false2020Q20001286225--12-31us-gaap:AccountingStandardsUpdate201712MemberP5YP9Yus-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesCurrentP20DP20DP20DP20D3P2Y9M10.50.900012862252020-01-012020-06-30xbrli:shares00012862252020-07-23iso4217:USD00012862252020-06-3000012862252019-12-31iso4217:USDxbrli:shares0001286225rp:OnDemandMember2020-04-012020-06-300001286225rp:OnDemandMember2019-04-012019-06-300001286225rp:OnDemandMember2020-01-012020-06-300001286225rp:OnDemandMember2019-01-012019-06-300001286225us-gaap:TechnologyServiceMember2020-04-012020-06-300001286225us-gaap:TechnologyServiceMember2019-04-012019-06-300001286225us-gaap:TechnologyServiceMember2020-01-012020-06-300001286225us-gaap:TechnologyServiceMember2019-01-012019-06-3000012862252020-04-012020-06-3000012862252019-04-012019-06-3000012862252019-01-012019-06-300001286225us-gaap:RetainedEarningsMember2019-04-012019-06-300001286225us-gaap:RetainedEarningsMember2019-01-012019-06-300001286225us-gaap:CommonStockMember2019-12-310001286225us-gaap:AdditionalPaidInCapitalMember2019-12-310001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001286225us-gaap:RetainedEarningsMember2019-12-310001286225us-gaap:TreasuryStockMember2019-12-310001286225us-gaap:CommonStockMember2020-01-012020-06-300001286225us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001286225us-gaap:TreasuryStockMember2020-01-012020-06-300001286225us-gaap:RetainedEarningsMember2020-01-012020-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001286225us-gaap:CommonStockMember2020-06-300001286225us-gaap:AdditionalPaidInCapitalMember2020-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001286225us-gaap:RetainedEarningsMember2020-06-300001286225us-gaap:TreasuryStockMember2020-06-300001286225us-gaap:CommonStockMember2020-03-310001286225us-gaap:AdditionalPaidInCapitalMember2020-03-310001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001286225us-gaap:RetainedEarningsMember2020-03-310001286225us-gaap:TreasuryStockMember2020-03-3100012862252020-03-310001286225us-gaap:CommonStockMember2020-04-012020-06-300001286225us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001286225us-gaap:TreasuryStockMember2020-04-012020-06-300001286225us-gaap:RetainedEarningsMember2020-04-012020-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001286225us-gaap:CommonStockMember2018-12-310001286225us-gaap:AdditionalPaidInCapitalMember2018-12-310001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001286225us-gaap:RetainedEarningsMember2018-12-310001286225us-gaap:TreasuryStockMember2018-12-3100012862252018-12-3100012862252018-01-012018-12-310001286225us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001286225us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001286225srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310001286225us-gaap:CommonStockMember2019-01-012019-06-300001286225us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001286225us-gaap:TreasuryStockMember2019-01-012019-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001286225us-gaap:CommonStockMember2019-06-300001286225us-gaap:AdditionalPaidInCapitalMember2019-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001286225us-gaap:RetainedEarningsMember2019-06-300001286225us-gaap:TreasuryStockMember2019-06-3000012862252019-06-300001286225us-gaap:CommonStockMember2019-03-310001286225us-gaap:AdditionalPaidInCapitalMember2019-03-310001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001286225us-gaap:RetainedEarningsMember2019-03-310001286225us-gaap:TreasuryStockMember2019-03-3100012862252019-03-310001286225us-gaap:CommonStockMember2019-04-012019-06-300001286225us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001286225us-gaap:TreasuryStockMember2019-04-012019-06-300001286225us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001286225country:US2020-06-300001286225country:US2019-12-310001286225rp:InternationalSubsidiariesMember2020-06-300001286225rp:InternationalSubsidiariesMember2019-12-3100012862252020-01-012020-03-310001286225rp:ModernMessageIncMember2020-01-222020-01-220001286225srt:MaximumMemberrp:ModernMessageIncMember2020-01-220001286225us-gaap:RestrictedStockMemberrp:ModernMessageIncMember2020-01-012020-03-310001286225us-gaap:DevelopedTechnologyRightsMemberrp:ModernMessageIncMember2020-01-222020-01-220001286225us-gaap:CustomerRelationshipsMemberrp:ModernMessageIncMember2020-01-222020-01-220001286225us-gaap:TradeNamesMemberrp:ModernMessageIncMember2020-01-222020-01-220001286225rp:ModernMessageIncMember2020-01-220001286225rp:ModernMessageIncMember2020-01-012020-06-300001286225rp:ModernMessageIncMember2020-06-300001286225us-gaap:DevelopedTechnologyRightsMemberrp:ModernMessageIncMember2020-06-300001286225us-gaap:CustomerRelationshipsMemberrp:ModernMessageIncMember2020-06-300001286225us-gaap:TradeNamesMemberrp:ModernMessageIncMember2020-06-30rp:acquisition00012862252019-01-012019-12-310001286225rp:LeaseTermInsuranceGroupLLCMember2019-04-012019-04-300001286225rp:LeaseTermInsuranceGroupLLCMember2019-04-300001286225rp:HiperceptMember2019-07-012019-07-310001286225rp:HiperceptMember2019-07-310001286225rp:SimpleBillsCorporationMember2019-07-012019-07-310001286225rp:SimpleBillsCorporationMember2019-07-310001286225rp:IMSMember2019-12-012019-12-310001286225rp:IMSMember2019-12-310001286225rp:BuildiumMember2019-12-012019-12-310001286225rp:BuildiumMember2019-12-310001286225rp:NovelPayAndClickPayMember2019-05-012019-05-310001286225rp:NovelPayAndClickPayMember2020-05-012020-05-310001286225rp:LeaseLabsMember2019-09-012019-09-300001286225rp:PropertyManagementMember2020-04-012020-06-300001286225rp:PropertyManagementMember2019-04-012019-06-300001286225rp:PropertyManagementMember2020-01-012020-06-300001286225rp:PropertyManagementMember2019-01-012019-06-300001286225rp:ResidentServicesMember2020-04-012020-06-300001286225rp:ResidentServicesMember2019-04-012019-06-300001286225rp:ResidentServicesMember2020-01-012020-06-300001286225rp:ResidentServicesMember2019-01-012019-06-300001286225rp:LeasingAndMarketingMember2020-04-012020-06-300001286225rp:LeasingAndMarketingMember2019-04-012019-06-300001286225rp:LeasingAndMarketingMember2020-01-012020-06-300001286225rp:LeasingAndMarketingMember2019-01-012019-06-300001286225rp:AssetOptimizationMember2020-04-012020-06-300001286225rp:AssetOptimizationMember2019-04-012019-06-300001286225rp:AssetOptimizationMember2020-01-012020-06-300001286225rp:AssetOptimizationMember2019-01-012019-06-300001286225rp:OnDemandMember2020-01-012020-06-300001286225rp:OnDemandMember2020-06-30xbrli:pure00012862252020-07-012020-06-300001286225us-gaap:LeaseholdImprovementsMember2020-06-300001286225us-gaap:LeaseholdImprovementsMember2019-12-310001286225rp:DataProcessingandCommunicationsEquipmentMember2020-06-300001286225rp:DataProcessingandCommunicationsEquipmentMember2019-12-310001286225rp:FurnitureFixturesAndOtherEquipmentMember2020-06-300001286225rp:FurnitureFixturesAndOtherEquipmentMember2019-12-310001286225us-gaap:ComputerSoftwareIntangibleAssetMember2020-06-300001286225us-gaap:ComputerSoftwareIntangibleAssetMember2019-12-310001286225us-gaap:ComputerSoftwareIntangibleAssetMember2020-04-012020-06-300001286225us-gaap:ComputerSoftwareIntangibleAssetMember2019-04-012019-06-300001286225us-gaap:ComputerSoftwareIntangibleAssetMember2020-01-012020-06-300001286225us-gaap:ComputerSoftwareIntangibleAssetMember2019-01-012019-06-3000012862252015-05-310001286225us-gaap:DevelopedTechnologyRightsMember2020-06-300001286225us-gaap:DevelopedTechnologyRightsMember2019-12-310001286225us-gaap:CustomerRelationshipsMember2020-06-300001286225us-gaap:CustomerRelationshipsMember2019-12-310001286225us-gaap:TradeNamesMember2020-06-300001286225us-gaap:TradeNamesMember2019-12-310001286225us-gaap:NoncompeteAgreementsMember2020-06-300001286225us-gaap:NoncompeteAgreementsMember2019-12-310001286225us-gaap:TradeNamesMember2020-06-300001286225us-gaap:TradeNamesMemberus-gaap:TradeNamesMember2020-06-300001286225us-gaap:TradeNamesMemberus-gaap:TradeNamesMember2019-12-310001286225us-gaap:TradeNamesMember2019-12-310001286225us-gaap:FiniteLivedIntangibleAssetsMember2020-04-012020-06-300001286225us-gaap:FiniteLivedIntangibleAssetsMember2019-04-012019-06-300001286225us-gaap:FiniteLivedIntangibleAssetsMember2020-01-012020-06-300001286225us-gaap:FiniteLivedIntangibleAssetsMember2019-01-012019-06-300001286225rp:AmendedCreditFacilityMember2019-09-050001286225us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2019-09-050001286225us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2019-09-050001286225us-gaap:LineOfCreditMemberus-gaap:BridgeLoanMember2019-09-050001286225rp:TermLoanMemberrp:InitialTermLoanMember2019-09-050001286225rp:TermLoanMemberrp:TermLoanAmendmentMember2019-12-310001286225rp:TermLoanMember2019-09-052019-09-050001286225rp:TermLoanMembersrt:ScenarioForecastMember2021-01-012021-12-310001286225rp:TermLoanMembersrt:ScenarioForecastMember2023-01-012023-12-310001286225rp:TermLoanMembersrt:ScenarioForecastMember2024-01-012024-12-310001286225us-gaap:RevolvingCreditFacilityMember2020-06-300001286225us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-06-300001286225us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-01-012020-06-300001286225us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-01-012020-06-300001286225us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-01-012020-06-300001286225us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-01-012020-06-300001286225us-gaap:FederalFundsEffectiveSwapRateMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300001286225us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300001286225us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-01-012020-06-300001286225us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2020-01-012020-06-300001286225us-gaap:BaseRateMemberus-gaap:LineOfCreditMemberrp:TermLoanAmendmentMembersrt:MaximumMember2020-06-300001286225srt:MaximumMember2020-06-300001286225us-gaap:RevolvingCreditFacilityMember2019-12-310001286225rp:TermLoanMember2020-06-300001286225rp:TermLoanMember2019-12-310001286225rp:TermLoanMemberus-gaap:FairValueInputsLevel2Member2020-06-300001286225rp:TermLoanMemberus-gaap:FairValueInputsLevel2Member2019-12-310001286225rp:A2025ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-05-220001286225us-gaap:OverAllotmentOptionMemberus-gaap:ConvertibleNotesPayableMember2020-05-220001286225rp:A2025ConvertibleNotesMember2020-05-222020-05-220001286225rp:A2025ConvertibleNotesMember2020-05-220001286225rp:A2025ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-05-222020-05-22rp:day0001286225rp:A2025ConvertibleNotesMembersrt:MinimumMemberus-gaap:ConvertibleNotesPayableMember2020-05-222020-05-22rp:tradingdays0001286225rp:A2025ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-01-012020-06-3000012862252020-05-222020-05-220001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2017-05-310001286225rp:A2022ConvertibleNotesMember2017-05-012017-05-310001286225us-gaap:MeasurementInputSharePriceMemberrp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-06-302020-06-300001286225srt:MinimumMemberrp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-04-012020-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-04-012020-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-06-300001286225rp:A2025ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2019-12-310001286225us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleNotesPayableMember2020-06-300001286225us-gaap:FairValueInputsLevel2Memberus-gaap:ConvertibleNotesPayableMember2019-12-310001286225us-gaap:ConvertibleNotesPayableMember2020-04-012020-06-300001286225us-gaap:ConvertibleNotesPayableMember2019-04-012019-06-300001286225us-gaap:ConvertibleNotesPayableMember2020-01-012020-06-300001286225us-gaap:ConvertibleNotesPayableMember2019-01-012019-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-01-012020-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2019-04-012019-06-300001286225rp:A2022ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2019-01-012019-06-300001286225rp:A2025ConvertibleNotesMemberus-gaap:ConvertibleNotesPayableMember2020-04-012020-06-3000012862252020-05-2200012862252017-05-2300012862252017-05-232017-05-230001286225srt:MaximumMember2017-05-230001286225rp:TimeBasedRestrictedStockMember2020-04-012020-06-300001286225rp:TimeBasedRestrictedStockMember2020-01-012020-06-300001286225rp:MarketBasedRestrictedStockAwardsMember2020-04-012020-06-300001286225rp:MarketBasedRestrictedStockAwardsMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2020-01-012020-06-300001286225us-gaap:ShareBasedCompensationAwardTrancheOneMemberrp:MarketBasedRestrictedStockAwardsMember2020-01-012020-06-300001286225rp:MarketBasedRestrictedStockAwardsMemberrp:SharebasedPaymentArrangementTrancheFourMember2020-01-012020-06-300001286225us-gaap:ShareBasedCompensationAwardTrancheTwoMemberrp:MarketBasedRestrictedStockAwardsMember2020-01-012020-06-300001286225rp:MarketBasedRestrictedStockAwardsMember2020-01-012020-06-300001286225us-gaap:RestrictedStockMember2020-04-012020-06-300001286225us-gaap:RestrictedStockMemberrp:ModernMessageIncMember2020-04-012020-06-300001286225us-gaap:IndemnificationGuaranteeMember2020-06-300001286225us-gaap:IndemnificationGuaranteeMember2019-12-310001286225rp:ClickPayAndBluTrendMember2020-01-012020-06-300001286225rp:ClickPayAndBluTrendMember2019-01-012019-06-300001286225us-gaap:MeasurementInputDiscountRateMember2020-06-300001286225rp:MeasurementInputExpectedVolatilityRateMember2020-06-300001286225us-gaap:MeasurementInputLongTermRevenueGrowthRateMember2020-06-300001286225rp:MeasurementInputRiskOfTargetMetricMember2020-06-300001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225rp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel1Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel2Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:FairValueInputsLevel3Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225rp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel1Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel2Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel3Memberrp:HiperceptMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2019-12-310001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2018-12-310001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2020-06-300001286225rp:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Member2019-06-300001286225rp:CompstakMember2016-08-310001286225us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberrp:CompstakMember2019-01-012019-03-310001286225rp:CompstakMember2019-04-012019-06-300001286225us-gaap:OtherAssetsMemberrp:CompstakMember2020-06-300001286225us-gaap:OtherAssetsMemberrp:CompstakMember2019-12-310001286225us-gaap:CommonStockMember2019-11-300001286225rp:PublicStockOfferingMember2020-05-222020-05-220001286225us-gaap:OverAllotmentOptionMember2020-05-222020-05-220001286225us-gaap:OverAllotmentOptionMember2020-05-220001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001286225us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-03-310001286225us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310001286225us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300001286225us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001286225us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001286225srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310001286225srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001286225srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-03-310001286225us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-3100012862252019-01-012019-03-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-03-310001286225us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-012019-06-300001286225us-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300001286225us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300001286225us-gaap:AccumulatedTranslationAdjustmentMember2019-06-30rp:derivative_instrument0001286225us-gaap:InterestRateSwapMember2016-03-310001286225us-gaap:InterestRateSwapMember2018-12-240001286225us-gaap:InterestRateSwapMember2020-02-100001286225us-gaap:InterestRateSwapMember2020-02-102020-02-100001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2020-06-300001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMember2020-06-300001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMember2019-12-310001286225us-gaap:DesignatedAsHedgingInstrumentMember2020-06-300001286225us-gaap:DesignatedAsHedgingInstrumentMember2019-12-310001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:OtherCurrentLiabilitiesMember2020-06-300001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:OtherCurrentLiabilitiesMember2019-12-310001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMember2020-06-300001286225us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentLiabilitiesMember2019-12-310001286225us-gaap:InterestRateSwapMember2020-01-012020-06-300001286225us-gaap:InterestRateSwapMember2020-04-012020-06-300001286225us-gaap:InterestRateSwapMember2019-04-012019-06-300001286225us-gaap:InterestRateSwapMemberrp:InterestExpenseandOtherMember2020-04-012020-06-300001286225us-gaap:InterestRateSwapMemberrp:InterestExpenseandOtherMember2019-04-012019-06-300001286225us-gaap:ForeignExchangeForwardMember2020-04-012020-06-300001286225us-gaap:ForeignExchangeForwardMember2019-04-012019-06-300001286225rp:CostOfRevenueAndOperatingExpensesMemberus-gaap:ForeignExchangeForwardMember2020-04-012020-06-300001286225rp:CostOfRevenueAndOperatingExpensesMemberus-gaap:ForeignExchangeForwardMember2019-04-012019-06-300001286225us-gaap:InterestRateSwapMember2019-01-012019-06-300001286225us-gaap:InterestRateSwapMemberrp:InterestExpenseandOtherMember2020-01-012020-06-300001286225us-gaap:InterestRateSwapMemberrp:InterestExpenseandOtherMember2019-01-012019-06-300001286225us-gaap:ForeignExchangeForwardMember2020-01-012020-06-300001286225us-gaap:ForeignExchangeForwardMember2019-01-012019-06-300001286225rp:CostOfRevenueAndOperatingExpensesMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-06-300001286225rp:CostOfRevenueAndOperatingExpensesMemberus-gaap:ForeignExchangeForwardMember2019-01-012019-06-300001286225us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-06-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-34846 
RealPage, Inc.
(Exact name of registrant as specified in its charter)
Delaware 75-2788861
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)

2201 Lakeside Boulevard, Richardson, Texas 75082-4305
(Address of principal executive offices)
(Zip Code)
(972) 820-3000
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $0.001 par valueRPThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassJuly 23, 2020
Common Stock, $0.001 par value101,915,320


Table of Contents
INDEX


Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
RealPage, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share and share amounts)
June 30, 2020December 31, 2019
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$638,556  $197,154  
Restricted cash262,397  243,323  
Accounts receivable, less allowances of $11,814 and $10,271 at June 30, 2020 and December 31, 2019, respectively
129,675  143,127  
Prepaid expenses28,613  24,539  
Other current assets28,354  27,387  
Total current assets1,087,595  635,530  
Property, equipment, and software, net169,222  163,282  
Right-of-use assets114,372  121,941  
Goodwill1,663,639  1,611,749  
Intangible assets, net348,620  372,996  
Deferred tax assets, net28,525  33,812  
Other assets28,473  30,507  
Total assets$3,440,446  $2,969,817  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$40,700  $40,092  
Accrued expenses and other current liabilities98,624  89,038  
Current portion of deferred revenue132,796  134,148  
Current portion of term loans26,250  18,750  
Convertible notes, net311,638    
Customer deposits held in restricted accounts263,133  243,316  
Total current liabilities873,141  525,344  
Deferred revenue4,062  4,793  
Revolving facility  230,000  
Term loans, net560,571  575,313  
Convertible notes, net283,122  305,188  
Lease liabilities, net of current portion125,697  133,313  
Other long-term liabilities34,038  22,940  
Total liabilities1,880,631  1,796,891  
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value: 10,000,000 shares authorized and zero shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
    
Common stock, $0.001 par value: 250,000,000 shares authorized, 102,206,190 and 96,100,296 shares issued and 101,990,040 and 94,744,157 shares outstanding at June 30, 2020 and December 31, 2019, respectively
102  96  
Additional paid-in capital1,561,672  1,222,356  
Treasury stock, at cost: 216,150 and 1,356,139 shares at June 30, 2020 and December 31, 2019, respectively
(4,527) (39,483) 
Retained earnings (deficit)8,695  (7,695) 
Accumulated other comprehensive loss(6,127) (2,348) 
Total stockholders’ equity1,559,815  1,172,926  
Total liabilities and stockholders’ equity$3,440,446  $2,969,817  
See accompanying notes.
1

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue:
On demand$278,559  $235,185  $547,030  $461,704  
Professional and other7,048  8,676  15,250  16,463  
Total revenue285,607  243,861  562,280  478,167  
Cost of revenue110,713  95,708  219,623  185,902  
Amortization of product technologies14,531  9,900  28,303  19,414  
Gross profit160,363  138,253  314,354  272,851  
Operating expenses:
Product development31,433  28,151  62,981  58,048  
Sales and marketing49,424  49,120  104,081  93,943  
General and administrative42,399  28,310  82,927  56,453  
Amortization of intangible assets11,247  10,402  22,666  20,238  
Total operating expenses134,503  115,983  272,655  228,682  
Operating income25,860  22,270  41,699  44,169  
Interest expense and other, net(12,692) (8,029) (25,427) (14,009) 
Income before income taxes13,168  14,241  16,272  30,160  
Income tax expense (benefit)1,867  (822) (634) 3,825  
Net income$11,301  $15,063  $16,906  $26,335  
Net income per share attributable to common stockholders:
Basic$0.12  $0.16  $0.18  $0.29  
Diluted$0.11  $0.16  $0.17  $0.27  
Weighted average common shares outstanding:
Basic95,752  91,914  94,203  91,703  
Diluted100,254  96,493  98,143  96,036  

See accompanying notes.
1

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)

 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$11,301  $15,063  $16,906  $26,335  
Other comprehensive income (loss):
Unrealized loss on derivative instruments, net of tax(414) (991) (3,963) (1,576) 
Reclassification adjustment for losses (gains) included in earnings on derivative instruments, net of tax375  (223) 509  (444) 
Foreign currency translation adjustment180  118  (325) 19  
Other comprehensive income (loss), net of tax141  (1,096) (3,779) (2,001) 
Comprehensive income$11,442  $13,967  $13,127  $24,334  

See accompanying notes.
2

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
 
Six-Month Period Ended June 30, 2020
Common StockAdditional
Paid-in Capital
Accumulated Other Comprehensive LossRetained Earnings (Deficit)Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance as of January 1, 202096,100  $96  $1,222,356  $(2,348) $(7,695) 1,356  $(39,483) $1,172,926  
Public offering of common stock, net5,847  6  334,120  —  —  —  —  334,126  
Stock option exercises232  —  (676) —  —  (250) 8,398  7,722  
Issuance of restricted stock37  —  (40,752) —  —  (1,376) 40,752    
Treasury stock purchased, at cost—  —  7,951  —  —  486  (14,194) (6,243) 
Retirement of treasury stock(10) —  (124) —  (516) —  —  (640) 
Stock-based compensation—  —  26,341  —  —  —  —  26,341  
Purchase of capped call instrument—  —  (39,365) —  —  —  —  (39,365) 
Equity component of convertible senior notes, net of issuance costs and deferred tax—  —  51,821  —  —  —  —  51,821  
Other comprehensive loss - derivative instruments—  —  —  (3,454) —  —  —  (3,454) 
Foreign currency translation—  —  —  (325) —  —  —  (325) 
Net income—  —  —  —  16,906  —  —  16,906  
Balance as of June 30, 2020102,206  $102  $1,561,672  $(6,127) $8,695  216  $(4,527) $1,559,815  

See accompanying notes.

3

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited
 
Three-Month Period Ended June 30, 2020
Common StockAdditional
Paid-in Capital
Accumulated Other Comprehensive LossRetained Earnings (Deficit)Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance as of April 1, 202096,288  $96  $1,199,209  $(6,268) $(2,090) 11  $(104) $1,190,843  
Public offering of common stock, net5,847  6  334,120  —  —  —  —  334,126  
Stock option exercises44  —  (1,026) —  —  (99) 3,842  2,816  
Issuance of restricted stock37  —  (303) —  —  (31) 303    
Treasury stock purchased, at cost—  —  5,818  —  —  335  (8,568) (2,750) 
Retirement of treasury stock(10) —  (124) —  (516) —  —  (640) 
Stock-based compensation—  —  11,522  —  —  —  —  11,522  
Purchase of capped call instrument—  —  (39,365) —  —  —  —  (39,365) 
Equity component of convertible senior notes, net of issuance costs and deferred tax—  —  51,821  —  —  —  —  51,821  
Other comprehensive loss - derivative instruments—  —  —  (39) —  —  —  (39) 
Foreign currency translation—  —  —  180  —  —  —  180  
Net income—  —  —  —  11,301  —  —  11,301  
Balance as of June 30, 2020102,206  $102  $1,561,672  $(6,127) $8,695  216  $(4,527) $1,559,815  

See accompanying notes.
4

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Stockholders’ Equity, continued
(in thousands)
(unaudited)

Six-Month Period Ended June 30, 2019
Common StockAdditional
Paid-in Capital
Accumulated Other Comprehensive LossRetained Earnings (Deficit)Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance as of January 1, 201995,991  $96  $1,187,683  $(492) $(58,793) 2,341  $(65,470) $1,063,024  
Cumulative effect of adoption of ASU 2017-12—  —  —  25  (25) —  —    
Issuance of common stock in connection with our acquisitions154  —  9,846  —  —  —  —  9,846  
Stock option exercises19  —  (1,277) —  —  (138) 4,346  3,069  
Issuance of restricted stock—  —  (38,999) —  —  (1,268) 38,999    
Treasury stock purchased, at cost—  —  1,620  —  —  369  (12,728) (11,108) 
Retirement of treasury stock(12) —  (152) —  (592) (12) 744    
Stock-based compensation—  —  31,154  —  —  —  —  31,154  
Other comprehensive loss- derivative instruments—  —  —  (2,020) —  —  —  (2,020) 
Foreign currency translation—  —  —  19  —  —  —  19  
Net income—  —  —  —  26,335  —  —  26,335  
Balance as of June 30, 201996,152  $96  $1,189,875  $(2,468) $(33,075) 1,292  $(34,109) $1,120,319  

See accompanying notes.



5

Table of Contents
RealPage, Inc.
Condensed Consolidated Statements of Stockholders’ Equity, continued
(in thousands)
(unaudited)

Three-Month Period Ended June 30, 2019
Common StockAdditional
Paid-in Capital
Accumulated Other Comprehensive LossRetained Earnings (Deficit)Treasury StockTotal
Stockholders’ Equity
 SharesAmountSharesAmount
Balance as of April 1, 201995,998  $96  $1,167,950  $(1,372) $(47,546) 1,265  $(33,753) $1,085,375  
Issuance of common stock in connection with our acquisitions154  —  9,846  —  —  —  —  9,846  
Stock option exercises12  —  (440) —  —  (49) 1,632  1,192  
Issuance of restricted stock—  —  (4,543) —  —  (138) 4,543    
Treasury stock purchased, at cost—  —  1,183  —  —  226  (7,275) (6,092) 
Retirement of treasury stock(12) —  (152) —  (592) (12) 744    
Stock-based compensation—  —