts once the product has been activated. Revenue from monthly and annual subscription fees is recognized on a straight-line basis over the access period.
Transactional on demand revenue: Represents revenue related to services performed influenced by leasing velocity (resident renewal/churn rate). This revenue stream is primarily related to our Leasing and Marketing solutions consisting of transactional elements of our Screening, Websites, Lead Generation, and Contact Center solutions. It also includes transactional elements of our Renter’s Insurance (contingent commission) and Spend Management solutions.
Leasing and Marketing on demand revenue: Consists of our Screening, Websites, Lead Management, Lead Generation, and Contact Center solutions. On demand annual revenue from this product family is approximately 70% subscription.
Property Management on demand revenue: Consists of our Facilities, Accounting, Property Management, and Spend Management solutions. On demand annual revenue from this product family is approximately 95% subscription.
Resident Services on demand revenue: Consists of our Renter’s Insurance, Resident Billing, Payments, Online Living and Contact Center Maintenance solutions. On demand annual revenue from this product family is approximately 95% subscription.
Asset Optimization on demand revenue: Consists of our YieldStar, Business Intelligence and MPF Research solutions. On demand annual revenue from this product family is 100% subscription.