EX-99.2 3 a51553004ex99_2.htm EXHIBIT 99.2

Exhibit 99.2

RealPage, Inc.
IR Fact Sheet (as of 5/4/2017)

 
*Please read in conjunction with the Company's 10-K previously filed with the Securities and Exchange Commission on March 1, 2017 as well as the "Explanation of Non-GAAP Financial Measures" posted to the Company's IR website.
                       
 
FY 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 FY 2016 Q1 2017
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 $ 152,919

 

Growth %

7 % 10 % 21 % 16 % 16 % 16 % 16 % 24 % 22 % 22 % 21 % 19 %
 
Acquisition-related and other deferred revenue   435     (466 )   (532 )   (614 )   (545 )   (2,157 )   (343 )   (258 )   (161 )   (187 )   (949 )   705  
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 $ 153,624

 

Growth %

7 % 8 % 21 % 16 % 16 % 15 % 16 % 25 % 22 % 23 % 22 % 20 %
 
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 $ 146,213

 

Growth %

8 % 10 % 21 % 16 % 16 % 15 % 16 % 23 % 21 % 21 % 20 % 18 %
 
Acquisition-related and other deferred revenue   435     (466 )   (532 )   (614 )   (545 )   (2,157 )   (343 )   (258 )   (161 )   (187 )   (949 )   705  
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 $ 146,918

 

Growth %

7 % 8 % 20 % 16 % 15 % 15 % 16 % 24 % 21 % 21 % 21 % 19 %
 
On Premise Revenue $ 3,094 $ 741 $ 726 $ 834 $ 669 $ 2,970 $ 772 $ 687 $ 682 $ 695 $ 2,836 $ 675
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 $ 6,031
 
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 $ 63,042
Stock-based expense (3,826 ) (1,234 ) (1,216 ) (817 ) (779 ) (4,046 ) (751 ) (826 ) (929 ) (804 ) (3,310 ) (853 )
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 ) (3,689 )
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 $ 58,500
Depreciation   (8,512 )   (2,405 )   (2,433 )   (2,431 )   (2,533 )   (9,802 )   (2,692 )   (3,054 )   (2,834 )   (2,825 )   (11,405 )   (2,883 )
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 $ 55,617
 
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 $ 20,387
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 ) (1,879 )
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 $ 18,508
Depreciation   (4,908 )   (1,256 )   (1,415 )   (1,201 )   (1,407 )   (5,279 )   (1,200 )   (1,462 )   (1,502 )   (1,572 )   (5,736 )   (1,530 )
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 $ 16,978
 
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 $ 35,147
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 ) (3,128 )
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 ) (4,100 )
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 $ 27,919
Depreciation   (1,919 )   (499 )   (556 )   (538 )   (577 )   (2,170 )   (606 )   (615 )   (593 )   (586 )   (2,400 )   (588 )
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 $ 27,331
 
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 $ 24,251
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 ) (4,232 )
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 ) (24 )
Acquisition-related income (expense) (1,987 ) (1,092 ) (565 ) 3,310 188 1,841 57 9 266 (695 ) (363 ) (1,691 )
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 $ 18,304
Depreciation (3,561 ) (871 ) (780 ) (816 ) (796 ) (3,263 ) (998 ) (1,347 ) (1,276 ) (1,404 ) (5,025 ) (1,650 )
Other (income) expense   (15 )   -     82     -     -     82     (11 )   (16 )   (15 )   (25 )   (67 )   (34 )
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 $ 16,620
 
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 $ 8,195
Acquisition-related and other deferred revenue 435 (466 ) (532 ) (614 ) (545 ) (2,157 ) (343 ) (258 ) (161 ) (187 ) (949 ) 705
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 6,675
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 7,789
Acquisition-related expense (income) 1,987 1,092 565 (3,310 ) (188 ) (1,841 ) (57 ) (9 ) (266 ) 695 363 1,691
Interest expense, net 1,117 267 308 391 401 1,367 719 1,090 1,079 937 3,825 1,120
Income tax (benefit) expense (6,333 ) (1,704 ) 189 (5,605 ) 3,274 (3,846 ) 2,114 1,545 3,540 3,637 10,836 811
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     10,092  
Adjusted EBITDA $ 70,589 $ 20,060 $ 21,409 $ 24,218 $ 26,504 $ 92,191 $ 27,452 $ 30,662 $ 32,976 $ 36,120 $ 127,210 $ 37,078

 

Margin

17 % 18 % 19 % 20 % 22 % 20 % 21 % 22 % 22 % 24 % 22 % 24 %
 
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 $ 40,341
% of Total 31 % 31 % 30 % 30 % 31 % 31 % 29 % 28 % 28 % 28 % 28 % 27 %
Y-O-Y growth 12 % 13 % 14 % 13 % 12 % 13 % 11 % 14 % 11 % 10 % 11 % 11 %
 
Resident Services $ 110,106 $ 33,064 $ 34,037 $ 38,775 $ 40,262 $ 146,138 $ 45,071 $ 54,613 $ 58,351 $ 60,062 $ 218,097 $ 60,968
% of Total 28 % 31 % 31 % 33 % 35 % 33 % 37 % 40 % 41 % 42 % 40 % 42 %
Y-O-Y growth 15 % 23 % 50 % 34 % 27 % 33 % 36 % 60 % 50 % 49 % 49 % 35 %
 
Lease Management $ 118,183 $ 29,369 $ 30,690 $ 30,115 $ 28,523 $ 118,697 $ 28,925 $ 29,618 $ 29,451 $ 27,562 $ 115,556 $ 27,815
% of Total 30 % 28 % 28 % 26 % 24 % 26 % 24 % 22 % 21 % 20 % 22 % 19 %
Y-O-Y growth -5 % -9 % 6 % 1 % 6 % 0 % -2 % -3 % -2 % -3 % -3 % -4 %
 
Asset Optimization $ 41,335 $ 10,830 $ 11,645 $ 12,044 $ 12,212 $ 46,731 $ 12,790 $ 13,654 $ 13,897 $ 14,698 $ 55,039 $ 17,794
% of Total 11 % 10 % 11 % 11 % 10 % 10 % 10 % 10 % 10 % 10 % 10 % 12 %
Y-O-Y growth 13 % 7 % 14 % 16 % 15 % 13 % 18 % 17 % 15 % 20 % 18 % 39 %
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 $ 134,325
% of Total 88 % 89 % 88 % 89 % 90 % 89 % 90 % 91 % 90 % 91 % 90 % 91 %
Y-O-Y growth 15 % 14 % 18 % 18 % 14 % 16 % 18 % 27 % 24 % 22 % 23 % 22 %
 
Transactional $ 47,173 $ 12,010 $ 12,852 $ 13,212 $ 11,520 $ 49,594 $ 12,604 $ 12,948 $ 13,567 $ 12,985 $ 52,104 $ 12,593
% of Total 12 % 11 % 12 % 11 % 10 % 11 % 10 % 9 % 10 % 9 % 10 % 9 %
Y-O-Y growth -29 % -26 % 43 % -1 % 33 % 5 % 5 % 1 % 3 % 13 % 5 % 0 %
 
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 $ 596,159

 

Total ACV Growth (QTD)

7 % 24 % 16 % 16 % 24 % 21 % 21 % 21 % 13 %

 

Organic ACV Growth (QTD)

6 % 19 % 13 % 13 % 10 % 11 % 10 % 13 % 8 %
Unit Trend (000's)

On Demand Units - Ending

9,700 10,302 10,406 10,568 10,999 11,141 11,251 10,989 11,112
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 % 96.8 %
RPU
Non-GAAP On Demand RPU (QTD) (whole $) $ 44.03 $ 44.04 $ 44.87 $ 44.45 $ 48.10 $ 49.27 $ 50.28 $ 51.53 $ 53.65
Top ACV / RPU
Top 100 ACV ($000's) $ 187,650 $ 197,036 $ 202,882 $ 204,175 $ 232,031 $ 240,850 $ 245,947 $ 253,206 $ 255,262
 
Top 100 ACV RPU $ 59.99 $ 60.07 $ 62.17 $ 62.96 $ 71.02 $ 69.68 $ 72.63 $ 78.32 $ 79.59
 
Top 50 RPU Clients RPU $ 150.03 $ 157.46 $ 161.12 $ 162.25 $ 168.58 $ 172.32 $ 177.21 $ 186.47 $ 187.48
 
Industry Data (1)
Occupancy 95.5 % 96.0 % 96.2 % 95.9 % 95.8 % 96.2 % 96.5 % 96.1 % 95.6 %
 
Annual Change in effective rents 4.5 % 4.9 % 5.6 % 4.8 % 5.0 % 4.5 % 4.0 % 3.7 % 3.7 %
 
Ongoing construction (thousands of units) 528.4 572.4 581.2 600.8 621.5 640.7 642.2 626.4 585.7
 
Supply 274.3 253.1 250.2 242.2 246.0 268.4 273.1 289.1 304.5
 
Headcount
Total Ending RP Headcount 3,898 3,936 4,051 4,122 4,445 4,707 4,413 4,410 4,778
 
Total International Headcount (included above) 1,393 1,425 1,585 1,647 1,694 1,938 1,845 1,880 2,037
% International Headcount 36 % 36 % 39 % 40 % 38 % 41 % 42 % 43 % 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.