RealPage Reports Q4 2010 Financial Results

 
  Total revenue of $54.1 million, an increase of 41.7% year-over-year
 
  Adjusted EBITDA of $11.0 million, an increase of 63.5% year-over-year

CARROLLTON, Texas, Feb. 24, 2011 (GLOBE NEWSWIRE) --  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 fourth quarter and year ended December 31, 2010. 

Steve Winn, chairman and CEO of RealPage, said, "2010 was a great year for RealPage. With total revenue growth of 33.6% and Adjusted EBITDA growth of 37.9%, the strong financial performance reflects our commitment to disciplined operational execution. We also closed three acquisitions and successfully completed two public offerings. Our actions have strengthened the capital structure and created a solid foundation for RealPage to build upon in the future. For full year 2011, we will continue to focus on expanding market share through the addition of new rental units and cross-selling additional solutions into our install base. We intend to complement this organic growth strategy with complementary acquisitions that will contribute to our long term operating model."

Fourth Quarter 2010 Financial Highlights

 
  Total revenue was $54.1 million, an increase of 41.7% year-over-year
 
  On demand revenue was $49.3 million, an increase of 40.0% year-over-year;
 
  Adjusted EBITDA was $11.0 million, an increase of 63.5% year-over-year;
 
  Non-GAAP net income was $4.5 million, or $0.07 per diluted share, a year-over-year increase of 150.3% and 133.3%, respectively;
 
  GAAP net loss attributable to common stockholders was $0.2 million, or $0.00 per diluted share, a year-over-year decrease of 101.6% and 100.6%, respectively;
 
  Net cash provided by operating activities was $12.9 million, an increase of 79.4% year-over-year.

Fiscal Year 2010 Financial Highlights

 
  Total revenue was $188.3 million, an increase of 33.6% year-over-year
 
  On demand revenue was $169.7 million, an increase of 32.2% year-over-year;
 
  Adjusted EBITDA was $35.3 million, an increase of 37.9% year-over-year;
 
  Non-GAAP net income was $12.0 million, or $0.20 per diluted share, a year-over-year increase of 68.6% and 53.8%, respectively;
 
  GAAP net loss attributable to common stockholders was $2.9 million, or $0.07 per diluted share, a year-over-year decrease of 127.1% and 116.5%, respectively;
 
  Net cash provided by operating activities was $27.7 million, an increase of 11.8% year-over-year.

Financial Outlook

RealPage management expects to achieve the following results during its first quarter ended March 31, 2011:

 
  Total revenue is expected to be in the range of $56.5 million to $57.5 million;
 
  Adjusted EBITDA is expected to be in the range of $11.6 million to $12.1 million;
 
  Non-GAAP net income is expected to be in the range of $4.5 million to $4.8 million, or $0.06 to $0.07 per diluted share;
 
  Tax rate of approximately 40.0%; and
 
  Weighted average shares outstanding of approximately 71.5 million.

RealPage management expects to achieve the following results during its calendar year ended December 31, 2011:

 
  Total revenue is expected to be in the range of $245.0 million to $255.0 million;
 
  Adjusted EBITDA is expected to be in the range of $56.0 million to $59.0 million;
 
  Non-GAAP net income is expected to be in the range of $24.0 million to $25.8 million, or $0.33 to $0.35 per diluted share;
 
  Tax rate of approximately 40.0%;
 
  Full year weighted average shares outstanding of approximately 72.8 million; and
 
  Capital expenditures of approximately $12.0 million to $14.0 million.

The above statements are forward looking and exclude any potential costs resulting from the Yardi Systems litigation. Actual results may differ materially. Please reference the information under the caption "Non-GAAP Financial Measures" as part of this press release.

Conference Call and Webcast

The Company will host a conference call today at 5:00 p.m. ET to discuss its financial results. Participants are encouraged to listen to the presentation via a live web broadcast at 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 800-642-1687 or 706-645-9291, passcode 43396008, until March 4, 2011.

About RealPage

Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on-demand (also referred to as "Software-as-a-Service" or "SaaS") products and services to apartment communities and single family rentals across the United States. Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, and military housing properties; Level One® and CrossFire® that enable owners to originate, syndicate, manage and capture leads more effectively and at less overall cost; YieldStar® asset optimization systems that enable owners and managers to optimize rents to achieve the overall highest yield, or combination of rent and occupancy, at each property; Velocity™ billing and utility management services that increase collections and reduce delinquencies; LeasingDesk® risk mitigation systems that are designed to reduce a community's exposure to risk and liability; and OpsTechnology® spend management systems that help owners manage and control operating expenses. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. For more information, call 1-87-REALPAGE or visit www.realpage.com.

The RealPage, Inc. logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=8531

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking" statements relating to RealPage, Inc.'s expected, possible or assumed future results of operations, tax rates, shares outstanding, capital expenditures, potential growth, litigation and plans to expand market share and expected impact of Level One as well as market opportunities and developments. 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. 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. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions 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 customer cancellations; (c) the inability to increase sales to existing customers and to attract new customers; (d) litigation; (e) RealPage, Inc.'s failure to integrate acquired businesses, including Domin-8 and Level One, 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; and (h) such other risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC"), including RealPage's Prospectus previously filed with SEC pursuant to Rule 424(b)(4) on December 7, 2010. 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: non-GAAP net income, non-GAAP net income per share, adjusted EBITDA and non-GAAP operating income. These measures differ from GAAP in that they exclude amortization of intangible assets, stock-based compensation expenses and acquisition related expenses (including any purchase accounting adjustments). We define Adjusted EBITDA as net (loss) income plus depreciation and asset impairment, amortization of intangible assets, interest expense, net, income tax expense (benefit), stock-based compensation expense and acquisition-related expense. 

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; and
 
  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 expense, 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.

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.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used in this press release are included at the end of this release.

Consolidated Statements of Operations
                                                 For the Three and Twelve Months Ended December 31, 2010 and 2009
                                                                 (unaudited, in thousands, except per share data)
                                                                                                            
                                                            Three Months Ended               Twelve Months Ended
                                                                  December 31,                      December 31,
                                                          2010            2009             2010             2009
                                       Revenue:                                                              
                                      On demand      $ 49,285      $ 35,192      $ 169,678      $ 128,377
                                     On premise          2,126            514           8,545           3,860
                         Professional and other          2,648          2,431          10,051           8,665
                                  Total revenue         54,059         38,137         188,274         140,902
                             Cost of revenue(1)         22,449         15,709          79,044          58,513
                                   Gross profit         31,610         22,428         109,230          82,389
                             Operating expense:                                                              
                         Product development(1)         10,491          7,173          36,922          27,446
                         Sales and marketing(1)         11,900          7,428          37,693          27,804
                  General and administrative(1)          8,098          6,935          28,328          20,210
                        Total operating expense         30,489         21,536         102,943          75,460
                               Operating income          1,121            892           6,287           6,929
                Interest expense and other, net          (752)        (1,422)         (5,501)         (4,528)
          Net income (loss) before income taxes            369          (530)             786           2,401
                   Income tax expense (benefit)            555       (26,246)             719        (26,028)
                              Net (loss) income       $ (186)      $ 25,716           $ 67       $ 28,429
                                                                                                            
     Net (loss) income attributable to common                                                               
                                   stockholders                                                              
                                          Basic       $ (186)      $ 11,662      $ (2,877)       $ 10,611
                                        Diluted       $ (186)      $ 11,662      $ (2,877)       $ 10,611
     Net loss (income) per share attributable                                                               
                         to common stockholders                                                              
                                          Basic      $ (0.00)        $ 0.47       $ (0.07)         $ 0.44
                                        Diluted      $ (0.00)        $ 0.45       $ (0.07)         $ 0.42
                Weighted average shares used in                                                              
          computing net loss (income) per share                                                              
            attributable to common stockholders                                                              
                                          Basic         63,059         24,168          39,737          23,934
                                        Diluted         63,059         25,564          39,737          25,511
                                                                                                                
                                                                                                            
          (1) Includes stock-based compensation              Three Months Ended               Twelve Months Ended
                            expense as follows:                    December 31,                      December 31,
                                                          2010            2009             2010             2009
                                Cost of revenue         $ 226         $ 112          $ 633          $ 367
                            Product development            904            400           2,568           1,175
                            Sales and marketing          1,952            148           2,493             498
                     General and administrative            513            241           1,646             765
                                                       $ 3,595           $ 901          $ 7,340          $ 2,805
 
                                                                                              Condensed Consolidated Balance Sheets
                                                                                         At December 31, 2010 and December 31, 2009
                                                                                                          (unaudited, in thousands)
                                                                                                                                
                                                                                                     December 31,     December 31,
                                                                                                             2010             2009
                                                                                           Assets                                
                                                                                  Current assets:                                
                                                                        Cash and cash equivalents      $ 118,010        $ 4,427
                                                                                  Restricted cash          15,346          14,886
                Accounts receivable, less allowance for doubtful accounts of $1,370 and $2,222 at                                
                                            December 31, 2010 and December 31, 2009, respectively          29,577          25,841
                                                   Deferred tax asset, net of valuation allowance           1,529           3,110
                                                                             Other current assets           6,060           2,739
                                                                             Total current assets         170,522          51,003
                                                            Property, equipment and software, net          24,515          20,749
                                                                                         Goodwill          73,885          27,366
                                                                Identified intangible assets, net          54,361          22,891
                                                   Deferred tax asset, net of valuation allowance          17,322          17,803
                                                                                     Other assets           2,187           2,301
                                                                                     Total assets      $ 342,792      $ 142,113
           Liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity                                
                                                                             Current liabilities:                                
                                                                                 Accounts payable        $ 4,787        $ 3,705
                                                   Accrued expenses and other current liabilities          15,436          10,830
                                                              Current portion of deferred revenue          47,717          39,976
                                                                Current portion of long-term debt          10,781           8,412
                                                    Customer deposits held in restricted accounts          15,253          15,127
                                                                        Total current liabilities          93,974          78,050
                                                                                 Deferred revenue           7,947           9,452
                                                             Long-term debt, less current portion          55,258          43,449
                                                                      Other long-term liabilities          13,029           5,806
                                                                                Total liabilities         170,208         136,757
                                                                    Commitments and contingencies                                
                                                           Redeemable convertible preferred stock              --          71,832
                                                                  Stockholders' (deficit) equity:                                
          Common stock, $0.001 par value per share: 125,000,000 and 67,500,000 shares authorized,                                
                  68,703,366 and 26,667,319 shares issued and 68,490,277 and 26,460,781 shares                                 
                                          outstanding at December 31, 2010 and 2009, respectively              69              27
                                                                       Additional paid-in capital         263,219          24,232
                Treasury stock, at cost: 213,089 and 206,538 shares at December 31, 2010 and 2009           (958)           (938)
                                                                              Accumulated deficit        (89,730)        (89,797)
                                                             Accumulated other comprehensive loss            (16)              --
                                                             Total stockholders' equity (deficit)         172,584        (66,476)
     Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)      $ 342,792      $ 142,113
 
                                                                                                       Condensed Consolidated Statements of Cash Flows
                                                                                      For the Three and Twelve Months Ended December 31, 2010 and 2009
                                                                                                                             (unaudited, in thousands)
                                                                                                                                                 
                                                                                                  Three Months Ended              Twelve Months Ended
                                                                                                        December 31,                     December 31,
                                                                                                2010            2009             2010            2009
                                               Cash flows from operating activities:                                                              
                                                                          Net income        $ (186)      $ 25,716           $ 67      $ 28,429
                                     Adjustments to reconcile net income to net cash                                                              
                                                   provided by operating activities:                                                              
                                                       Depreciation and amortization           6,100          4,066          20,956         14,769
                                                      Deferred tax expense (benefit)              77       (26,308)            (85)       (26,308)
                                                            Stock-based compensation           3,595            901           7,340          2,805
                                               Excess tax benefit from stock options           (161)             --           (161)             --
                                                          Loss on disposal of assets              --           (65)              57            127
                                                                Impairment of assets              33            119              33            119
                                        Acquisition-related contingent consideration            (31)             --               8             --
                           Changes in assets and liabilities, net of assets acquired                                                              
                                   and liabilities assumed in business combinations:           3,522          2,788           (525)          4,817
                                                                                                                                                 
                                           Net cash provided by operating activities          12,949          7,217          27,690         24,758
                                               Cash flows from investing activities:                                                              
                                               Purchases of property, equipment, net         (4,751)        (3,175)        (12,178)        (9,509)
                                     Acquisition of businesses, net of cash acquired        (54,710)       (11,380)        (71,941)       (15,167)
                                               Net cash used by investing activities        (59,461)       (14,555)        (84,119)       (24,676)
                                               Cash flows from financing activities:                                                              
     Proceeds from public offerings, net of underwriting discount and offering costs       $ 98,258          $ --      $ 155,946          $ --
                                               Proceeds from (payments on) debt, net          24,967        (1,855)          12,204          2,555
                                                            Preferred stock dividend              --        (2,516)           (666)        (2,516)
                                                            Issuance of common stock           1,739            277           2,403            547
                                               Excess tax benefit from stock options             161             --             161             --
                                                          Purchase of treasury stock              --           (53)            (20)          (489)
                                    Net cash provided (used) by financing activities         125,125        (4,147)         170,028             97
                                Net increase (decrease) in cash and cash equivalents          78,613       (11,485)         113,599            179
                                                     Effect of exchange rate on cash               3             --            (16)             --
                                                          Cash and cash equivalents:                                                              
                                                                 Beginning of period          39,394         15,912           4,427          4,248
                                                                       End of period      $ 118,010       $ 4,427      $ 118,010       $ 4,427
 
                                                                                     Reconciliation of GAAP to Non-GAAP Measures
                                                                For the Three and Twelve Months Ended December 31, 2010 and 2009
                                                                                                       (unaudited, in thousands)
                                                                                                                           
                                                                            Three Months Ended              Twelve Months Ended
                                                                                  December 31,                     December 31,
                                                                          2010            2009             2010            2009
                                         Adjusted Gross Profit:                                                             
                                                   Gross profit      $ 31,610      $ 22,428      $ 109,230      $ 82,389
                                                   Depreciation          1,408          1,125           5,355          4,521
                              Amortization of intangible assets          2,047          1,072           7,012          2,732
                               Stock-based compensation expense            226            112             633            367
                                          Adjusted gross profit      $ 35,291      $ 24,737      $ 122,230      $ 90,009
                                                                                                                           
                                          Adjusted gross margin           65.3%           64.9%            64.9%           63.9%
                                                                                                                           
                                                                            Three Months Ended              Twelve Months Ended
                                                                                  December 31,                     December 31,
                                                                          2010            2009             2010            2009
                                               Adjusted EBITDA:                                                             
                                                     Net income       $ (186)      $ 25,716           $ 67      $ 28,429
                              Depreciation and asset impairment          2,714          2,299          10,371          9,231
                              Amortization of intangible assets          3,419          1,821          10,675          5,784
                                          Interest expense, net            751          1,422           5,510          4,528
                                           Income tax expense             555       (26,246)             719       (26,028)
                               Stock-based compensation expense          3,595            901           7,340          2,805
                                    Acquisition-related expense            168            824             621            844
                                                Adjusted EBITDA      $ 11,016       $ 6,737       $ 35,303      $ 25,593
                                                                                                                           
                                         Adjusted EBITDA Margin           20.4%           17.7%            18.8%           18.2%
                                                                                                                           
                                                                            Three Months Ended              Twelve Months Ended
                                                                                  December 31,                     December 31,
                                                                          2010            2009             2010            2009
                            Non-GAAP Total Product Development:                                                             
                                                      Expenses:      $ 10,491       $ 7,173       $ 36,922      $ 27,446
                        Less: Amortization of intangible assets             --             --              --             --
                              Stock-based compensation expense            904            400           2,568          1,175
                            Non-GAAP Total Product Development:       $ 9,587       $ 6,773       $ 34,354      $ 26,271
                                                                                                                           
            Non-GAAP Total Product Development as % of Revenue:           17.7%           17.8%            18.2%           18.6%
                                                                                                                           
                                                                            Three Months Ended              Twelve Months Ended
                                                                                  December 31,                     December 31,
                                                                          2010            2009             2010            2009
                            Non-GAAP Total Sales and Marketing:                                                             
                                                      Expenses:      $ 11,900       $ 7,428       $ 37,693      $ 27,804
                        Less: Amortization of intangible assets          1,372            749           3,663          3,052
                              Stock-based compensation expense          1,952            148           2,493            498
                            Non-GAAP Total Sales and Marketing:       $ 8,576       $ 6,531       $ 31,537      $ 24,254
                                                                                                                           
            Non-GAAP Total Sales and Marketing as % of Revenue:           15.9%           17.1%            16.8%           17.2%
                                                                                                                           
                                                                            Three Months Ended              Twelve Months Ended
                                                                                  December 31,                     December 31,
                                                                          2010            2009             2010            2009
                     Non-GAAP Total General and Administrative:                                                             
                                            Operating Expenses:       $ 8,098       $ 6,935       $ 28,328      $ 20,210
                              Less: Acquisition-related expense            168            824             621            844
                              Stock-based compensation expense            513            241           1,646            765
                     Non-GAAP Total General and Administrative:       $ 7,417       $ 5,870       $ 26,061      $ 18,601
                                                                                                                           
     Non-GAAP Total General and Administrative as % of Revenue:           13.7%           15.4%            13.8%           13.2%
 
                                                                                                                                                 Reconciliation of GAAP to Non-GAAP Measures
                                                                                                                            For the Three and Twelve Months Ended December 31, 2010 and 2009
                                                                                                                                                                              (in thousands)
                                                                                                                                                                                       
                                                                                                                  Three Months Ended                                    Twelve Months Ended
                                                                                                                        December 31,                                           December 31,
                                                                                                     2010                       2009                        2010                       2009
                                             Non-GAAP Total Operating Expenses:                                                                                                         
                                                            Operating Expenses:                 $ 30,489                 $ 21,536                 $ 102,943                 $ 75,460
                                        Less: Amortization of intangible assets                     1,372                       749                      3,663                     3,052
                                                   Acquisition-related expense                       168                       824                        621                       844
                                              Stock-based compensation expense                     3,369                       789                      6,707                     2,438
                                             Non-GAAP Total Operating Expenses:                 $ 25,580                 $ 19,174                  $ 91,952                 $ 69,126
                                                                                                                                                                                       
                             Non-GAAP Total Operating Expenses as % of Revenue:                      47.3%                      50.3%                       48.8%                      49.1%
                                                                                                                                                                                       
                                                                                                                  Three Months Ended                                    Twelve Months Ended
                                                                                                                        December 31,                                           December 31,
                                                                                                     2010                       2009                        2010                       2009
                                                     Non-GAAP Operating Income:                                                                                                         
                                                               Operating income                  $ 1,121                    $ 892                   $ 6,287                  $ 6,929
                                              Amortization of intangible assets                     3,419                     1,821                     10,675                     5,784
                                               Stock-based compensation expense                     3,595                       901                      7,340                     2,805
                                                    Acquisition-related expense                       168                       824                        621                       844
                                                      Non-GAAP operating income                  $ 8,303                  $ 4,438                  $ 24,923                 $ 16,362
                                                                                                                                                                                       
                                                      Non-GAAP operating margin                      15.4%                      11.6%                       13.2%                      11.6%
                                                                                                                                                                                       
                                                                                                                  Three Months Ended                                    Twelve Months Ended
                                                                                                                        December 31,                                           December 31,
                                                                                                     2010                       2009                        2010                       2009
                                                           Non-GAAP Net Income:                                                                                                         
                                                              Net (loss) income                  $ (186)                 $ 25,716                      $ 67                 $ 28,429
                                              Amortization of intangible assets                     3,419                     1,821                     10,675                     5,784
                                               Stock-based compensation expense                     3,595                       901                      7,340                     2,805
                Accelerated interest expense related to preferred notes payable                        --                        --                        530                        --
                                                    Acquisition-related expense                       168                       824                        621                       844
                                               Subtotal of tax deductible items                     7,182                     3,546                     19,166                     9,433
                                                                                                                                                                                       
                                          Tax impact of tax deductible items(1)                   (2,873)                   (1,418)                    (7,666)                   (3,773)
                      Tax expense resulting from applying effective tax rate(2)                       407                  (26,034)                        405                  (26,988)
                                                            Non-GAAP net income                  $ 4,530                  $ 1,810                  $ 11,972                  $ 7,101
                                                                                                                                                                                       
                                        Non-GAAP net income per share - diluted                   $ 0.07                   $ 0.03                    $ 0.20                   $ 0.13
                                                                                                                                                                                       
                                              Weighted average shares - diluted                    63,059                    25,564                     39,737                    25,511
                        Conversion of redeemable convertible preferred stock(3)                        --                    29,044                     18,221                    29,044
                                 Weighted average effect of dilutive securities                     4,602                        --                      2,863                        --
                                     Non-GAAP weighted average shares - diluted                    67,661                    54,608                     60,821                    54,555
                                                                                                                                                                                           
(1) Reflects the removal of the tax benefit associated with the amortization of intangible assets, stock-based compensation expense, accelerated interest expense and acquisition-related expense.
                                                                                                                         (2) Represents adjusting to a normalized effective tax rate of 40%.
                    (3) Represents common shares from the conversion of redeemable convertible preferred shares as if the shares were converted as of the beginning of the indicated period.
CONTACT: Investor Relations
         Rhett Butler
         972-820-3773
         rhett.butler@realpage.com
         
         Media
         Randy Hargrove
         972-820-3076
         randy.hargrove@realpage.com

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Source: RealPage, Inc.